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The Bitcoin price jumped more than 3% to trade at $50,095.76 as of 2:25 am EST as investors look to ride the market leader’s positive momentum.
The Bitcoin Price Continues Its Bullish Streak
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price continued to trade within its bullish channel over the past 48 hours, which ultimately gave it the momentum needed to overcome the $50,000 barrier. Should bulls continue to drive the leading crypto’s price up, BTC may flip the $50,000 resistance into support soon.
This could then give it the foundation needed to potentially rise to as high as $52,115 in the following couple of days.
The bullish thesis could be invalidated if the Bitcoin price fails to close a 4-hour candle above the $50,000 threshold within the next 24 hours. In this alternative scenario, the crypto may retest the immediate support level at $47,930.
Continued selling pressure at this mark may then put BTC at risk of falling to the next major support level at $44,430 in the short term. The Bitcoin price could even fall to as low as $42,450 in an extremely bearish scenario.
Bitcoin Price Shows No Signs Of Slowing Down
Technical indicators on BTC’s 4-hour chart suggest short-term momentum is in favor of buyers. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish.
The MACD line positioned above the MACD Signal line could be taken as a sign that BTC is currently in a bullish cycle. With the prior also breaking away above the latter, this positive momentum seems to be growing stronger as well.
A significant bullish technical flag is also on the verge of being triggered by the RSI indicator on BTC’s 4-hour chart. Currently, the RSI is attempting to break away above its Simple Moving Average (SMA) line. A cross between these two lines could be a strong signal that buyers have gained a short-term upper hand against sellers.
As a result, it may be easier for bulls to boost the Bitcoin price in the 48 hours after this possible intersection than it will be for bears to pull it down during the same period. Should this technical flag be confirmed and validated, BTC may soon overcome the $50,000 barrier again and attempt a challenge at the $52,115 resistance shortly thereafter.
Bitcoin’s continued rise could pave the way for Bitcoin derivative projects such as Bitcoin Minetrix to skyrocket in the near future. This would align perfectly with the 10X bullish predictions analysts have already made regarding this Bitcoin cloud mining project.
The Next 10X Opportunity
Exploring the benefits of #BitcoinMinetrix:
Effortless accessibility for enhanced convenience. 🚀
Streamlined pricing structure for increased efficiency. 📊
Experience tranquility knowing there are no worries about reselling. 💼 pic.twitter.com/OuEk3DfXJT
— Bitcoinminetrix (@bitcoinminetrix) February 11, 2024
Bitcoin Minetrix is an innovative cloud mining platform that aims to give the BTC cloud mining space the facelift it so desperately needs. Through decentralization and its stake-to-mine model, the project not only makes Bitcoin cloud mining more secure, but also makes the process as simple as staking an ERC-20 token.
To get started, investors will need to purchase BTCMTX on the project’s website. The token is currently selling for $0.0134, and can be bought using ether (ETH), Tether (USDT) or bank card.
Once purchased, the tokens will need to be staked for gas rewards, which will then need to be burned in order to claim a share of Bitcoin Minetrix’s cloud mining power.
Investors Are Bullish On BTC Mining
The recent introduction of spot Bitcoin ETFs (exchange-traded funds) in the U.S. has propelled the market leader’s price in the past few weeks. As a result, investors are actively seeking opportunities to earn a passive income that pays in BTC. This is evident in Bitcoin Minetrix’s presale, which has hurtled past the $10.7 million mark.
In addition to this, legendary tech entrepreneur Jack Dorsey is backing a new BTC mining venture called Ocean. Ocean is a new type of Bitcoin mining pool that launched in November 2023 with the tagline, “Bitcoin mining as it was supposed to be.”
The main objective of the pool is to tackle the centralization threat posed by large mining pools to the Bitcoin network.
The introduction of Ocean highlights the growing demand for more Bitcoin mining initiatives to join the space, which sets Bitcoin Minetrix up perfectly to 10X in the near future. Adding to the project’s potential is the upcoming halving scheduled for some time in April this year, which will make it harder to come by new BTC.
This reduction in supply matched with the increased demand brought on by spot Bitcoin ETFs will likely result in a skewed supply and demand ratio, which is hugely positive for any Bitcoin-linked projects.
BTCMTX can be purchased here.
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