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Divergence

<p><span style="font-weight: 400;">The Bitcoin price dropped by a fraction of a percentage in the last 24 hours </span><a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">to trade at $51,136</span></a><span style="font-weight: 400;"> as of 05:58 a.m. EST on trading volume that plunged 14% to $23 billion.</span></p>
<p><span style="font-weight: 400;">This comes as two officials of the European Central Bank (ECB), Ulrich Bindseil and Jürgen Schaaf, say that Bitcoin is not a valuable financial asset, with its fair value at zero. Their sentiments come despite the U.S. approving the spot BTC ETFs (exchange-traded funds).</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">A digital euro will be designed for making payments, not for investment, explain Ulrich Bindseil, Jürgen Schaaf and Executive Board member Piero Cipollone. Fears of bank customers moving large deposits from banks into the digital euro are outdated. <a href="https://t.co/Wu8xHLuoVk" rel="noopener noreferrer nofollow">pic.twitter.com/Wu8xHLuoVk</a></p>
 <p>— European Central Bank (@ecb) <a href="https://twitter.com/ecb/status/1759594164512075837?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 19, 2024</a></p>
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<p><span style="font-weight: 400;">The ECB officials state that the decision by the <a href="https://insidebitcoins.com/news/bitcoin-price-prediction-as-big-banks-call-on-sec-for-bitcoin-etf-custody-role-this-bitcoin-derivative-presale-is-about-to-blast-past-11-million" rel="noopener noreferrer nofollow">U.S. Securities and Exchange Commission (SEC)</a> does not change the idea that BTC is not a suitable means of payment or investment.</span></p>
<p><span style="font-weight: 400;">However, BitMEX founder Arthur Hayes believes two catalysts could send Bitcoin soaring to “unfathomable heights.” One of the reasons is the launch of spot BTC ETFs, which are continuously drawing massive inflows into the market.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">BitMEX Co-Founder Explains Why He Is Bearish on Cardano ($ADA)</p>
 <p>In a recent interview with Jessica Walker, co-host of Coin Bureau, Arthur Hayes, the co-founder and former CEO of BitMEX, shared his insights on the current state and future of cryptocurrencies, focusing on Bitcoin,…</p>
 <p>— DeFiMaestro🌈 (@maestro_fi32816) <a href="https://twitter.com/maestro_fi32816/status/1760266932924870911?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 21, 2024</a></p>
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<p><span style="font-weight: 400;">He also believes that possible rate cuts in June by the Federal Reserve (Fed) may cause Bitcoin to explode.</span></p>
<h2 id="span-style-font-weight-400-bitcoin-price-bullish-finds-support-at-50-000-span"><span style="font-weight: 400;">Bitcoin Price Bullish, Finds Support At $50,000</span></h2>
<figure id="attachment_483130" aria-describedby="caption-attachment-483130" style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="size-full wp-image-483130" src="https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSD_2024-02-23_13-58-42.png" alt="Bitcoin Price Chart Analysis Source: Tradingview.com" width="1281" height="555" srcset="https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSD_2024-02-23_13-58-42.png 1281w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSD_2024-02-23_13-58-42-300x130.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSD_2024-02-23_13-58-42-1024x444.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSD_2024-02-23_13-58-42-768x333.png 768w" sizes="(max-width: 1281px) 100vw, 1281px">
 <figcaption id="caption-attachment-483130" class="wp-caption-text">
  BTCUSD Chart Analysis Source: Tradingview.com
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<p><span style="font-weight: 400;">The Bitcoin price has been rallying in February, supported by the inverse head-and-shoulders pattern. This allowed the bulls to drive the price higher, though they encountered resistance at $53,000.</span></p>
<p><span style="font-weight: 400;">Over the last seven days, the BTC price has been in a consolidation phase and is currently trading within a range.</span></p>
<p><span style="font-weight: 400;">BTC is trading slightly below the 50-day Simple Moving Average (SMA), as it coincides with the current price movement. However, the price is above the 200-day SMA, affirming the bullish prospects of the BTC price.</span></p>
<p><span style="font-weight: 400;">The Relative Strength Index (RSI) is rebounding, headed north towards the midline level at 44, indicating growing buying pressure and a chance for investors to buy more.</span></p>
<p><img decoding="async" class="alignnone size-full wp-image-483131" src="https://insidebitcoins.com/wp-content/uploads/2024/02/BTCMAD.png" alt="BTCMAD" width="1281" height="555" srcset="https://insidebitcoins.com/wp-content/uploads/2024/02/BTCMAD.png 1281w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCMAD-300x130.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCMAD-1024x444.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCMAD-768x333.png 768w" sizes="(max-width: 1281px) 100vw, 1281px"></p>
<p><span style="font-weight: 400;">Moreover, the Moving Average Convergence Divergence (MACD) supports the current downward trend of the price, as the moving average line (blue) trades below the signal line (orange). There are signs of an impending bullish reversal, as the red bars seem to diminish towards the neutral level.</span></p>
<h2 id="span-style-font-weight-400-bitcoin-price-prediction-span"><span style="font-weight: 400;">Bitcoin Price Prediction</span></h2>
<p><span style="font-weight: 400;">Although currently in a range, Bitcoin price bulls are looking to soar the price higher, capitalizing on the ascending triangle pattern. Additionally, the RSI is currently below the 50-midline level, although heading north, signaling more buys incoming to soar the price. The bulls are looking to hit the $55,000 psychological barrier.</span></p>
<p><span style="font-weight: 400;">However, if the bears exert more pressure, $50,600 and $49,000 are the key support areas, acting as cushions against downward pressure.</span></p>
<p><span style="font-weight: 400;">Meanwhile, investors looking for turbocharged returns on their investments are looking at Bitcoin Minetrix, a BTC derivative that analysts believe has the potential to go ballistic on launch.</span></p>
<h2 id="span-style-font-weight-400-bitcoin-minetrix-raises-11-3-million-closing-in-on-its-12-1-million-target-span"><span style="font-weight: 400;">Bitcoin Minetrix Raises $11.3 Million, Closing In On Its $12.1 Million Target</span></h2>
<p><a href="https://insidebitcoins.com/visit/bitcoinminetrix" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">The Bitcoin Minetrix (BTCMTX)</span></a><span style="font-weight: 400;"> presale, currently in its 27th stage, has garnered over $11.3 million in early funding, racing towards its $12.178 million target.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Only 2 days remaining until the conclusion of Stage 27 for <a href="https://twitter.com/hashtag/BitcoinMinetrix?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BitcoinMinetrix</a>!</p>
 <p>How do mining hardware advancements impact the landscape of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> mining? 💻⛏️ <a href="https://t.co/sfM36jAx9K" rel="noopener noreferrer nofollow">pic.twitter.com/sfM36jAx9K</a></p>
 <p>— Bitcoinminetrix (@bitcoinminetrix) <a href="https://twitter.com/bitcoinminetrix/status/1760998035666968910?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 23, 2024</a></p>
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<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">BTCMTX is set to revolutionize Bitcoin mining, an activity otherwise known to require intricate and costly hardware, through decentralized mechanisms. You can easily mine Bitcoin using ERC-20 staking credits, which ensure a secure and decentralized experience.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Illustrating the distinctions between <a href="https://twitter.com/hashtag/BTCMTX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTCMTX</a> and conventional cloud mining. ⛏️🪙</p>
 <p>1️⃣ Utilizing ERC-20 <a href="https://twitter.com/hashtag/Tokens?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Tokens</a> eliminates transaction requirements.</p>
 <p>2️⃣ Miners manage their power by accruing credits through staking.</p>
 <p>3️⃣ Smart contracts on <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> streamline security and staking. 📜🔒 <a href="https://t.co/RlrQRx20RW" rel="noopener noreferrer nofollow">pic.twitter.com/RlrQRx20RW</a></p>
 <p>— Bitcoinminetrix (@bitcoinminetrix) <a href="https://twitter.com/bitcoinminetrix/status/1760711186146873673?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 22, 2024</a></p>
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<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">You can join the presale by purchasing BTCMTX tokens, currently priced at $0.0136. Buy now before the price increases in less than two days.</span></p>
<h2 id="span-style-font-weight-400-stake-btcmtx-earn-a-passive-income-span"><span style="font-weight: 400;">Stake BTCMTX, Earn A Passive Income</span></h2>
<p><span style="font-weight: 400;">BTCMTX has a staking option, where you can </span><a href="https://insidebitcoins.com/visit/bitcoinminetrix" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">buy and stake your acquired BTCMTX tokens</span></a><span style="font-weight: 400;"> and receive an impressive 60% annual percentage yield (APY), with over 694 million BTCMTX tokens already staked.</span></p>
<p><span style="font-weight: 400;">By buying BTCMTX, you also have the opportunity to become one of the lucky winners in the project’s </span><a href="https://insidebitcoins.com/visit/bitcoinminetrix" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">$30,000 minedrop competition</span></a><span style="font-weight: 400;">. Ten winners will each receive $3,000 worth of BTCMTX.</span></p>
<p><span style="font-weight: 400;">Prominent crypto analyst and YouTuber Jacob Bury believes that BTCMTX has the potential to return 10X gains on launch.</span></p>
<p><iframe title="Bitcoin Minetrix ICO Hits $10M - Next 10X Potential Crypto?!" width="640" height="360" src="https://www.youtube.com/embed/Q3LtZHfZN_w?start=1&amp;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;">To take part in the presale, visit </span><a href="https://insidebitcoins.com/visit/bitcoinminetrix" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">the BTCMTX official website</span></a><span style="font-weight: 400;"> and swap your ETH or USDT for BTCMTX. You can also make purchases directly using your bank card.</span></p>
<h2 id="span-style-font-weight-400-related-news-span"><span style="font-weight: 400;">Related News</span></h2>
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Bitcoin Price Prediction: ECB Officials Say BTC Fair Value Is Zero, Arthur Hayes Sees It At “Unfathomable Heights,” And Experts Say This Bit...

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