Join our Telegram channel to stay up to date on breaking news coverage
bitcoin price fell 1.3% in the last 24 hours bitcoin/”>trading at $50,928 At 05:11 am EST, trading volume increased by 46% to $32.88 billion.
This comes as MicroStrategy and btc Bull co-founder Michael Saylor says he has no plans to sell bitcoin.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin It is the exit strategy. pic.twitter.com/aauBgmE25a
—Michael Saylor (@saylor) February 20, 2024
His decision aligns with his belief that bitcoin is “technically stronger” than gold, the S&P 500, and real estate. Backing his sentiment, Saylor believes that in this case, there is no reason to sell the winner (btc) to buy the losers (others).
“bitcoin is the exit strategy,” he said.
MicroStrategy holds 190,000 btc, worth around $9.88 billion at current prices. This makes the company one of the largest cryptocurrency holders.
bitcoin Price Bullish as Bulls Aim to Break Out of Consolidation Phase Around $50,000
bitcoin price market behavior shows a consolidation phase, as evidenced by recent trading sessions. btc is currently in a tight range, with resistance near the $52,500 level and support around the $50,850 mark.
bitcoin attempted to break the resistance at $52,515, which was short-lived as it returned to its established range.
Furthermore, btc is trading above the 100-day and 200-day simple moving averages, indicating strong bullish sentiment for btc price. The 50-day SMA is trading above the 200-day SMA, forming a golden cross at $42,895, further supporting the bullish outlook for the price.
The Relative Strength Index is currently in a downtrend as it moves towards the oversold region at 40. If the oscillator reaches the oversold region of 30, it likely indicates that the price will recover, signaling to the investors considering buying.
The moving average convergence divergence (MACD) line (blue) is trading below the signal line (orange) but above the zero line, which may indicate an imminent bullish reversal. The red bars further support this as they reduce in size towards the zero line.
bitcoin price prediction
bitcoin price technical analysis shows a bullish bias, evident by the price trend within the ascending channel. The bulls aim to exit the consolidation phase within the channel, surpassing the upper boundary of the channel. The bulls are currently targeting $57,500.
However, the MACD line is trending downward towards the zero line. If the line crosses below the line, it may cause a price pullback to $48,642, coinciding with the immediate support zone, the 100-day SMA.
Meanwhile, investors are turning to bitcoin Minetrix, a bitcoin derivative that analysts say has the potential to rise 10-fold upon launch.
A promising cloud mining project with potential 10x profits – Best Buy
bitcoin Minetrix (BTCMTX) is an innovative project that paves the way for decentralized and tokenized bitcoin mining, making it accessible even to the average person.
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
The project is set to revolutionize the cloud mining landscape, providing optimized operations at minimal cost. Its primary goal is to eliminate the complexities and resource-demanding requirements that have long hampered participants in the mining sector.
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
With such an interesting approach to bitcoin mining, the project has gained a large following. The pre-sale, which enters its 27th round, has amassed more than $11.2 million, as it targets $12.1 million.
Stake $BTCMTX and earn passive income
You can earn passively on the platform through a staking option, where you can buy and bet your BTCMTX tokens and earn an impressive 60% Annual Percentage Yield (APY).
By purchasing and holding BTCMTX, you can also participate in the $30,000 Mine Throwing Airdrop Contest, with ten lucky winners set to win $3,000 each. To join the project, you can purchase the BTCMTX tokens at a reduced rate of $0.0136 per token, with an increase in less than four days.
crypto analyst and YouTuber Jacob Bury believes that 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.
Related news
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 50% APY
Join our Telegram channel to stay up to date on breaking news coverage
