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The Bitcoin price dropped a fraction in the last 24 hours to trade at $51,989 as of 10:43 p.m. EST on trading volume that dropped 29% to $27.24 billion.
That small downturn comes amid a 30% BTC price rally since Jan. 23 that is unusual in coinciding with a period of dollar strength and rising US Treasury yields. Usually Bitcoin does best during periods of dollar weakness and falling Treasury yields.
BTC’s strong performance may be attributed to strong inflows into spot Bitcoin ETFs (exchange-traded funds) after they were launched on Jan. 11. It may also be that investors are more bullish on Bitcoin than usual because of the halving that’s coming in April.
❗JUST IN: Bitcoin's Latest Rally is Different as BTC Rises Alongside U.S. Dollar and Treasury Yields❗
Bitcoin has managed to chalk out a double-digit rally recently, ignoring the strength in the dollar index and Treasury yields.#BAYC #CryptoTips #LPT
— Better CallBot (@CallBotCrypto) February 16, 2024
Bitcoin Price Continues Its Bullish Rally Within The Rising Channel
The Bitcoin price has been on a sustained bullish momentum since October of last year, which was further supported by the approval of the spot Bitcoin ETFs on January 11. This has resulted in the price trading within a rising channel, aiming to break the upper boundary of the channel.
BTC is currently trading within the upper boundary of the channel, with the bulls encountering resistance at the $53,000 level.
Additionally, BTC is trading above both the 50-day and 200-day Simple Moving Averages (SMAs), which signals a continuation of the bullish momentum. The 50-day SMA is trending above the 200-day SMA, forming a golden cross at $28,159, which further supports a likely bull run for the BTC price.
The Relative Strength Index (RSI) at 80 signals that the price is already in overbought conditions, affirming the bullish rally, but also suggesting a cautious approach for traders.
Moreover, the Moving Average Convergence Divergence (MACD) line (blue) is trading above the signal line (orange) which signals buy positions for investors, as the price continues its upward trend.
The extension of the green bars above the zero line also indicate a continuous positive momentum.
The Average Directional Index (ADX) is at 33 moving to the north, which could signify a likely rally, as the bullish trend gets even more stronger.
Bitcoin Price Prediction
The current Bitcoin price long-term analysis suggests that BTC is on a bullish momentum, which may likely continue, as it trades within the rising channel’s upper boundary.
The RSI has already entered the overbought region, which suggests a likely correction to create more positions for the bulls.
In such a scenario, the price could retrace back to $50,000, beyond the pivot point at $51,140.This level could offer a footing for the bulls to drive the price through the next resistances at $53,601 and $56,863, as it hurtles toward $60,000.
As the Bitcoin price rallies, analysts say Bitcoin Minetrix is emerging as a compelling way for investors to play the next BTC bull run.
Bitcoin Minetrix Raises $11 Million, Nearing Its $11.8 Million Target
Bitcoin mining is historically known to demand substantial investment due to overpriced hardware costs. But the emergence of the Bitcoin Minetrix (BTCMTX) project comes as a transformative solution.
BTCMTX promises to revolutionize Bitcoin cloud mining, slashing costs and fortifying security through decentralized mechanisms.
Contrasting #BitcoinMinetrix vs. Conventional Cloud Mining:
⚖️ Risk: #BTCMTX – User-controlled, easy withdraw / Conventional – No refunds, long-term contracts.
🤝 Simplicity: #BTCMTX – Buy with $ETH, $BNB, $USDT / Conventional – Complicated contracts. pic.twitter.com/xcKWnINseh
— Bitcoinminetrix (@bitcoinminetrix) February 16, 2024
Many investors are being drawn to its unique approach to Bitcoin cloud mining, with the BTCMTX presale garnering over $11 million in investment as it races towards its $11.85 million target.
You can join the presale by purchasing BTCMTX tokens, currently priced at $0.0135. Buy now before the price hikes in less than three days.
Only 4 days left until Stage 26 of #BitcoinMinetrix wraps up! 📆
How does the halving event affect #Bitcoin miners? 💰🛠️ pic.twitter.com/9yPgjvTiW4
— Bitcoinminetrix (@bitcoinminetrix) February 16, 2024
Stake BTCMTX, With 61% Annual Rewards
You can also stake your BTCMTX tokens, which is an opportunity to earn passively a 61% annual percentage yield (APY).
The staking option is enabled through the platform’s stake-to-mine mechanism, which gives tradable ERC-20 token credits every time you stake. The token credits are then burned, giving BTC cloud mining power.
By just buying and staking, you also automatically secure a place in the ongoing $30,000 minedrop competition. Ten people stand to win $3,000 each.
🎉 #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 YouTuber and crypto analyst Jacob Bury, BTCMTX has the potential to surge 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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