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The Bitcoin price has surged 12% over the last week to trade for $47,927 as of 5:15 a.m. EST time.
In the last 24 hours, the king of cryptocurrency has dropped a fraction, but trading volume is up 5%.
Despite the epic climb, the Bitcoin price is yet to retake the $48,969 range high recorded on January 11. The closest it has come is the $48,826 intra-day high of Monday, February 12.
Nevertheless, the $50,000 psychological level is now in sight, standing less than 5% above current levels.
Bitcoin is rising but still below its all-time high, yet some predictions are calling for $400-500K or even $1 million soon😏#cryptocurrency #BTC #BTCUSDT pic.twitter.com/S62HUGGeWR
— Grace Anderson (@ultimat27677000) February 11, 2024
Meanwhile, the US Bitcoin ETF (exchange-traded fund) hype continues, with reports indicating that assets under management (AUM) have surpassed the $10 billion mark after just 20 trading sessions.
#BITCOIN ETFs hit $10B milestone just one month after approval
The recently launched spot #BTC exchange-traded funds (ETFs) completed their first 20 trading sessions hitting the $10 billion milestone in assets under management (AUM). pic.twitter.com/TGBXY1vFlm
— CompleteApprise (@CompleteApprise) February 11, 2024
The development has ARK Invest saying that Bitcoin may replace gold in risk-off scenarios.
#CryptoNews: Cathie Wood, the CEO of ARK Invest, believes that investors are starting to move from gold to #Bitcoin (BTC) following the launch of spot Bitcoin exchange-traded funds (ETFs).👀https://t.co/mK0AaoOsu0
— CoinMarketCap (@CoinMarketCap) February 6, 2024
From a technical standpoint, the odds favor the upside but the Bitcoin price is in a catch-22 momentum. On one hand, the Relative Strength Index (RSI) position above 70 shows BTC is already overbought. This often precipitates a correction.
On the other hand, the RSI has not given any indication that BTC is ripe for selling. This is based on Welles Wilder’s interpretation. He says that an asset is only overbought and ripe for selling when the RSI is crossing below the 70 level.
Bitcoin Price Could Benefit From President Biden’s Post On X
Elsewhere, in a recent post on X, US President Joe Biden posted an image of himself with glowing red eyes.
Just like we drew it up. pic.twitter.com/9NBvc5nVZE
— Joe Biden (@JoeBiden) February 12, 2024
Investors do not know what to make of this. Is Biden a Bitcoin maximalist, considering BTC proponents started the trend of using glowing eyes as their profile picture back in 2020. A case in point is that MicroStrategy CEO Michael Saylor’s profile on X is similar.
Joe Biden holds Bitcoin ?
— Ash Crypto (@Ashcryptoreal) February 12, 2024
Bitcoin Price Prognosis As BTC Inches Closer To $50,000
The Bitcoin price is inching closer to the $50,000 mark, barely 5% out, with the technicals suggesting a continuation of the uptrend. Specifically the 50, 100, and 200-day Simple Moving Averages (SMAs) are inclined north, suggesting this is the path with the least resistance. Also, these SMAs represent buyer congestion levels, where the Bitcoin price is likely to pivot if the bulls need to refresh.
The Moving Average Convergence Divergence (MACD) is also moving above its signal line (orange band), suggesting a revitalized bullish cycle. Its histogram bars are also flashing green, accentuating the bullish outlook as it signifies a strong presence of bulls in the BTC market.
The supply zone between $44,300 and $46,760 reinforces the bullish outlook for the Bitcoin price. This is because it acts as a bullish breaker, which for the liege person is basically a support order block.
Increased buying pressure could see the Bitcoin price tag the $50,000 psychological level, last tested on December 28, 2021.
TradingView: BTC/USDT 1-day chart
Converse Case
On the flip side, if traders start cashing in on the 12% gains made over the week, the Bitcoin price could drop, potentially falling back into the demand zone. A daily candlestick close below the midline (mean threshold) of this order block at $45,554 would confirm the continuation of the downtrend.
Such a directional bias could see the Bitcoin price test the 50-day SMA at $43,351. If this level fails to hold as a support, BTC could extend the fall below the ascending trendline to test the $41,880 support or lower, the 100-day SMA at $41,451.
In a dire case, the Bitcoin price could roll over to the $40,643 support, but the prevailing bullish outlook would only be invalidated if BTC slips below $30,000.
Investor caution is advised, particularly for those looking to take long positions for BTC as the RSI could cross below 70.
Bitcoin Price Outlook From An On-Chain Metric Perspective
Data according to IntoTheBlock’s Global In/Out of the Money (GIOM) metric shows that there is one level of interest for the Bitcoin price. This is between the $48,915 and $67,413 zone where 3.25 million addressed hold approximately 1.16 million BTC tokens purchased at an average price of $56,487.
Any efforts to push the Bitcoin price beyond this level would be countered by opposition from these many addresses.
Meanwhile, crypto enthusiasts and BTC hobbyists have their eyes peeled on the halving event that will see mining rewards slashed in half. The event is expected to kickstart the next bull market.
With this in mind, investors have lined up for BTC ownership. With the pioneer crypto not being very affordable for ordinary folks, new presale Bitcoin Minetrix provides the solution.
Promising Alternative To Bitcoin
For entry into the Bitcoin Minetrix ecosystem, investors must buy BTCMTX, the project’s powering token. The hallmark of the project is such that token holders stake their holdings for credits and then redeem these credits for mining hash power.
Exploring the opportunities of mining $BTC via #BitcoinMinetrix! 🔍⛏️
✅ Seamless initiation for beginners.
💰 Cost-effective without equipment expenses.
🌟 No worries about area, noise, or temperature.
🔄 Effortless upgrades with no fuss. pic.twitter.com/vw7Wja0x0V— Bitcoinminetrix (@bitcoinminetrix) February 10, 2024
In so doing, the project spares you from the hassles that come with traditional mining, lowering the bar by eliminating risks of fraud, challenges of heat, noise, space, and costs.
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 tokens are now priced at $0.0134 but there’s a price hike due to end in less than three days. Presale sales have surged to $10.718 million as it closes on the $11.556 million target.
#BitcoinMinetrix attains another remarkable milestone!
Surpassing $10,400,000. 💰 pic.twitter.com/6WaHtJCB4m
— Bitcoinminetrix (@bitcoinminetrix) February 9, 2024
Buy into the Bitcoin Minetrix ecosystem for a chance to get in on the BTC halving rally ahead of time. With such an easy pathway to Bitcoin mining and therefore BTC ownership, the landscape has never been this even, with a playing field where the wealthy and the ordinary folk both have fair chances of getting in on the action.
The project also has a $30,000 airdrop up for grabs with 10 holders able to win $3,000 each.
Visit Bitcoin Minetrix to buy BTCMTX here before it’s too late.
Also Read:
- How To Buy Bitcoin Minetrix On Presale – Alessandro De Crypto Video Review
- Bitcoin Minetrix Presale Has Just Hours Left: Last Chance to Buy Before Price Rise
- Bitcoin Price Prediction: As Grayscale Says The Halving Will Be Different This Time Amid Bitcoin ETF Demand, This BTC Cloud Mining ICO Surges Towards $11 Million
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