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bitcoin price has fallen a fraction in the last 24 hours to trade at $51,871 at 1:25 am EST, with trading volume increasing 45% in the last 24 hours.
As things stand, the price of bitcoin is 23% away from its all-time high of $69,000, recorded on November 10, 2021.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ATH price reduction: currently it is -23% pic.twitter.com/upAGrYmgHG
— Axel Adler Jr (@AxelAdlerJr) February 20, 2024
However, retail investors seem absent even though btc is up 242% in the last 15 months. This is unorthodox considering that retail has predominantly been the main driver of previous bull runs so far. To put this into perspective, a search on Google Trends shows that there is little interest in this cycle.
Meanwhile, reports indicate that VanEck HODL, the company's spot btc exchange-traded fund (ETF) product, saw a surprising increase in trading volume. The increase comes less than a week after VanEck indicated he would cut rates, but the massive increase was still surprising.
$HODL is going crazy today with $258 million in volume, a 14x jump over its daily average, and it's not a big trader (which would make sense) but rather 32,000 individual trades, which is 60x its average. I'm not sure how to explain it…maybe it was added to a platform over the weekend? pic.twitter.com/VTkjboS0ff
– Eric Balchunas (@EricBalchunas) February 20, 2024
Trading volume increased to $258 million, representing a 14-fold increase, attributed to 32,000 individual trades. “This is 60 times their average,” says Balchunas, adding that other ETFs that performed well include WisdomTree's BTCW and Blackrock's IBIT.
BTCW recorded a trading volume of $154 million, representing a 12-fold increase in the average investment product. It also constitutes a 25-fold increase in its assets allocated to 23,000 individual trades. This is also unorthodox given that BTCW had posted only 221 trades on Friday.
More interesting: $BTCW Operations worth $154 million also appear, 12 times its average and 25 times its assets through 23,000 individual operations. To put it in context, Friday saw just 221 trades. At the same time $IR The volume is high but not that crazy. What the fuck? ETF's unsolved mysteries will continue after… pic.twitter.com/IXQmCKuCWl
– Eric Balchunas (@EricBalchunas) February 20, 2024
Furthermore, BlackRock's IBIT also saw a considerable increase in trading volumes, which Balchunas described as one of the “unsolved mysteries.”
bitcoin Price Forecast Amid Skyrocketing btc Spot ETF Trading Volumes
bitcoin price horizontal consolidation continues, with immediate support presented at $51,335. A decisive candle close below this buyer congestion level could start a downtrend. This could cause btc to break below the midline of the channel to test the supply zone that turned bullish between $45,556 and $46,691.
The bears could manage to push the price of bitcoin below the midline (middle threshold) of the order block at $46,166. A close below this level on the daily chart would confirm the continuation of the downtrend.
However, if the supply zone holds as support, it could provide a good entry for marginalized and late investors before bitcoin price rises the next leg. The most logical move in such a turn of events would be to break through the range high of $52,985, targeting the $56,000 milestone.
In a serious case, bitcoin price could extend the decline below the lower boundary of the ascending channel to the psychological level of $40,000.
The Relative Strength Index (RSI) has already executed a sell signal crossing below the signal line (yellow band). Additionally, the Awesome Oscillator (AO) histogram bars flash red to show the bears gaining ground. This state is reinforced by the fading bars of the histogram of the Moving Average Convergence and Divergence (MACD) indicator. These characteristics accentuate the bearish assumption.
<img decoding="async" class="aligncenter wp-image-482350 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin price” width=”1273″ height=”538″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/1708524588_833_Bitcoin-Price-Prediction-VanEck-Bitcoin-ETF-Volumes-Jump-1400-as.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-21_09-22-22-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-21_09-22-22-1024×433.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-21_09-22-22-768×325.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/02/1708524588_833_Bitcoin-Price-Prediction-VanEck-Bitcoin-ETF-Volumes-Jump-1400-as.png”/><img decoding="async" class="aligncenter wp-image-482350 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/02/1708524588_833_Bitcoin-Price-Prediction-VanEck-Bitcoin-ETF-Volumes-Jump-1400-as.png" alt="bitcoin price” width=”1273″ height=”538″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/1708524588_833_Bitcoin-Price-Prediction-VanEck-Bitcoin-ETF-Volumes-Jump-1400-as.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-21_09-22-22-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-21_09-22-22-1024×433.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-21_09-22-22-768×325.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: btc/USDT 1-Day Chart
Reverse case
On the other hand, if buyer momentum increases at the current pace, bitcoin price could break out or break above the boundaries of the ascending parallel channel. This could set the pace for btc to target the $55,000 milestone or, in a highly bullish case, extend gains to the psychological $60,000 level.
The price of bitcoin from an on-chain perspective
On-chain aggregator tool IntoTheBlock reveals key obstacles and important support bases for bitcoin price. The Global In/Out of the Money (GIOM) metric shows that while btc enjoys strong downside support, the region between $52,718 and $67,413 could provide significant opposition to btc's upside potential. Here, approximately 2.52 million addresses containing around 823,990 btc tokens would seek to sell at breakeven prices of $58,293.74.
<img decoding="async" class="alignnone wp-image-482351 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="btc GIOM” width=”1065″ height=”400″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/1708524589_341_Bitcoin-Price-Prediction-VanEck-Bitcoin-ETF-Volumes-Jump-1400-as.png 1065w, https://insidebitcoins.com/wp-content/uploads/2024/02/GIOM-300×113.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/GIOM-1024×385.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/GIOM-768×288.png 768w” data-lazy-sizes=”(max-width: 1065px) 100vw, 1065px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/02/1708524589_341_Bitcoin-Price-Prediction-VanEck-Bitcoin-ETF-Volumes-Jump-1400-as.png”/><img decoding="async" class="alignnone wp-image-482351 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/02/1708524589_341_Bitcoin-Price-Prediction-VanEck-Bitcoin-ETF-Volumes-Jump-1400-as.png" alt="btc GIOM” width=”1065″ height=”400″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/1708524589_341_Bitcoin-Price-Prediction-VanEck-Bitcoin-ETF-Volumes-Jump-1400-as.png 1065w, https://insidebitcoins.com/wp-content/uploads/2024/02/GIOM-300×113.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/GIOM-1024×385.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/GIOM-768×288.png 768w” sizes=”(max-width: 1065px) 100vw, 1065px”/>
btc GIOM
Furthermore, 92.9% of btc holders currently have unrealized (in-the-money) gains. This contrasts with the 4.87% who have unrealized losses (out of money). Meanwhile, only about 2.23% break even (in monetary terms).
On the other hand, the In/Out of the Money Around Price (IOMAP) model places slightly lower initial resistance between $51,706 and $53,256, where 1.02 million addresses contain approximately 571,870 btc tokens purchased at an average price of $52,057.98.
<img decoding="async" class="alignnone wp-image-482352 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="IOMAP btc” width=”1066″ height=”392″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/1708524589_946_Bitcoin-Price-Prediction-VanEck-Bitcoin-ETF-Volumes-Jump-1400-as.png 1066w, https://insidebitcoins.com/wp-content/uploads/2024/02/IOMAP-300×110.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/IOMAP-1024×377.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/IOMAP-768×282.png 768w” data-lazy-sizes=”(max-width: 1066px) 100vw, 1066px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/02/1708524589_946_Bitcoin-Price-Prediction-VanEck-Bitcoin-ETF-Volumes-Jump-1400-as.png”/><img decoding="async" class="alignnone wp-image-482352 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/02/1708524589_946_Bitcoin-Price-Prediction-VanEck-Bitcoin-ETF-Volumes-Jump-1400-as.png" alt="IOMAP btc” width=”1066″ height=”392″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/1708524589_946_Bitcoin-Price-Prediction-VanEck-Bitcoin-ETF-Volumes-Jump-1400-as.png 1066w, https://insidebitcoins.com/wp-content/uploads/2024/02/IOMAP-300×110.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/IOMAP-1024×377.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/IOMAP-768×282.png 768w” sizes=”(max-width: 1066px) 100vw, 1066px”/>
IOMAP btc
Meanwhile, as bitcoin price continues to consolidate, investors are considering a halving, an event that is expected to solidify the upcoming directional bias for btc. With it, proactive traders are purchasing BTCMTX, a project that provides easy entry into the btc market. The project is seeing great pre-sale success, with analysts including YouTuber Jacob Bury anticipating tenfold growth potential.
Promising alternative to bitcoin
BTCMTX, ranked among Analysts' Top Picks for the Five Best Cryptocurrencies to Buy in 2024is the token that powers the bitcoin Minetrix project, which allows investors to mine btc by staking their holdings.
Recognizing the simplicity of #BitcoinMinetrix #BTCMTX: Provide users with secure funds and tradable tokens they control.
Traditional cloud mining: Stuck in convoluted contracts and terms. pic.twitter.com/rS4J2h6du0
—Bitcoinminetrix (@bitcoinminetrix) February 20, 2024
Specifically, BTCMTX token holders stake their holdings for mining credits and then redeem or burn them for mining hash power. By doing so, it has decentralized and tokenized the entire process, improving convenience for community members.
Considering the contrast between mining bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin and buying $btc?
Plays a vital role in network expansion.
Gain greater control over the procurement process.
Deepen understanding of technical complexities. pic.twitter.com/yJNEtUNY2K
—Bitcoinminetrix (@bitcoinminetrix) February 19, 2024
The project has revolutionized bitcoin mining as we know it and ensured that all third-party risks are eliminated. Other benefits include the absence of issues related to heat, space or cost, among others.
Embarking on a new era of cloud mining with #BTCMTX!
Users earn staking credits and manage their mining skills.ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum The network's smart contracts ensure automatic and decentralized allocations, ensuring a safe and reliable mining experience. pic.twitter.com/1SpVeCK2DN
—Bitcoinminetrix (@bitcoinminetrix) February 18, 2024
bitcoin Minetrix is in the pre-sale stage, where each token is sold for $0.0136. Investors can purchase BTCMTX on the official website, and pre-sale sales now reach $11.259 million out of a target target of $12.178 million.
Exciting news for crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto Mining industry! #PolarisTechnology unveils plans for $100 million, 200 MW data center in Muskogee, Oklahoma.
What opportunities do you think this development will bring to the local community?#BitcoinMinetrix has successfully raised more… pic.twitter.com/m6jQ29WJ1D
—Bitcoinminetrix (@bitcoinminetrix) February 20, 2024
Visit bitcoin Minetrix to buy btc MTX here.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 50% APY
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