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The Bitcoin price has soared 3.4% in the last 24 hours and 20% in seven days to trade at $51,564.70 as of 8:15 a.m. EST.
That helped BTC regain a market capitalization of $1 trillion, a level it last reached in November 2021.
🚨BREAKING: $BTC market cap reclaims $1 TRILLION🚨 pic.twitter.com/abUw0TqV2k
— Moodz (@thedailymoodz) February 14, 2024
Despite being far below its all-time high of $69,0000, Bitcoin has more than tripled its price since January 2023. This surge was boosted by the launch of a batch of spot Bitcoin ETFs (exchange-traded funds) in the US on Jan. 11th, while the upcoming Bitcoin halving in April is another reason behind the price pump.
Bulls Set To Drive The Bitcoin Price High Above the Bullish Pennant
The bitcoin price has crossed above the bullish pennant pattern’s upper boundary, signalling a continuation of the bullish trend. The price has also exceeded the $50,000 mark as bulls are now poised to drive the price high.
BTC/USD Analysis. Source: Tradingview
The Bitcoin price had seen a slight retracement after the price broke above the pennant, and bears were pushing the price back to retest the boundary.
Bulls are now poised to push the price higher, aiming for the $60,000 mark in the short term, the distance X of the pennant indicated on the chart. However, a correction to the $50,000 mark is expected as traders observe a correction once the $60,000 level is achieved.
The Bitcoin Price Could Surpass The All-Time High Of $69,000
BTCUSD Analysis. Source: Tradingview
The cup and handle pattern above supports the anticipated bull rally past Bitcoin’s all-time high of $69,000. The price has crossed above the cup’s neckline, signalling traders to add more buy positions. BTC might reach $80,000 by the second quarter.
The technical indicators have a bullish bias as the 50-day and 200-day simple moving averages (SMAs) provide immediate price support. Furthermore, the SMAs indicate a golden cross at $29,000, affirming the momentum.
The relative strength index is rallying above the overbought level of 70 at 80, indicating intense buying pressure for the Bitcoin price.
As Bitcoin traders gear up for the bull rally, the innovative Bitcoin derivative, Bitcoin Minetrix, is making significant strides, surpassing the $10.8 million mark as it races towards its $11.5 million target.
Bitcoin Minetrix Revolutionalizes Cloud Mining, Presale Surpasses $10.8 Million
The Bitcoin Minetrix platform’s mission is to make Bitcoin cloud mining cheaper and more secure through decentralization.
Users can access cloud mining with minimal cost compared to other cloud mining platforms and earn BTC through its stake-to-mine feature.
All you need to do is buy the BTCMTX token, which you need to stake to earn token rewards. You will then need to burn these token credits through the stake-to-mine feature to enable you to mine effectively and safely. You also can enjoy an annual pay yield of 62% when you stake your acquired BTCMTX tokens.
10x Your Investment, Win In $30,000 Minedrop Airdrop Competition
The BTCMTX platform offers an opportunity for users to participate in the $30,000 minedrop airdrop competition. Participants have a chance to win up to $3,000 and be among the top 10 winners. To qualify, all you must do is buy and hold the BTCMTX tokens.
Crypto analyst Jacob Bury sees BTCMTX as an opportunity with 10X potential for investors who enter the presale early.
With less than 17 hours before a price hike, interested investors should act fast to acquire BTCMTX tokens at $0.0134 each.
You can buy the tokens through the BTCMTX official website. Connect your digital wallet to swap your ETH or USDT for the tokens. You can also use your bank card to make purchases.
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