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The Bitcoin price dropped 1.3% in the last 24 hours to trade at $50,928 as of 05:11 a.m. EST on trading volume that surged 46% to $32.88 billion.
This comes as MicroStrategy co-founder and BTC Bull Michael Saylor says that he has no plans to sell Bitcoin.
#Bitcoin is the Exit Strategy. pic.twitter.com/aauBgmE25a
— Michael Saylor⚡️ (@saylor) February 20, 2024
His decision aligns with his belief that Bitcoin is “technically stronger” than gold, the S&P 500, and real estate. Supporting his sentiment, Saylor believes that in this case, there is no reason to sell the winner (BTC) to buy the losers (others).
”Bitcoin is the exit strategy,” he said.
MicroStrategy holds 190,000 BTC, worth around $9.88 billion at current prices. This makes the firm one of the major holders of the cryptocurrency.
Bitcoin Price Bullish As The Bulls Aim To Break Out Of the Consolidation Phase Around $50,000
Bitcoin price market behavior exhibits a consolidation phase, as evident in the recent trading sessions. BTC is currently in a tight range, with resistance near the $52,500 level and support around the $50,850 mark.
Bitcoin attempted to breach the resistance at $52,515, which was short-lived as it retraced back into its established range.
Additionally, BTC is trading above the 100-day and 200-day Simple Moving Averages, which indicate strong bullish sentiments for the BTC price. The 50-day SMA is trading above the 200-day SMA, forming a golden cross at $42,895, further supporting the bullish prospects for the price.
The Relative Strength Index is currently on a downward trend as it moves to the oversold region at 40. If the oscillator reaches the 30-oversold region, it likely indicates that the price is set to rebound, signaling investors to consider buying.
The Moving Average Convergence Divergence (MACD) line (blue) is trading below the signal line (orange) but above the zero line, which may signal an impending bullish reversal. The red bars further support this as they reduce in size towards the zero line.
Bitcoin Price Prediction
The Bitcoin price technical analysis shows bullish bias, evident from the price trending within the rising channel. The bulls are aiming to come out of the consolidation phase within the channel, breaching the upper boundary of the channel. The bulls are currently targeting $57,500.
However, the MACD line is trending downward towards the zero line. If the line crosses below the line, it may cause a price retrace to $48,642, coinciding with the immediate support zone, the 100-day SMA.
Meanwhile, investors are turning to Bitcoin Minetrix, a Bitcoin derivative that analysts say has the potential to 10X on launch.
A Promising Cloud Mining Project With Potential 10X Gains – Best Buy
Bitcoin Minetrix (BTCMTX) is an innovative project that paves the way for decentralized and tokenized Bitcoin mining, making it accessible even to the ordinary person.
Acknowledging the Simplicity of #BitcoinMinetrix 🔄#BTCMTX: Empowering users with secure funds and tradeable tokens they control.
Traditional Cloud Mining: Mired in intricate contracts and terms. 📝 pic.twitter.com/rS4J2h6du0
— Bitcoinminetrix (@bitcoinminetrix) February 20, 2024
The project is poised to revolutionize the cloud mining landscape, providing streamlined operations at minimal cost. Its primary objective is to eliminate the complexities and resource-demanding requirements that have long hindered participants in the mining sector.
Considering the contrast between mining #Bitcoin and buying $BTC? 💭
💡 Play a vital role in network expansion.
🔒 Gain greater control over the acquisition journey.
🔧 Deepen understanding of the technical complexities. pic.twitter.com/yJNEtUNY2K
— Bitcoinminetrix (@bitcoinminetrix) February 19, 2024
With such an interesting approach to Bitcoin mining, the project has garnered a massive following. The presale, entering into its 27th round, has amassed more than $11.2 million, as it aims for $12.1 million.
Stake $BTCMTX, Earn Passive Income
You can earn passively on the platform through a staking option, where you can buy and stake your BTCMTX tokens and earn an impressive 60% annual percentage yield (APY).
By buying and holding BTCMTX, you can also participate in the $30,000 minedrop airdrop competition, with ten lucky winners poised to win $3,000 each. To join the project, you can buy the BTCMTX tokens at a reduced rate of $0.0136 per token, with a hike coming in less than four days.
Crypto analyst and YouTuber Jacob Bury believes that BTCMTX has the potential to reach 10X on launch.
To take part in the presale, visit the BTCMTX official website and swap your ETH or USDT for BTCMTX. You can also make purchases directly using your bank card.
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