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bitcoin price fell a fraction of a percent in the last 24 hours bitcoin/”>listed at $51,953 at 04:51 am EST on trading volume that fell 29% to $35 billion.
This comes as major US banks and financial institutions urge the Securities and Exchange Commission (SEC) to review its regulations on crypto assets.
In a letter to SEC Chairman Gary Gensler, the institutions requested a review to play a larger role in the cryptocurrency field, including serving as custodians of spot bitcoin ETFs.
US banks, left out of key functions of bitcoin ETFs, are pressing the SEC to change guidance on holding digital assets. A coalition of banking trading GPs sent a letter to the SEC asking them to exclude ETFs from the broad crypto umbrella. They want a piece of the action. I don't blame them, it's not fair.… pic.twitter.com/advPa94nK2
– Eric Balchunas (@EricBalchunas) February 15, 2024
Banks view the current regulatory guidance issued in March 2022 as posing challenges to offering cryptocurrency custody services at scale. They propose narrowing the definition of cryptoassets to exclude traditional assets recorded on the blockchain.
While the SEC has not yet responded to the request, it is clear that there is growing interest among major financial institutions in the cryptocurrency market and that they are eager to play a larger role.
bitcoin Price Bullish, Eyes Breakout Above Bullish Pennant
bitcoin price maintained bullish momentum this week, which saw it surpass the $50,000 level. btc price remains bullish, but appears to have encountered some resistance around $53,000, and rejection at this level allows for a slight pullback to the current price of $51,953.
However, the price is trading within the upper boundary of the bullish pennant, indicating that the price may continue its uptrend.
btc price is trading above the 50-day and 200-day simple moving averages, which is an indication that there is an imminent bull run. With the golden cross forming at $42,870, this may represent encouragement for the bulls to push the price even higher.
The Relative Strength Index (RSI) is in a downtrend from the overbought region of 70 to 63, indicating that the current trend is poised for a rebound.
<img decoding="async" class="alignnone size-full wp-image-481290" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="macd btc” width=”1281″ height=”555″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Big-Banks-Apply-to-SEC-for”https://technicalterrence.com/crypto/bitcoin/”>btc-macd2.png 1281w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Big-Banks-Apply-to-SEC-for”https://technicalterrence.com/crypto/bitcoin/”>btc-macd2-300×130.png 300w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Big-Banks-Apply-to-SEC-for”https://technicalterrence.com/crypto/bitcoin/”>btc-macd2-1024×444.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Big-Banks-Apply-to-SEC-for”https://technicalterrence.com/crypto/bitcoin/”>btc-macd2-768×333.png 768w” data-lazy-sizes=”(max-width: 1281px) 100vw, 1281px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Big-Banks-Apply-to-SEC-for”https://technicalterrence.com/crypto/bitcoin/”>btc-macd2.png”/>btc-macd2.png” alt=”macd btc” width=”1281″ height=”555″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Big-Banks-Apply-to-SEC-for”https://technicalterrence.com/crypto/bitcoin/”>btc-macd2.png 1281w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Big-Banks-Apply-to-SEC-for”https://technicalterrence.com/crypto/bitcoin/”>btc-macd2-300×130.png 300w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Big-Banks-Apply-to-SEC-for”https://technicalterrence.com/crypto/bitcoin/”>btc-macd2-1024×444.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Big-Banks-Apply-to-SEC-for”https://technicalterrence.com/crypto/bitcoin/”>btc-macd2-768×333.png 768w” sizes=”(max-width: 1281px) 100vw, 1281px”/>
Furthermore, the Moving Average Convergence Divergence (MACD) line (blue) is trading below the signal line (orange), showing that investors are currently selling, but with signs of a rebound. The movement of the red bars on the histogram, which appear to be moving downwards, supports this sentiment.
bitcoin price prediction
The current short-term bitcoin price analysis indicates high chances of a btc correction, supported by the MACD line, which would see bitcoin price correct back to $50,000.
This level could help the bulls push the price higher, supported by a bullish pennant formation. btc bulls are aiming for new highs, with $57,000 being the next target as they target $60,000.
While bitcoin bulls await more definitive entry positions, investors are also turning their attention to bitcoin Minetrix (BTCMTX) as it moves closer to securing $11 million in its pre-sale.
BTCMTX Pre-Sale Nears Its $11.8 Million Target – Best bitcoin Alternative to Buy Now
The bitcoin Minetrix The project is designed to make cloud bitcoin mining cheaper and safer through decentralization. You can access cloud mining with minimal cost, avoiding the complex and resource-demanding nature of the activity.
Comparing #BitcoinMinetrix versus traditional cloud mining:
Cost: #BTCMTX – Low cost, no minimum / Traditional – High cost, great minimum.
Security: #BTCMTX – Decentralized, user-owned / Traditional – Cash deposits.
Choose wisely for your #CloudMining journey! pic.twitter.com/vE8vqd4KLM
—Bitcoinminetrix (@bitcoinminetrix) February 15, 2024
Such an interesting approach has already attracted many investors to the platform. The pre-sale has successfully amassed over $10.9 million as it moves towards its goal of $11.85 million.
Stage 26 #BitcoinMinetrix has started!
What is the environmental impact of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining? pic.twitter.com/D1eErQCpRX
—Bitcoinminetrix (@bitcoinminetrix) February 15, 2024
To join the pre-sale, you can purchase BTCMTX tokens at a rate of $0.0135 per token, and that price will increase in less than four days.
Earn passively with BTCMTX, win $3,000 in Minedrop Airdrop competition
The platform also has a betting option, where you can buy and stake your BTCMTX tokens and earn an annual percentage yield (APY) of 62%. By staking your $BTCMTX you will automatically earn tradable ERC-20 token credits. These credits are then burned, after which you receive btc cloud mining power.
By participating in the pre-sale and betting, you position yourself as a contender with the possibility of being one of the ten winners in the $30,000 Mine Throwing Contesteach receiving a prize of $3,000.
#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
Jacob Bury, a crypto analyst on YouTube, believes that BTCMTX has the potential to rise 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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