Bitcoin

Momentum

Daily

Divergence

<p><span style="font-weight: 400;">The Bitcoin price </span><a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">dropped</span></a><span style="font-weight: 400;"> slightly over the last 24 hours to trade at $49,619.95 as of 1:55 am EST as investors take profit from the market leader’s rally,</span></p>
<h2 id="span-style-font-weight-400-michael-saylor-says-demand-for-btc-outweighs-its-supply-span"><span style="font-weight: 400;">Michael Saylor Says Demand For BTC Outweighs Its Supply</span></h2>
<p><span style="font-weight: 400;">Michael Saylor, the bullish founder and executive chairman of </span><a href="https://insidebitcoins.com/news/microstrategy-bitcoin-profits-top-3-billion-as-firm-led-by-michael-saylor-now-holds-more-than-1-of-btcs-supply" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">MicroStrategy</span></a><span style="font-weight: 400;">, said in a CNBC interview that the recent listing of Bitcoin ETFs (exchange-traded funds) is pushing up the crypto’s price. He added that there is currently a massive imbalance in BTC’s supply and nearly a decade of pent-up demand for a retail accessible BTC product.</span></p>
<p><span style="font-weight: 400;">“There’s ten times as much demand for bitcoin coming into these ETFs as there is supply coming from the natural sellers who are the miners,” said Saylor during the interview with CNBC.</span></p>
<h2 id="span-style-font-weight-400-the-bitcoin-price-falls-out-of-a-bullish-channel-span"><span style="font-weight: 400;">The Bitcoin Price Falls Out Of A Bullish Channel</span></h2>
<p><img decoding="async" src="https://s3.tradingview.com/snapshots/1/1l7S4KOb.png" alt="BINANCE:BTCUSDT Chart Image by StevenWalgenbach"></p>
<p><span style="font-weight: 400;">Daily chart for BTC/USDT (Source: </span><a href="https://www.tradingview.com/x/1l7S4KOb/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">TradingView</span></a><span style="font-weight: 400;">)</span></p>
<p><span style="font-weight: 400;">The </span><a href="https://insidebitcoins.com/news/grayscales-bitcoin-etf-must-slash-fees-or-lose-share-to-blackrock-and-fidelity-funds-with-competitive-advantages-jpmorgan-says" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Bitcoin</span></a><span style="font-weight: 400;"> price fell out of a medium-term bullish price channel in the last 24 hours. If it closes today’s daily candle under the lower boundary of this range, BTC may retest the $47,930 support level in the next couple of days. A drop below this key mark will open up the risk of the Bitcoin price falling to the subsequent support level at $44,430. In an extremely bearish scenario, the crypto market leader could drop to as low as $42,450.</span></p>
<p><span style="font-weight: 400;">This bearish thesis may be invalidated if the Bitcoin price closes a daily candle above $50,000 in the next 48 hours. BTC could then have the foundation needed to rise to the next major resistance level at 52,115 in the short term.</span></p>
<h2 id="span-style-font-weight-400-sellers-may-pull-the-bitcoin-price-down-more-span"><span style="font-weight: 400;">Sellers May Pull The Bitcoin Price Down More</span></h2>
<p><span style="font-weight: 400;">Technical indicators on BTC’s daily chart are still flagging bullish. However, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest that BTC’s bullish momentum is cooling down.&nbsp;</span></p>
<p><span style="font-weight: 400;">The MACD line is positioned above the MACD Signal line, which signals that BTC is currently in a short-term bullish cycle. However, the slope of the MACD Histogram is negative. Risk-averse traders may see this as an early sign that BTC’s trend will undergo a bearish reversal.</span></p>
<p><span style="font-weight: 400;">Buyers also seem to have the upper hand against sellers, as the RSI line is positioned above its Simple Moving Average (SMA) line. This may not be the case for long as the RSI line is also dropping towards the SMA line. A cross between these two technical indicators in the coming days will trigger a major bearish technical flag. It will also be easier for bears to pull the Bitcoin price down than it will be for bulls to boost it in the days after this potential intersection.&nbsp;</span></p>
<p><span style="font-weight: 400;">While the direction of the Bitcoin price is uncertain in the next 48 hours, Bitcoin Minetrix is breaking barriers with its presale as it surpasses the $10.8 million mark.</span></p>
<h2 id="span-style-font-weight-400-decentralizing-btc-cloud-mining-span"><span style="font-weight: 400;">Decentralizing BTC Cloud Mining</span></h2>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Welcome to <a href="https://twitter.com/hashtag/BitcoinMinetrix?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BitcoinMinetrix</a>: Your entrance to streamlined <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> mining! 🚀⛏️</p>
 <p>Experience tokenized cloud mining, making <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> mining accessible to all securely and transparently.</p>
 <p>Bid farewell to third-party scams and seize control of your mining adventure! 🌐🔒 <a href="https://t.co/iDRQH94Y74" rel="noopener noreferrer nofollow">pic.twitter.com/iDRQH94Y74</a></p>
 <p>— Bitcoinminetrix (@bitcoinminetrix) <a href="https://twitter.com/bitcoinminetrix/status/1757449694924472714?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 13, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><a href="https://insidebitcoins.com/visit/bitcoinminetrix" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Bitcoin Minetrix</span></a><span style="font-weight: 400;"> is on a mission to make Bitcoin cloud mining cheaper and more secure. Through decentralization, the project lowers the barrier to entry for anyone looking to get started in mining. The platform’s innovative stake-to-mine model also makes it much simpler to start earning BTC through cloud mining.</span></p>
<p><span style="font-weight: 400;">All new entrants will need to do to tap into the passive income stream on offer with Bitcoin Minetrix is purchase the project’s native token BTCMTX on its official website. Once purchased, the tokens will need to be staked in exchange for “gas” reward tokens. The last step is to burn these gas rewards to claim a share of Bitcoin Minetrix’s cloud mining power.</span></p>
<h2 id="span-style-font-weight-400-the-next-10x-opportunity-to-hit-the-market-span"><span style="font-weight: 400;">The Next 10X Opportunity To Hit The Market</span></h2>
<p><iframe title="Bitcoin Minetrix ICO Hits $10M - Next 10X Potential Crypto?!" width="640" height="360" src="https://www.youtube.com/embed/Q3LtZHfZN_w?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>
<p><span style="font-weight: 400;">The introduction of spot Bitcoin </span><a href="https://insidebitcoins.com/news/grayscales-bitcoin-etf-must-slash-fees-or-lose-share-to-blackrock-and-fidelity-funds-with-competitive-advantages-jpmorgan-says" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">ETFs</span></a><span style="font-weight: 400;"> has unlocked the potential demand for BTC, as Saylor points out. There is also the upcoming halving event in April, which will slash mining rewards in half. </span></p>
<p><span style="font-weight: 400;">This, coupled with BTC’s already-favorable supply and demand situation, looks set to boost the prices of Bitcoin and Bitcoin derivative projects exponentially. Such factors prompt crypto analyst Jacob Bury to say BTCMTX has the potential to surge 10x in the weeks after its launch, while other experts say 100x is very possible.</span></p>
<p><span style="font-weight: 400;">BTCMTX can be purchased </span><a href="https://insidebitcoins.com/visit/bitcoinminetrix" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">here</span></a><span style="font-weight: 400;">.&nbsp;</span></p>
<h3 id="span-style-font-weight-400-related-articles-span"><span style="font-weight: 400;">Related Articles:</span></h3>
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 <li style="font-weight: 400;" aria-level="1"><a href="https://www.linkedin.com/pulse/best-penny-crypto-investments-top-picks-explosive-growth-calsona-j8nhe/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!</span></a></li>
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