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The Bitcoin price is up 3% in the last 24 hours to trade at $44,572 as of 12:43 a.m. EST, trading volume rose 38% to $23 billion.
This is because crypto analyst Ali Martinez noted that the number of BTC whales increasing their holdings accumulation has reached a multi-month high of 73.
These individuals own more than 1,000 tokens, totaling approximately $44 million.
#Bitcoin whales are gathering more and more $BTC! About 73 new whales now total 1,000 whales #BTC or more, which means an increase of 3.66% in two weeks. pic.twitter.com/VFArJYTQZl
— Ali (@ali_charts) February 7, 2024
This helped BTC cross $44,000 for the first time since January 12.
Bitcoin price breaks above the upper boundary of the ascending triangle
Bitcoin price has recently been on an uptrend, as evidenced by the formation of the markup phase, before the price consolidated around $42,800.
The consolidation phase has resulted in equal highs and higher lows, resulting in a compression of the price. This has led to the formation of the ascending triangle, which has resulted in a break above the resistance level at $43,850.
The BTC price is trading above both the 50-day and 200-day simple moving averages, indicating bullish momentum. The moving average is at the $42,870 level, which indicates that the price can move further upwards.
Furthermore, the BTC Fear and Greed Index is at the 66-greed level, which may indicate that investors are confident in BTC’s current rally.
The Relative Strength Index is currently above the 70-overbought area at 73, indicating intense buying behavior, confirming the current bullish momentum.
Moreover, the Moving Average Convergence Divergence (MACD) line (blue) is above the signal line (orange), which indicates an uptrend for the BTC price and also the best time to buy.
The histogram shows green bars on the positive side, further strengthening the bullish outlook for the BTC price.
Furthermore, the Average Directional Index (ADX) is still below 20 out of 18, showing a somewhat weak trend. However, the ADX is moving north, which could surpass level 25, indicating that the BTC price is rising.
Bitcoin price prediction
Current long-term technical analysis of Bitcoin price indicates that BTC is in a bullish trend, as confirmed by the price breaking above the rising triangle pattern.
The RSI is trading above the overbought area of 70, indicating a possible price correction to create more positions for the bulls. In such a scenario, $40,259 acts as the best support zone. This could provide a basis to allow the bulls to take the price to its previous peak at $49,000.
Meanwhile, as Bitcoin bulls wait for clearer directional signals, analysts say Bitcoin Minetrix is emerging as an attractive alternative to Bitcoin to buy now, with the potential to buy 10x at launch.
BTCMTX Secures $10.4 Million – Best Bitcoin Alternative to Buy Now
The Bitcoin Minetrix (BTCMTX) the presale has raised more than $10.4 million in early funding as it races toward its $11.2 million goal.
The countdown to the end of stage 24 of #BitcoinMinetrix has started – only 3 days left! ⏳
What states #ASIC And #GPU mining apart? ???? pic.twitter.com/zIZa14S4Ss
— Bitcoinminetrix (@bitcoinminetrix) February 7, 2024
Mining Bitcoin has traditionally been complicated and demanding, requiring specialized hardware and technical skill.
Bitcoin Minetrix represents an innovative project that uses decentralized cloud mining to democratize the accessibility of crypto mining. Participating in the Bitcoin Minetrix presale offers the opportunity to participate in Bitcoin mining regardless of expertise, all while reaping the rewards.
Research into the different risk factors between #BitcoinMinetrix and traditional cloud mining! ⚖️ #BTCMTX: User-managed, flexible recording and sales.
Traditional: no refunds, fixed contracts.#CryptoComparison #MiningInnovation pic.twitter.com/W2pnuOk8dG
— Bitcoinminetrix (@bitcoinminetrix) February 7, 2024
To participate in the presale, you can purchase BTCMTX tokens at a rate of $0.0133 per token. But that price will rise in less than two days, making now the best time to buy.
Join BTCMTX, stakes, 10x returns
Bitcoin Minetrix introduces stake-to-mine, allowing for easy staking of BTCMTX tokens for an impressive annualized return (APY) of 64%. By staking BTCMTX you also earn tradable ERC-20 token credits, which are burned in exchange for BTC cloud mining power.
Furthermore, participating in buying and staking automatically makes you a contender the $30,000 minedrop contest. Ten winners will be chosen from all entries, each receiving a $3,000 prize.
???? #BitcoinMinetrix $30,000 Minedrop is now live! ????
Prepare for your chance to win a share of $30,000 $BTCMTX!
Follow the steps in the link below for a chance to win one of ten prizes worth $3,000 $BTCMTX Prices! ????
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
YouTube crypto analyst Jacob Bury says BCMTX has the potential to grow 10x after launch.
To participate in the presale, go to the official website of BCMTX and exchange your ETH or USDT for BTCMTX. You can also make purchases directly with your bank card.
Related news
New Crypto Mining Platform – Bitcoin Minetrix
- Controlled by Coinsult
- Decentralized, secure cloud mining
- Earn free Bitcoin every day
- Native token now on pre-sale – BTCMTX
- Staking Rewards – Over 50% APY
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