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The Bitcoin price surged 13% in the last week to trade for $52,141 as of 1:35 a.m. EST time.
The pump helped MicroStrategy (MSTR), the largest corporate owner of BTC, to boost profits on its $10 billion Bitcoin stash to more than $4 billion.
With bitcoin's price rise to just shy of $53,000, MicroStrategy (MSTR), the largest corporate owner of the crypto has seen its holdings move above $10 billion, amassing a profit of more than $4 billion. MicroStrategy at the end of January held 190,000 bitcoins purchased for a…
— Wu Blockchain (@WuBlockchain) February 16, 2024
As of the end of January, the firm held 190,000 BTC tokens acquired for up to $5.93 billion, or $31,224 per coin. The firm started buying BTC in Q2 of 2020, with a steady addition to its portfolio quarter after quarter.
The $4 billion profits clocked in as the Bitcoin price hit $52,800 on Thursday morning. Since then, however, the Bitcoin price has retraced to $52,141.
Bitcoin Price Outlook
The Bitcoin price is testing the upper boundary of the ascending parallel channel at $53,000. This is a crucial roadblock, which if breached could extend the upside potential for BTC.
The Relative Strength Index (RSI) at 81 shows BTC is massively overbought. The price strength quantifier also suggests that while the risks of a pullback remain high, the upside potential remains high as the RSI is still northbound, showing momentum is still rising.
The Moving Average Convergence Divergence (MACD) also reinforces Bitcoin price bullish outlook, as it is moving above its signal line (orange band). The histogram bars are also flashing green, showing the strong presence of the bulls in the BTC market.
Increased buying pressure could see Bitcoin price overcome the immediate blockade at $53,000, with the potential to extend the gains 5% to the $55,000 milestone. In a highly bullish case, Bitcoin price could make it to $60,000, nearly 15% above current levels.
TradingView: BTC/USDT 1-day chart
On the flipside, if profit booking commences, the Bitcoin price could drop, first to lose the support due to the midline of the channel. This could see it fall into the supply zone that now acts as a bullish breaker between $44,300 and $46,760. A break and close below its midline at $45,554 would clear the clog for an extended drop.
With the Bitcoin price confronting crucial resistance at $53,000, forward-looking investors might consider diversifying their portfolios with presales like BTCMTX, which analysts rank among the best crypto to buy now for explosive growth.
Promising Alternative To Bitcoin
BTCMTX is the native cryptocurrency for the Bitcoin Minetrix ecosystem. This is a stake-to-mine project that makes BTC ownership achievable. To do this, BTCMTX token holders can stake their holdings for credits and then redeem these holdings for mining hash power.
Comparing #BitcoinMinetrix vs. Traditional Cloud Mining: 🚀
💸 Cost: #BTCMTX – Low cost, no minimum / Traditional – High cost, large minimum.
🔒 Security: #BTCMTX – Decentralized, user-owned / Traditional – Cash deposits.
Choosing wisely for your #CloudMining journey! 🛠️💰 pic.twitter.com/vE8vqd4KLM
— Bitcoinminetrix (@bitcoinminetrix) February 15, 2024
The project is in the presale stage, boasting upwards of $10.96 million in sales so far out of the $11.850 million target. Investors looking to buy BTCMTX can do so for only $0.0135, but hurry to buy now with that rate due to end in four days.
The 26th stage of #BitcoinMinetrix has begun! 🌟
What is the environmental impact of #Bitcoin mining? 🌍💡 pic.twitter.com/D1eErQCpRX
— Bitcoinminetrix (@bitcoinminetrix) February 15, 2024
There are multiple benefits for users that mine BTC with Bitcoin Minetrix, including cost-effectiveness, ease of use and navigation, and the fact that you avoid stressors like noise and heat.
Delving into the possibilities of #BitcoinMinetrix for mining $BTC! 🔍⛏️
✅ Smooth start-up for newcomers.
💰 Budget-friendly without upfront equipment costs.
🌟 No concerns about location, noise, or temperature.
🔄 Simple upgrades with minimal hassle. pic.twitter.com/5xJKkKKCYv— Bitcoinminetrix (@bitcoinminetrix) February 14, 2024
Visit the Bitcoin Minetrix website to buy BTCMTX here.
Also Read:
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