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The price of bitcoin bitcoin“>leap more than 3% to trade at $50,095.76 at 2:25 a.m. EST, as investors look to ride the market leader's positive momentum.
bitcoin price continues its bullish streak
4-hour chart for btc/USDT (Source: TradingView)
He bitcoin The price continued to trade within its bullish channel over the past 48 hours, which finally gave it the necessary momentum to break through the $50,000 barrier. If the bulls continue to push the price of the leading cryptocurrency higher, btc could soon turn the $50,000 resistance into support.
This could give it the necessary foundation to potentially rise to $52,115 in the coming days.
The bullish thesis could be invalidated if the bitcoin the price fails to close a 4-hour candle above the $50,000 threshold in the next 24 hours. In this alternative scenario, the cryptocurrency may retest the immediate support level at $47,930.
Continued selling pressure at this mark may put btc at risk of falling to the next major support level at $44,430 in the near term. bitcoin price could even fall as low as $42,450 in an extremely bearish scenario.
bitcoin price shows no signs of slowing down
Technical indicators on the btc 4-hour chart suggest that short-term momentum favors buyers. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are bullish.
The MACD line positioned above the MACD signal line could be taken as a sign that btc is currently in a bullish cycle. Since the former also separated from the latter, this positive momentum also seems to be strengthening.
A major bullish technical flag is also about to be triggered by the RSI indicator on the btc 4-hour chart. Currently, the RSI is attempting to break above its simple moving average (SMA) line. A crossover between these two lines could be a strong signal that buyers have gained a short-term advantage over sellers.
As a result, it may be easier for bulls to increase the price of bitcoin in the 48 hours following this potential intersection than for bears to lower it during the same period. If this technical flag is confirmed and validated, btc could soon break through the $50,000 barrier again and attempt to challenge the $52,115 resistance soon after.
bitcoin's continued rise could pave the way for bitcoin Derivative projects like bitcoin Minetrix will skyrocket in the near future. This would line up perfectly with the 10X bullish predictions that analysts have already made regarding this bitcoin cloud mining project.
The next 10x opportunity
Exploring the benefits of #BitcoinMinetrix:
Effortless accessibility for added convenience.
Simplified pricing structure for greater efficiency.
Experience peace of mind knowing you won't have to worry about resale. pic.twitter.com/OuEk3DfXJT
—Bitcoinminetrix (@bitcoinminetrix) February 11, 2024
bitcoin Minetrix is an innovative cloud mining platform that aims to give the btc cloud mining space the much-needed facelift. Through decentralization and its mining staking model, the project not only makes bitcoin cloud mining more secure, but also makes the process as simple as staking an ERC-20 token.
To get started, investors will need to purchase BTCMTX on the project website. The token is currently selling for $0.0134 and can be purchased using ether (eth), Tether (USDT), or bank card.
Once purchased, tokens will need to be staked for gas rewards, which will then need to be burned to claim a share of bitcoin Minetrix's cloud mining power.
Investors are optimistic about btc mining
The recent introduction of spot bitcoin ETFs (exchange-traded funds) in the US has boosted the price of the market leader in recent weeks. As a result, investors are actively seeking opportunities to earn passive income that pays in btc. This is evident in the pre-sale of bitcoin Minetrix, which has surpassed the $10.7 million mark.
In addition to this, legendary tech entrepreneur Jack Dorsey is backing a new btc mining company called Ocean. Ocean is a new type of bitcoin mining pool that was launched in November 2023 with the motto “bitcoin mining like it was supposed to be.”
The main goal of the pool is to address the centralization threat that large mining pools pose to the bitcoin network.
The introduction of Ocean highlights the growing demand for more bitcoin mining initiatives to join the space, placing bitcoin Minetrix perfectly at 10x in the near future. Adding to the project's potential is the next halving scheduled for April this year, which will make it more difficult to obtain new btc.
This reduction in supply, combined with the increase in demand caused by spot bitcoin ETFs, will likely result in a skewed supply-demand relationship, which is a huge positive for any bitcoin-linked project.
BTCMTX can be purchased here.
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