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The Bitcoin price rose 6% in the last 24 hours to trade at $52,075 as of 00:42 a.m. EST on trading volume that surged 29% to $43 billion.
The price increase comes as CoinShares head of research James Butterfill says that spot Bitcoin ETFs (exchange-traded funds) had accumulated net inflows of $4 billion by Feb. 13.
US spot Bitcoin ETFs have just hit net inflows of US$4bn. Yesterday was the largest net inflows of US$651m since the launch day on 11th January. pic.twitter.com/uYk5Su7z7M
— James Butterfill (@jbutterfill) February 14, 2024
According to Butterfill, Tuesday saw the largest inflows since launch on Jan. 11 with $651 million. BlackRock’s IBIT fund registered a single-day net inflow of $493 million, representing 70% of all daily inflows.
Bitcoin Price Set To Continue Its Bullish Momentum
The Bitcoin price has been on an uptrend, supported by the inverse head and shoulder pattern, which allowed the price to rally through a markup phase. However, the bulls have experienced a challenge at $52,578, acting as the resistance zone.
The BTC price has touched the upper boundary of the bullish pennant, signaling that the BTC price may be up for a rebound.
Additionally, the price is trading above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the anticipated bull rally. In addition, the 50-day SMA is trending above the 200-day SMA, forming a golden cross at $42,870, which further supports the incoming bull run.
The Relative Strength Index (RSI) is trading on a rebound from the 50-midline level at 72, indicating intense buying, which affirms the current bullish sentiments.
Furthermore, the Moving Average Convergence Divergence (MACD) line (blue) is trending above the signal line (orange), which affirms that it is time to buy, which could further drive the price up.
The incoming bullish rally is also supported by the green bars on the histogram, which are extending further on the upside.
Bitcoin Price Prediction
The current Bitcoin price long-term technical analysis indicates that BTC is on a bullish trend, as confirmed by the price breaking above the pennant.
The RSI is trading above the overbought region of 70, signaling a potential price correction. In such a scenario, $48,018 could act as the best support zone. This could offer the best footing for the bulls to catapult the price through the resistance at $56,612, to a new high at $60,000.
As the bulls await the halving in about two months, the price is likely to rally even more.
Meanwhile, as the Bitcoin price heads north, analysts say Bitcoin Minetrix is emerging as another compelling way to play the BTC bull run, with the potential to go 10X on launch.
BTCMTX Presale Surpasses $10.9 Million, Closes On $11.5 Million Target
If you are a Bitcoin miner, you are aware of the intricate and resource-demanding nature of the activity, as it requires specialized hardware and technical expertise. But with Bitcoin Minetrix, you have a cutting-edge, decentralized cryptocurrency project that is fixes such issues.
Such an innovative approach has already garnered a massive following from the crypto community, with over $10.9 million already secured in early funding as it hurtles towards its target of $11.5 million.
🚀 Spot Bitcoin #ETFs are shaking up the market dynamics, acquiring #Bitcoin at a rate surpassing miner production by 10x! #WallStreet giants like @BlackRock and @Fidelity are driving this surge, fueling demand for $BTC.
What do you think this means for the future of… pic.twitter.com/sXCwRLmmJA
— Bitcoinminetrix (@bitcoinminetrix) February 14, 2024
Buy And Stake BTCMTX, 10X Returns
You can buy and stake your BTCMTX tokens and receive an impressive 62% annual percentage yield (APY). When you stake, you automatically get tradable ERC-20 token credits, which, when burned, give you BTC cloud mining power.
Invest in BTCMTX tokens now while they are priced at just $0.0134. Act swiftly, as the price is poised to surge in less than half an hour.
When you buy and stake BTCMTX, you also automatically secure a place in the ongoing $30,000 minedrop competition. There will be ten winners who will be selected, each receiving a $3,000 prize.
🎉 #BitcoinMinetrix $30,000 Minedrop Is Now Live! 🎉
Get ready for your chance to win a share of $30,000 in $BTCMTX!
Follow the steps in the link below for the chance to win one of ten $3,000 $BTCMTX Prizes! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
According to Jacob Bury, a prominent YouTube crypto analyst, 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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