Bitcoin prices have fallen slightly over the past 24 hours, trading at $51,290 with trading volume down by nearly 20%.
There is still uncertainty in the market and altcoins are waiting for guidance from Bitcoin. The pioneer cryptocurrency continues to consolidate horizontally, trading in a range and holding above the $51,335 support level.
Meanwhile, social media giant Reddit disclosed in its initial public offering (IPO) filing on Feb. 22 that it held some Bitcoin and Ethereum late last year, but it called the amounts “immaterial” for the period presented.
“While we believe that cryptocurrencies and blockchain technology have great potential, the popularity and adoption of cryptocurrencies is a relatively new trend,” the document said, “and there remains uncertainty as to whether cryptocurrencies and blockchain technology will continue to be accepted by consumers and businesses over the long term.”
Bitcoin Price Outlook
Bitcoin price remains in an ascending parallel channel, a bullish technical formation that will lead to more gains as long as it remains inside the channel. However, multiple technical indicators suggest the market is tilting downward. First, the relative strength index (RSI) has generated a sell signal, breaking below the signal line (yellow area).
Moreover, worryingly, the histogram of the Awesome Oscillator (AO) is flashing red, showing that bears are gaining the upper hand. This state is supported by the histogram of the Moving Average Convergence Divergence (MACD) indicator. These features underscore the view of the bears.
If bears gain the upper hand, Bitcoin price could retest the 61.8% Fibonacci Retracement level of $48,677. This would mean that the major cryptocurrency lost support due to the channel’s middle line, which coincides with the most critical Fibonacci level.
If it falls further, the price of Bitcoin may test the 50% Fibonacci retracement level of $42,330. If it breaks and closes below this level, the price of Bitcoin may repeat the price trend of April 14, 2022, and potentially fall below the 38.2% Fibonacci level and retest the 23.6% Fibonacci level of $28,127. Such a decline will result in a 45% drop in the price of Bitcoin from the current level.
On the other hand, if the bulls step up their game, Bitcoin price could rise and break above the 78.6% Fibonacci level of $57,715. In a highly bullish scenario, the gains could exceed 34% and break above the upper boundary of the channel, potentially retaking the all-time high of $69,000. Such a move would take Bitcoin price up 34% from current levels.
However, amid continued uncertainty over the price of Bitcoin, it may be worth considering diversifying investments, such as BTCMTX, a token for the Bitcoin mining ecosystem that analysts say could grow 100-fold when launched.
BTCMTX is the native cryptocurrency of the Bitcoin mining ecosystem and is considered one of the best alternatives to Bitcoin. Some analysts even rank BTCMTX as one of the best low-priced cryptocurrencies. It offers investors the opportunity to become Bitcoin owners without having to pay the current high prices.
BTCMTX token holders can redeem their holdings and then exchange these points for mining power.
The Bitcoin Mining Ecosystem is in the pre-sale phase, with each BTCMTX token being sold at $0.0136. So far, pre-sale sales have reached over $11.3 million, with a target of $121.78 million.
The price of $0.0136 will increase in two days, so act quickly to get the lowest rate.
The Bitcoin mining ecosystem’s approach to cloud mining is unique, decentralizing and tokenizing the entire process to provide maximum user convenience.
Please visit the Bitcoin Mining Ecosystem website to purchase BTCMTX in the presale.
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