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Bitcoin is up 16% this week, breaking above $50K for the first time since December 2021. From spot rates, a 27% increase would catapult it to its all-time high. 
With that in mind, onlookers want to know its potential in February. 
<h2 class="wp-block-heading" id="strong-btc-has-no-resistance-strong">BTC has no resistance</h2> 
The recent Bitcoin breakout was unexpected, with analysts anticipating a pre-halving ceiling of $48K. However, the recent Bitcoin pump reached highs of $50.2K and it is currently trading at around $49.7K. 
 You might also like: <a href="https://crypto.news/will-super-bowl-2024-drive-bitcoin-price/"> Super Bowl to drive Bitcoin above $50k? Here’s what past games suggest&nbsp; </a> 
The $50K level is psychologically significant, a clear-cut milestone that many traders reference for buying and selling. 
BTC is rallying after consolidating below $48K before exploding higher. 
Based on the Bitcoin weekly-time-frame chart, the next significant resistance level is $59K. 
From this outlook, BTC could surge by another $10k should prices stay above $48k. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/axuix6rqzuA2oHk9QcHVtKMHIbf1qBLvYaH2wFh4VtPKsb-zXSEFoLfH4GeZ3rKlqWFLa9k3TR3plbsIfRrtXf28qLgCcopuBgxWA0Z-v7kvKcxBLiYteMOzU-qXJig6IewJx_gL-TpkLXb56rGQiSQ" alt="Bitcoin zooms past $50K, records new February high - 17">
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Crypto commentator, Jelle, said BTC has left the range, and there is “very little standing in the way of new all-time highs.” 
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> has left the range. Stay above $50,000 and there is very little standing in the way of new all-time highs. <a href="https://t.co/TpRwBNpAaq" target="_blank">pic.twitter.com/TpRwBNpAaq</a>— Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1757286695395819960?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 13, 2024</a>
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Meanwhile, prominent analyst Rekt Capital also <a href="https://twitter.com/rektcapital" target="_blank" rel="noopener">spotlighted</a> Bitcoin’s bullish trajectory. The analyst has continually championed a five-stage market cycle and believes Bitcoin entered into its pre-halving rally phase on Monday. 
Based on this assumption, Bitcoin will enjoy a bullish month in February, rendering $59K a viable target. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/OppgtMArYNY420V9yf-biYBXnNMifVGb5HfXrG2Owb2LziiaAbP8_wpI23UZgqc2nlvs-uYJrZLScZ2sViBkpG7bySCOCrzOVZngwOOEJC_JQcPcVT6uMKHjNMM5A-ClRhM97OjBoYYCJhjpcTdVzp0" alt="Bitcoin zooms past $50K, records new February high - 18">
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Meanwhile, Ali Martinez believes Bitcoin’s current support levels are “robust, potentially outweighing resistance.” 
 You might also like: <a href="https://crypto.news/bitcoin-49000-crypto-liquidations/"> Bitcoin pushes past $49k as crypto liquidations exceed $135m </a> 
According to Martinez, the next significant resistance may arise around $57K. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Despite ongoing skepticism toward <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a>, it's important to note that support levels remain robust, potentially outweighing resistance. While a brief price correction is possible, it's crucial to recognize that the next significant resistance level for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> is positioned much… <a href="https://t.co/HwV9JoGmBQ" target="_blank">pic.twitter.com/HwV9JoGmBQ</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1756655716209676496?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 11, 2024</a>
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The analyst referenced a Glassnode data model called “UTXO realized price distribution” (URPD) which analyzes the price point at which Bitcoin UTXOs were created.&nbsp; 
UTXO stands for “unspent transaction outputs” and the URPD model helps illustrate the amount of Bitcoin that last moved within a specific price zone. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/nqF6iv9UdvdHTAHqx3HgRY5bM87XtnbAjDM6heAdkzKk_lJCallTyr0tY78B1Kb-mwp5h5E86IcXO2X5w84fbfB63C1WRm0wKbPCGDrk96apYTA0jDYSTOBmnPU2p0j7ppa85pu5H4YIk3Oz5dw5944" alt="Bitcoin zooms past $50K, records new February high - 19">
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It is also worth noting that Bitcoin’s open interest-weighted funding rate remains at 0.0121%, according to Coinglass <a href="https://www.coinglass.com/currencies/BTC" target="_blank" rel="noopener">data</a>.&nbsp; 
 You might also like: <a href="https://crypto.news/anthony-pompliano-bitcoin-etf-purchases-exceed-daily-production-by-12-5-times/"> Anthony Pompliano: Bitcoin ETF purchases exceed daily production by 12.5 times </a> 
Similar levels were seen when Bitcoin’s price was below $40K in December, illustrating the recent pump is led by spot-buying, mitigating the risk of a funding rate wash (or market crash). This likely positions Bitcoin for a bullish trajectory in February. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/VmePCfh8NQfFjW3qqUicqlTmHTHJxotoaiReJXCYX-wS50wjbmQ561eLuhRhojBpNrdDxOCirfZI2OCVko7peq-vRlc6QChgR9SCX4rTbWjrmXKqIGLvPZpeKGBTj22IhdUhcL3XZSctj6VbjokNjAk" alt="Bitcoin zooms past $50K, records new February high - 20">
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But with Bitcoin bullish, many Bitcoin-related projects are also rising. 
For instance, Ordinals is up over 15% today, while Stacks is up 39%, and Bitcoin Cash is up 19% this week. 
Meanwhile, the newly launched Bitcoin Minetrix has raised over $10.7 million in the ongoing presale. 
<h2 class="wp-block-heading" id="strong-bitcoin-minetrix-offers-63-apy-strong">Bitcoin Minetrix offers 63% APY</h2> 
<a href="https://bs_b96bd0a7.crypto-news.care/" target="_blank" rel="noopener">Bitcoin Minetrix</a> allows cloud mine Bitcoin from the Ethereum network. 
Launching on Ethereum makes Bitcoin Minetrix widely accessible, and its seamless user experience has made it popular among investors. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/eF12VIJMmbjwme2wrn0WuQR8hEmJmqLnySjoY1l_1JfjasizzikpzjfsUor_FZoYnWtDJ-1OezEli5Gzp3F2puUiPfeGH2lxjOGO5QcfujXNbztdBLHid3U6ZlTl-tEMAM3sYGxY61Cem8C0_UVB094" alt="Bitcoin zooms past $50K, records new February high - 21">
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Unlike traditional Bitcoin mining, Bitcoin Minetrix is free of complexities. 
There is no high upfront cost or technical expertise required; users just need BTCMTX and an Ethereum-compatible wallet like MetaMask. 
 You might also like: <a href="https://crypto.news/chainlink-likely-to-soar-past-20-bitcoin-minetrix-posts-gains/"> Chainlink likely to soar past $20, Bitcoin Minetrix posts gains </a> 
It works by users staking BTCMTX in exchange for Bitcoin mining credits. They can then burn these credits for cloud mining power. 
But as well as being fast and beginner-friendly, Bitcoin Minetrix offers security advantages over competitor cloud mining solutions.&nbsp; 
The project’s <a href="https://bitcoinminetrix.com/assets/documents/whitepaper.pdf" target="_blank" rel="noopener">whitepaper</a> states that cloud mining scams plague the industry. Operators often lure investors with decent returns but then present unwarranted complexities once they deposit more funds. 
In response, Bitcoin Minetrix leverages the Ethereum blockchain and the decentralized and transparent ERC-20 token standard to ensure the utmost security. 
The project has also received a third-party smart contract <a href="https://bitcoinminetrix.com/assets/documents/audit.pdf" target="_blank" rel="noopener">audit</a>, confirming its robust measures. 
BTCMTX is available for $0.0134, but this will incrementally rise throughout the presale. 
Investors can begin staking their tokens immediately, receiving a 63% APY. 
 Read more: <a href="https://crypto.news/btc-adds-8-bitcoin-minetrix-benefits-from-rally/"> BTC adds 8%, Bitcoin Minetrix benefits from rally </a> 
 Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Bitcoin zooms past $50K, records new February high

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