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bitcoin price fell a fraction in the last 24 hours bitcoin/”>listed at $51,989 at 10:43 pm EST, trading volume fell 29% to $27.24 billion.
That small drop comes amid a 30% rally in the price of btc since January 23, which is unusual because it coincides with a period of dollar strength and rising US Treasury yields. bitcoin typically does better during periods of dollar weakness and falling Treasury yields.
btc's strong performance can be attributed to strong inflows into spot bitcoin ETFs (exchange-traded funds) after their launch on January 11. It may also be that investors are more bullish on bitcoin than usual due to the halving coming in April.
JUST IN: bitcoin's latest rally is different as btc rises alongside US dollar and Treasury yields
bitcoin has managed to post a double-digit rally recently, ignoring the strength of the dollar index and Treasury yields.#BAYC #CryptoTips #LPT
– Best CallBot (@CallBotCrypto) February 16, 2024
bitcoin price continues its bullish rally within the ascending channel
bitcoin price has seen sustained bullish momentum since October last year, which was further supported by the approval of bitcoin Spot ETFs on January 11. This has resulted in the price trading within an ascending channel, with the aim of breaking the upper boundary. of the Chanel.
btc is currently trading within the upper boundary of the channel, and the bulls are finding resistance at the $53,000 level.
Furthermore, btc is trading above the 50- and 200-day SMA, indicating a continuation of bullish momentum. The 50-day SMA is trending above the 200-day SMA, forming a golden cross at $28,159, further supporting a likely bullish run for btc price.
The Relative Strength Index (RSI) at 80 indicates that the price is already in overbought conditions, affirming the bullish rally but also suggesting a cautious approach for traders.
Furthermore, the Moving Average Convergence Divergence (MACD) line (blue) is trading above the signal line (orange), which indicates buying positions for investors, as the price continues its upward trend.
The extension of the green bars above the zero line also indicates continued positive momentum.
The average directional index (ADX) is at 33 and moving north, which could signify a likely rally as the uptrend becomes even stronger.
bitcoin price prediction
Current long-term bitcoin price analysis suggests that btc is in bullish momentum, which can likely continue as it trades within the upper boundary of the ascending channel.
The RSI has already entered the overbought region, suggesting a likely correction to create more positions for the bulls.
In such a scenario, the price could retrace to $50,000, beyond the pivot point at $51,140. This level could offer a base for the bulls to push the price through the next resistances at $53,601 and $56,863, while rushing towards $60,000.
As the price of bitcoin rises, analysts say bitcoin Minetrix is becoming a compelling way for investors to take advantage of the next btc bull run.
bitcoin Minetrix Raises $11 Million, Nearing Its $11.8 Million Goal
bitcoin mining has historically been known to require a substantial investment due to overpriced hardware costs. But the appearance of bitcoin Minetrix (BTCMTX) The project emerges as a transformative solution.
BTCMTX promises to revolutionize bitcoin cloud mining, reducing costs and strengthening security through decentralized mechanisms.
contrasting #BitcoinMinetrix versus conventional cloud mining:
Risk: #BTCMTX – User controlled, easy withdrawal / 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 attracted to its unique approach to bitcoin cloud mining, with BTCMTX pre-sale garnering over $11 million in investment as it moves towards its $11.85 million goal.
You can join the pre-sale by purchasing BTCMTX tokens, the current price of which is $0.0135. Buy now before the price rises in less than three days.
There are only 4 days left for Stage 26 of #BitcoinMinetrix wraps up!
How does the halving event affect? bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin miners? pic.twitter.com/9yPgjvTiW4
—Bitcoinminetrix (@bitcoinminetrix) February 16, 2024
Stake BTCMTX, with 61% Annual Rewards
You also can stake your BTCMTX tokenswhich is an opportunity to passively earn an annual percentage yield (APY) of 61%.
The staking option is enabled through the platform's staking-to-mine mechanism, which awards tradable ERC-20 token credits each time you stake. The token credits are then burned, giving btc cloud mining power.
By simply buying and betting, you also automatically secure a place in the ongoing market. $30,000 Mine Throwing Contest. Ten people can win $3,000 each.
#BitcoinMinetrix $30,000 Minedrop Now Available!
Get ready for your chance to win a share of $30,000 in $BTCMTX!
Follow the steps in the link below for your chance to win one of ten $3000 $BTCMTX Awards!
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 grow 10x at launch.
To participate in the pre-sale, visit the official website of BTCMTX and exchange your eth or USDT for BTCMTX. You can also make purchases directly with your bank card.
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