Bitcoin Price Update
The Bitcoin price has surged 12% over the last week to trade for $47,927 as of 5:15 a.m. EST time.
In the last 24 hours, the king of cryptocurrency has dropped a fraction, but trading volume is up 5%.
Despite the epic climb, the Bitcoin price is yet to retake the $48,969 range high recorded on January 11. The closest it has come is the $48,826 intra-day high of Monday, February 12.
Nevertheless, the $50,000 psychological level is now in sight, standing less than 5% above current levels.
Bitcoin ETF (exchange-traded fund) Hype Continues
Meanwhile, the US Bitcoin ETF (exchange-traded fund) hype continues, with reports indicating that assets under management (AUM) have surpassed the $10 billion mark after just 20 trading sessions.
Bitcoin Price Prognosis As BTC Inches Closer To $50,000
From a technical standpoint, the odds favor the upside but the Bitcoin price is in a catch-22 momentum. On one hand, the Relative Strength Index (RSI) position above 70 shows BTC is already overbought. This often precipitates a correction. On the other hand, the RSI has not given any indication that BTC is ripe for selling. This is based on Welles Wilder’s interpretation. He says that an asset is only overbought and ripe for selling when the RSI is crossing below the 70 level.
Bitcoin Price Outlook From An On-Chain Metric Perspective
Data according to IntoTheBlock’s Global In/Out of the Money (GIOM) metric shows that there is one level of interest for the Bitcoin price. This is between the $48,915 and $67,413 zone where 3.25 million addresses hold approximately 1.16 million BTC tokens purchased at an average price of $56,487. Any efforts to push the Bitcoin price beyond this level would be countered by opposition from these many addresses.
Promising Alternative To Bitcoin
For entry into the Bitcoin Minetrix ecosystem, investors must buy BTCMTX, the project’s powering token. The hallmark of the project is such that token holders stake their holdings for credits and then redeem these credits for mining hash power. In so doing, the project spares you from the hassles that come with traditional mining, lowering the bar by eliminating risks of fraud, challenges of heat, noise, space, and costs.
Hot Take: Bitcoin Price Potential
Investor caution is advised, particularly for those looking to take long positions for BTC as the RSI could cross below 70. The project has a $30,000 airdrop up for grabs with 10 holders able to win $3,000 each. Visit Bitcoin Minetrix to buy BTCMTX here before it’s too late.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.