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bitcoin price soared 4.5% in the last 24 hoursbitcoin“> listed at $49,895 at 8:25 am EST, with a 100% increase in trading volume to $42.25 billion.
The rise in bitcoin price comes as spot bitcoin ETFs (exchange-traded funds) raked in ten times more bitcoin than miners could produce on February 12.
Preliminary data shows that at least 10,280 bitcoin (btc), valued at $493.4 million, flowed into spot bitcoin ETFs yesterday, with BlackRock's iShares receiving a majority of $374.7 million. Fidelity's Wise Origin bitcoin Fund followed with $151.9 million in inflows, while the Ark 21Shares bitcoin ETF netted $40 million.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETFs are in a frenzy! In the last two trading days, btc spot ETFs devoured 10 times more bitcoin than miners produced.
Preliminary data shows a huge net inflow of $493.4 million, with BlackRock IBIT leading the way with $374.7 million. https://t.co/VNJSOB9k4K
– SWFT blockchain (@SwftCoin) February 13, 2024
At the same time, blockchain.com the data shows bitcoin miners produced 1,059 btc valued at $51 million, representing 10% of the btc acquired by spot ETFs.
However, there were outflows of $95 million from Grayscale and $20.8 million from the Invesco Galaxy ETF, which somewhat offset net inflows of nearly $500 million.
bitcoin Price Poised for Bullish Rally Above Bullish Pennant
bitcoin price has crossed above the upper boundary of the bullish pennant pattern, indicating a continuation of the uptrend. The price has touched the $50,000 mark as the bulls seem set to push the price higher.
<img decoding="async" class="alignnone wp-image-480353 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin price” width=”1623″ height=”697″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Bitcoin-ETFs-Absorb-10x-More-BTC.png 1623w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-13_18-36-24-300×129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-13_18-36-24-1024×440.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-13_18-36-24-768×330.png 768w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-13_18-36-24-1536×660.png 1536w” data-lazy-sizes=”(max-width: 1623px) 100vw, 1623px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Bitcoin-ETFs-Absorb-10x-More-BTC.png”/><img decoding="async" class="alignnone wp-image-480353 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Bitcoin-ETFs-Absorb-10x-More-BTC.png" alt="bitcoin price” width=”1623″ height=”697″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-As-Bitcoin-ETFs-Absorb-10x-More-BTC.png 1623w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-13_18-36-24-300×129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-13_18-36-24-1024×440.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-13_18-36-24-768×330.png 768w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-13_18-36-24-1536×660.png 1536w” sizes=”(max-width: 1623px) 100vw, 1623px”/>
btc/USDT Analysis by Tradingview
bitcoin price has been in an uptrend since October 2023, with bulls using the $25,200 support level as a launching pad to catapult prices higher. The resistance level of $49,000 led to a consolidation stage, forming a bullish pennant pattern.
bitcoin Price Could See Short-Term Gains Towards $60,000
Traders have taken advantage of the bullish pennant pattern to push the price above the pennant.
If the momentum holds, this would be the best opportunity for the bulls to push the price even higher, covering distance X, the same distance measured on the pennant as shown on the chart.
However, this rally may be short-term as traders expected the price to drop to the breakout point once the price covers distance X upwards.
The price holding above the 50-day and 200-day simple moving averages (SMA) affirms the anticipated bullish rally.
The Relative Strength Index (RSI) is trending up at 73, above the overbought zone of 70, indicating a bounce off the mid-50 level. If the momentum continues, it will push the RSI further towards the zone. overbought.
BTCMTX pre-sale exceeds $10.7 million, bet on the mine and earn rewards
The bullish outlook for bitcoin is also attracting investors atThe pre-sale of BTCMTX, which has surpassed $10.7 million as it moves towards its goal of $11.5 million.
@MarathonDH faces obstacles while a power outage affects a major bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining site at the Applied Digital facility in Ellendale, impacting 7.8 EH/s hash rate.
How can the industry mitigate the risks posed by infrastructure disruptions like this?#BitcoinMinetrix has also raised more… pic.twitter.com/FisfOLTjck
—Bitcoinminetrix (@bitcoinminetrix) February 12, 2024
BTCMTX is a decentralized platform for tokenized cloud mining, opening up bitcoin mining to everyday investors. BTCMTX users enjoy simplified cloud mining services through its mining staking feature and Earn rewards in the staking pool that pays 62% annual returns when staking your BTCMTX tokens.
The platform's functionality also protects against potential scams that have plagued other cloud mining platforms.
Exploring mining opportunities $btc through #BitcoinMinetrix!
Perfect initiation for beginners.
Profitable without equipment expenses.
Don't worry about the area, noise or temperature.
Effortless and hassle-free updates. pic.twitter.com/7Fo9jdeiIZ— Bitcoinminetrix Service Team (@bitcoinminetSTM) February 10, 2024
Get BTCMTX tokens now for potential 10x ROI and earn rewards on Minedrop Airdop
BTCMTX tokens also grant access to a $30,000 Mine Throwing Airdrop Contestoffering 10 people the opportunity to win up to $3000 each.
crypto analyst Jacob Bury has expressed his confidence in BTCMTX and predicts a potential 10x ROI for early backers at launch.
Investors have less than 24 hours to purchase BTCMTX tokens at $0.0134 per token before the price increases in the next stage. So act fast if you're interested in getting the best price. To purchase BTCMTX tokens and join the pre-sale, you only need a digital wallet like MetaMask.
Tokens can be purchased at the BTCMTX website exchanging eth or USDT for BTCMTX tokens. You can also buy directly with a bank card.
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