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The Bitcoin price dropped by a fraction of a percentage in the last 24 hours to trade at $51,136 as of 05:58 a.m. EST on trading volume that plunged 14% to $23 billion.
This comes as two officials of the European Central Bank (ECB), Ulrich Bindseil and Jürgen Schaaf, say that Bitcoin is not a valuable financial asset, with its fair value at zero. Their sentiments come despite the U.S. approving the spot BTC ETFs (exchange-traded funds).
A digital euro will be designed for making payments, not for investment, explain Ulrich Bindseil, Jürgen Schaaf and Executive Board member Piero Cipollone. Fears of bank customers moving large deposits from banks into the digital euro are outdated. pic.twitter.com/Wu8xHLuoVk
— European Central Bank (@ecb) February 19, 2024
The ECB officials state that the decision by the U.S. Securities and Exchange Commission (SEC) does not change the idea that BTC is not a suitable means of payment or investment.
However, BitMEX founder Arthur Hayes believes two catalysts could send Bitcoin soaring to “unfathomable heights.” One of the reasons is the launch of spot BTC ETFs, which are continuously drawing massive inflows into the market.
BitMEX Co-Founder Explains Why He Is Bearish on Cardano ($ADA)
In a recent interview with Jessica Walker, co-host of Coin Bureau, Arthur Hayes, the co-founder and former CEO of BitMEX, shared his insights on the current state and future of cryptocurrencies, focusing on Bitcoin,…
— DeFiMaestro🌈 (@maestro_fi32816) February 21, 2024
He also believes that possible rate cuts in June by the Federal Reserve (Fed) may cause Bitcoin to explode.
Bitcoin Price Bullish, Finds Support At $50,000
The Bitcoin price has been rallying in February, supported by the inverse head-and-shoulders pattern. This allowed the bulls to drive the price higher, though they encountered resistance at $53,000.
Over the last seven days, the BTC price has been in a consolidation phase and is currently trading within a range.
BTC is trading slightly below the 50-day Simple Moving Average (SMA), as it coincides with the current price movement. However, the price is above the 200-day SMA, affirming the bullish prospects of the BTC price.
The Relative Strength Index (RSI) is rebounding, headed north towards the midline level at 44, indicating growing buying pressure and a chance for investors to buy more.
Moreover, the Moving Average Convergence Divergence (MACD) supports the current downward trend of the price, as the moving average line (blue) trades below the signal line (orange). There are signs of an impending bullish reversal, as the red bars seem to diminish towards the neutral level.
Bitcoin Price Prediction
Although currently in a range, Bitcoin price bulls are looking to soar the price higher, capitalizing on the ascending triangle pattern. Additionally, the RSI is currently below the 50-midline level, although heading north, signaling more buys incoming to soar the price. The bulls are looking to hit the $55,000 psychological barrier.
However, if the bears exert more pressure, $50,600 and $49,000 are the key support areas, acting as cushions against downward pressure.
Meanwhile, investors looking for turbocharged returns on their investments are looking at Bitcoin Minetrix, a BTC derivative that analysts believe has the potential to go ballistic on launch.
Bitcoin Minetrix Raises $11.3 Million, Closing In On Its $12.1 Million Target
The Bitcoin Minetrix (BTCMTX) presale, currently in its 27th stage, has garnered over $11.3 million in early funding, racing towards its $12.178 million target.
Only 2 days remaining until the conclusion of Stage 27 for #BitcoinMinetrix!
How do mining hardware advancements impact the landscape of #Bitcoin mining? 💻⛏️ pic.twitter.com/sfM36jAx9K
— Bitcoinminetrix (@bitcoinminetrix) February 23, 2024
BTCMTX is set to revolutionize Bitcoin mining, an activity otherwise known to require intricate and costly hardware, through decentralized mechanisms. You can easily mine Bitcoin using ERC-20 staking credits, which ensure a secure and decentralized experience.
Illustrating the distinctions between #BTCMTX and conventional cloud mining. ⛏️🪙
1️⃣ Utilizing ERC-20 #Tokens eliminates transaction requirements.
2️⃣ Miners manage their power by accruing credits through staking.
3️⃣ Smart contracts on #ETH streamline security and staking. 📜🔒 pic.twitter.com/RlrQRx20RW
— Bitcoinminetrix (@bitcoinminetrix) February 22, 2024
You can join the presale by purchasing BTCMTX tokens, currently priced at $0.0136. Buy now before the price increases in less than two days.
Stake BTCMTX, Earn A Passive Income
BTCMTX has a staking option, where you can buy and stake your acquired BTCMTX tokens and receive an impressive 60% annual percentage yield (APY), with over 694 million BTCMTX tokens already staked.
By buying BTCMTX, you also have the opportunity to become one of the lucky winners in the project’s $30,000 minedrop competition. Ten winners will each receive $3,000 worth of BTCMTX.
Prominent crypto analyst and YouTuber Jacob Bury believes that BTCMTX has the potential to return 10X gains 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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