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The Bitcoin price has dropped a fraction in the past 24 hours to trade at $51,290 as of 1:40 a.m. EST on trading volume that plunged almost 20%.
Uncertainty remains the general feeling in the market, with altcoins waiting for directional cues from BTC. The pioneer cryptocurrency continues to consolidate horizontally, trading within a range and holding above the $51,335 support level.
Meanwhile, social media giant Reddit disclosed in a Feb. 22 filing for an initial public offering (IPO) that it held some BTC and ETH at the end of last year, though it described the amounts as ”immaterial for the period presented.”
JUST IN:
Reddit has invested its excess cash reserves in #BitcoinIt's just getting started 🚀 pic.twitter.com/082krriUdb
— Vivek⚡️ (@Vivek4real_) February 22, 2024
It said it invested some of its excess cash reserves in Bitcoin and had also acquired Ether and Matic “as a form of payment for sales of certain virtual goods, which we may continue to do in the future,”
“While we believe cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is a relatively recent trend,” the filing said. “Whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term is uncertain.”
Was very intrigued why a Reddit S-1 hit one of my Bloomberg Alerts that i use to track Crypto ETP filings. It's because they bought #Bitcoin and #Ethereum👀 https://t.co/VS9M3Gslkf pic.twitter.com/oTB1xdrnXN
— James Seyffart (@JSeyff) February 22, 2024
Bitcoin Price Outlook
The Bitcoin price remains within an ascending parallel channel, which is a bullish technical formation that commits the assets to more gains as long as it remains within its confines. However, the market is leaning toward the south side, as seen by multiple technical indicators. To begin with, the Relative Strength Index (RSI) has already executed a sell signal crossing below the signal line (yellow band).
Also, the histogram bars of the Awesome Oscillator (AO) are flashing red to show the bears gaining ground. This status is reinforced by fading histogram bars of the Moving Average Convergence Divergence (MACD) indicator. These features accentuate the bearish supposition.
If the bears have their way, the Bitcoin price could retest the 61.8% Fibonacci retracement level of $48,677. This would mean the apex crypto loses support due to the midline of the channel, which confluences with the most critical Fibonacci level.
An extended fall could see Bitcoin price test the 50% Fibonacci retracement level of $42,330. A break and close below this level could see BTC price action the April 14, 2022 price action, potentially nose-diving past the 38.2% Fibonacci level to retest the 23.6% Fibonacci level at $28,127. Such a move would constitute a 45% drop from current levels.
TradingView: BTC/USDT 1-day chart
On the flip side, if the bulls up their game, the Bitcoin price could push north to shatter the 78.6% Fibonacci level at $57,715. In a highly bullish case, the gains could extrapolate for the price to break out above the upper boundary of the channel, potentially reclaiming its $69,000 all-time high. Such a move would denote a 34% move above current levels.
However, as the Bitcoin price continues with its current state of uncertainty, consider for diversification BTCMTX, the ticker for a cloud-mining ecosystem that analysts say could 100X at launch.
Promising Alternative To Bitcoin
BTCMTX is the native crypto for the Bitcoin Minetrix ecosystem, providing arguably the best alternative to Bitcoin. Some analysts have even ranked BTCMTX among the best penny cryptos to buy now. It offers investors a chance to become BTC owners without paying the current high price.
Interested in Bitcoin mining? Check out @bitcoinminetrix
Bitcoin Minetrix Presale Live 👉 https://t.co/7ZohjufDgZ pic.twitter.com/vuUX6vgdol
— Austin Hilton (@austinahilton) February 21, 2024
BTCMTX token holders get to redeem their holdings for credits and then redeem these credits for mining hash power.
Experiencing an easy entry into cloud mining through #BTCMTX! 💻⛏️
Leveraging advanced equipment for cost efficiency, avoiding concerns about electricity bills or bulky setups.
No resale worries either – letting mining companies handle hardware upgrades. 🚀 pic.twitter.com/tT804GCHWu
— Bitcoinminetrix (@bitcoinminetrix) January 17, 2024
Bitcoin Minetrix is in the presale stage, where each BTCMTX token is selling for $0.0136. So far, presale sales have reached upwards of $11.3 million, out of a target objective of $12.178 million.
Exciting news for the #Crypto mining industry! 🚀#PolarisTechnology unveils plans for a $100 million, 200MW data center in Muskogee, Oklahoma.
What opportunities do you think this development will bring to the local community?#BitcoinMinetrix has successfully raised more… pic.twitter.com/m6jQ29WJ1D
— Bitcoinminetrix (@bitcoinminetrix) February 20, 2024
The $0.0136 price is set to be hiked in two days so act fast to secure the lowest rate possible.
Only 3 days left until Stage 27 of #BitcoinMinetrix comes to an end!
Can you describe the process of solo mining versus pool mining? 💡 pic.twitter.com/sGZbZK2oCC
— Bitcoinminetrix (@bitcoinminetrix) February 22, 2024
The mechanism that underpins Bitcoin Minetrix’s cloud-mining approach is unique, decentralizing and tokenizing the entire process for maximum user convenience.
Visit Bitcoin Minetrix website to buy BTCMTX in the presale here.
Also Read:
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- Bitcoin Price Prediction: VanEck’s Bitcoin ETF Volumes Surge 1,400% As Experts Say This BTC Cloud Mining Token Might Be The Best Altcoin To Buy Now
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