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bitcoin price has soared 4% in the last 24 hours to trade at $52,413 as of 7:10 am EST, with trading volume down 11%.
The increase comes despite recent negative comments on btc by US Securities and Exchange Commission Gary Gensler. Appearing on CNBC Wednesday morning, Gensler said bitcoin is not decentralized, adding that it is the token of choice for ransomware.
₿𝗥𝗘𝗔𝗞𝗜𝗡𝗚: News anchor @JoeSquawk defend bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin in a conversation with SEC Chairman Gary Gensler this morning live on television. pic.twitter.com/DRIlWmTlxK
— Documenting ₿itcoin (@DocumentingBTC) February 14, 2024
Meanwhile, reports indicate that BlackRock's IBIT bitcoin ETF accumulated $500 million worth of btc in a single day on Tuesday. According to market watchers, this comes as the BlackRock ETF provides the seal of approval that institutional investors around the world needed to dive into bitcoin.
BlackRock's $IR reaches a volume of 500 million dollars pic.twitter.com/FxTVMc9gmF
— HODL15Capital (@HODL15Capital) February 13, 2024
BlackRock now manages $5.1 billion in assets, while Grayscale's GBTC continues to lead the field with more than $22.9 billion in assets.
BlackRock bitcoin ETF Attracts $500 Million, Pushing btc Over $50,000. The world's largest fund manager currently manages $5.1 billion in assets. Wall Street's growing interest in btc ETFs fuels the rise of cryptocurrencies. Grayscale's GBTC has $22.9 billion in cash. SEC approval on 10 btc ETFs…
-BlockVoyager (@BlockVoyagerAIO) February 15, 2024
Amid growing interest in bitcoin, investors appear to be losing interest in gold. Eric Balchunas, an ETF analyst at Bloomberg Intelligence, highlighted in a post on X that investors continue to withdraw money from gold ETFs.
Meanwhile, the current outlook is pretty bad in the gold ETF category… via @SirYappityyapp in our newly published weekly flow note pic.twitter.com/C0T17JZpiA
– Eric Balchunas (@EricBalchunas) February 14, 2024
bitcoin Price Forecast Amid Growing Interest in ETFs
bitcoin price remains bullish, as evidenced by the series of higher highs on the daily chart for the btc/USDT trading pair. , It remains within the boundaries of an ascending parallel channel, which is a bullish technical formation that promises more gains as long as the price holds.
However, caution is advised, considering that the Relative Strength Index (RSI) position at 82 shows that btc is massively overbought. Despite that, the odds continue to favor upside. This is because the RSI remains in a northerly direction, suggesting that momentum continues to build and often precipitates a continued rise in bitcoin price.
It is also imperative to note that the bulls continue to show resistance, as evidenced by the presence of large volumes of histogram bars on both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) in positive territory.
Furthermore, the MACD is still moving above its signal line (orange band), showing a strong bullish cycle in play.
If investors increase their purchasing power, bitcoin price could increase gains, likely breaking resistance due to the upper boundary of the channel. Such a move would highlight the $55,000 lock and would constitute an increase of around 6% from current levels.
In a highly bullish case, bitcoin price could extend to the psychological level of $60,000, which would denote a 15% move from the current price.
<img decoding="async" class="aligncenter wp-image-481020 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin” width=”1273″ height=”544″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-BTC-Surges-Over-4-as-BlackRock-Bitcoin.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-15_15-07-58-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-15_15-07-58-1024×438.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-15_15-07-58-768×328.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-BTC-Surges-Over-4-as-BlackRock-Bitcoin.png”/><img decoding="async" class="aligncenter wp-image-481020 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-BTC-Surges-Over-4-as-BlackRock-Bitcoin.png" alt="bitcoin” width=”1273″ height=”544″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-BTC-Surges-Over-4-as-BlackRock-Bitcoin.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-15_15-07-58-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-15_15-07-58-1024×438.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-15_15-07-58-768×328.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: btc/USDT 1-Day Chart
Reverse case
However, if profit booking occurs, bitcoin price could decline to test the midline of the ascending parallel channel. A leg lower could sink btc into the supply zone that now acts as a bullish switch between $44,300 and $46,760. A decisive close of the candle below the midline of this order block at $45,554 would invalidate the bullish thesis. This would clear the way for a continuation of the decline.
In such a directional bias, bitcoin price could reach the support of $41,880. This would mean a 20% drop from current levels.
Even amid the bullish outlook for btc, some investors consider pre-selling BTCMTX as an alternative way to take advantage of the bitcoin bull run. This is due, at least in part, to the fact that it is a project that analysts classify among the most crypto-investments-top-picks-explosive-growth-calsona-j8nhe” target=”_blank” rel=”noopener”>Top options for explosive growth in 2024.
Promising alternative to bitcoin
BTCMTX is the token that powers the bitcoin Minetrix ecosystem and functions as a tokenized cloud mining platform where community members can mine btc in a decentralized manner.
Delving into the possibilities of #BitcoinMinetrix for mining $btc!
Hassle-free start for newcomers.
Economical with no initial equipment costs.
Don't worry about location, noise or temperature.
Simple updates with minimal hassle. pic.twitter.com/5xJKkKKCYv—Bitcoinminetrix (@bitcoinminetrix) February 14, 2024
The token continues to gain popularity even as the countdown to the halving event in April continues. With the anticipation that this event could fuel the next bull cycle, forward-thinking investors want in on the action.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoinThe impact of the halving:
– First in 2012: From $12 to ~$1,000
– Second in 2016: soared to $20,000
– 3rd in 2020: soared to $69,000As we approach the fourth halving in 2024, what peak can we expect for $btc? pic.twitter.com/mwyWLVPVFE
— IXFI | Gen 3.0 Exchange (@ixfiexchange) February 15, 2024
bitcoin Minetrix saves investors from the challenge of high hardware costs and deceptive scams that have eroded trust in btc mining. It also ensures that you won't have to suffer the heat, space demands, and any other hassles that come with traditional btc mining.
Knowing the benefits of #BitcoinMinetrix:
Easy access for added convenience.
Optimized cost structure for greater efficiency.
Worry-free peace of mind for resale value. pic.twitter.com/hx3zJLXTfN
—Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
The project has already raised a whopping $10.9 million in pre-sales, out of a planned goal of $12.785 million.
Spot bitcoin #ETF are shaking up the market dynamics, acquiring bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin at a rate that exceeds mining production by 10 times! #WallStreet giants like @BlackRock and @Fidelity are driving this increase, fueling demand for $btc.
What do you think this means for the future of… pic.twitter.com/sXCwRLmmJA
—Bitcoinminetrix (@bitcoinminetrix) February 14, 2024
The token is currently selling for $0.0135. With a price increase expected in less than five days, this is your last chance to get your hands on tokens at the lowest price possible.
Visit bitcoin Minetrix to pre-sell BTCMTX 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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