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bitcoin price fell a fraction of a percent in the last 24 hours bitcoin/”>trading at $51,136 at 05:58 am EST on trading volume that fell 14% to $23 billion.
This comes as two European Central Bank (ECB) officials, Ulrich Bindseil and Jürgen Schaaf, say that bitcoin is not a valuable financial asset, with its fair value at zero. His sentiments come despite the United States approving spot btc ETFs (exchange-traded funds).
A digital euro will be designed for making payments, not for investing, explain Ulrich Bindseil, Jürgen Schaaf and executive board member Piero Cipollone. Fears that bank customers will transfer large deposits from banks to the digital euro are outdated. pic.twitter.com/Wu8xHLuoVk
— European Central Bank (@ecb) February 19, 2024
ECB officials claim that the decision by the US Securities and Exchange Commission (SEC) does not change the idea that btc is not a suitable means of payment or investment.
However, BitMEX founder Arthur Hayes believes two catalysts could cause bitcoin to soar to “unfathomable heights.” One of the reasons is the launch of btc spot ETFs, which continually attract massive inflows into the market.
BitMEX Co-Founder Explains Why He's Bearish on Cardano ($ADA)
In a recent interview with Jessica Walker, co-host of Coin Bureau, Arthur Hayes, co-founder and former CEO of BitMEX, shared his thoughts on the current state and future of cryptocurrencies, focusing on bitcoin,…
— DeFiMaestro (@maestro_fi32816) February 21, 2024
He also believes that possible rate cuts in June by the Federal Reserve (Fed) may cause bitcoin to explode.
bitcoin price is bullish and finds support at $50,000
bitcoin price has been rising in February, supported by the inverse head and shoulders pattern. This allowed the bulls to push the price higher, although they encountered resistance at $53,000.
Over the past seven days, btc price has been in a consolidation phase and is currently trading within a range.
btc is trading slightly below the 50-day SMA as it matches the current price movement. However, the price is above the 200-day SMA, affirming the bullish outlook for btc price.
The Relative Strength Index (RSI) is recovering and heading towards the mid-level of 44, indicating increasing buying pressure and a chance for investors to buy more.
Furthermore, the moving average convergence divergence (MACD) supports the current bearish price trend as the moving average line (blue) trades below the signal line (orange). There are signs of an imminent bullish reversal as the red bars appear to decline towards the neutral level.
bitcoin price prediction
Although currently range-bound, bitcoin price bulls are looking to push the price higher, taking advantage of the ascending triangle pattern. Furthermore, the RSI is currently below the mid-50 level, although it is heading north, indicating that more buying is coming that will skyrocket the price. The bulls are looking to reach the psychological barrier of $55,000.
However, if the bears exert more pressure, $50,600 and $49,000 are the key support areas, acting as buffers against downward pressure.
Meanwhile, investors looking for turbocharged returns on their investments are eyeing bitcoin Minetrix, a btc derivative that analysts believe has the potential to go wild at launch.
bitcoin Minetrix Raises $11.3 Million, Nearing Its $12.1 Million Goal
The bitcoin Minetrix (BTCMTX) The pre-sale, currently in its 27th stage, has raised more than $11.3 million in initial funding, approaching its goal of $12.178 million.
There are only 2 days left until the conclusion of Stage 27 to #BitcoinMinetrix!
How do mining hardware advances impact the mining landscape? bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining? pic.twitter.com/sfM36jAx9K
—Bitcoinminetrix (@bitcoinminetrix) February 23, 2024
BTCMTX is intended to revolutionize bitcoin mining, an activity that also requires complex and expensive hardware, through decentralized mechanisms. You can easily mine bitcoin using ERC-20 staking credits, which ensure a secure and decentralized experience.
Illustrating the distinctions between #BTCMTX and conventional cloud mining.
1⃣ Using ERC-20 #records eliminates transaction requirements.
2⃣ Miners manage their power by accumulating credits through bets.
3⃣ Smart contracts in eth?src=hash&ref_src=twsrc%5Etfw”>#eth streamline security and betting. pic.twitter.com/RlrQRx20RW
—Bitcoinminetrix (@bitcoinminetrix) February 22, 2024
You can join the pre-sale by purchasing BTCMTX tokens, the current price of which is $0.0136. Buy now before the price rises in less than two days.
Stake BTCMTX and Earn Passive Income
BTCMTX has a betting option, where you can buy and stake your purchased BTCMTX tokens and receive an impressive 60% APY, with over 694 million BTCMTX tokens already staked.
By purchasing BTCMTX, you also have a chance to become one of the lucky winners of the project. $30,000 Mine Throwing Contest. Ten winners will each receive $3,000 in BTCMTX.
Prominent crypto analyst and YouTuber Jacob Bury believes that BTCMTX has the potential to generate 10x earnings upon 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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