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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Who Needs 280 Bitcoin Domain Names? Massive BTC Bundle Goes Up for Auction

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    Carrieverse and Disney Ink Content Deal

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    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

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    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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    $3.62B Already Sold in 2025

    Who Needs 280 Bitcoin Domain Names? Massive BTC Bundle Goes Up for Auction

    Who Needs 280 Bitcoin Domain Names? Massive BTC Bundle Goes Up for Auction

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    Texas judge backs Logan Paul’s bid to escape CryptoZoo lawsuit

    NFT market cap drops by $1.2B as Ether rally loses steam

    NFT market cap drops by $1.2B as Ether rally loses steam

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    From Apes to Punks, NFTs roar back with triple the buyers

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    Crypto Gaming Handheld Shipments Delayed Over ‘Excessive’ Import Duties

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    Why AI NFT Companion Coins Could Be the Key to NFT Market Revival

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    Google Unveils Pixel 10 Lineup With AI Features, New Watch and Earbuds

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    Wilder World Launches FPS at Gamescom with Samsung Partnership and $100K Prize Pool

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    ‘Wilder World’ Launches First-Person Shooter Game With $100K Tournament

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    ‘Pirate Nation’ Ethereum RPG Shutting Down as Crypto Gaming Graveyard Grows

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    KuCoin Spotlight Launches AKEDO Token Sale to Drive AI Gaming Innovation

    KuCoin Spotlight Launches AKEDO Token Sale to Drive AI Gaming Innovation

  • Blockchain
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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    LFG Boosts Token Launches with Community Power

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    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

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    SoonVerse Partners with Arris to Enhance User Experience

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

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  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

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    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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    What Is Crypto Arbitrage and How to Use It in Trading?

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    What’s the Difference & Which Is Better to Trade?

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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Home Bitcoin

Bitcoin: Why investors shouldn’t worry about BTC below $50K

February 14, 2024
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Bitcoin: Why investors shouldn’t worry about BTC below $50K
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  • Buying pressure on BTC was high as exchange reserves dropped.
  • A few market indicators looked bullish on BTC.

Bitcoin [BTC] investors recently had a setback as the king of cryptos’ bull rally halted. However, they should not lose confidence in BTC as a bullish pattern formed on the coin’s price chart, hinting at another rally in the coming days. 

Patience is the key

The entire crypto space was filled with excitement as the king of crypto crossed the much-speculated $50,000 mark. But the trend was short-lived as the token price plummeted below $49,000.

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

Nonetheless, the king of cryptos quickly moved above $49k. According to CoinMarketCap, at the time of writing, BTC was trading at $49,432.19 with a market capitalization of over $970 billion.

In fact, Ali, a popular crypto analyst, pointed out an interesting development, which hinted at another bull rally. 

#Bitcoin appears to form an ascending triangle on the lower time frames. This technical formation suggests $BTC is poised for a 1.60% in the short-term.

Watch out for the $50,200 resistance and the $50,000 support!

If you’re planning to join me in this trade, go to @coinexcom,… pic.twitter.com/Jtb8Eedbtq

— Ali (@ali_charts) February 13, 2024

As per the tweet, a bullish ascending triangle pattern formed on the coin’s price chart. Since BTC was moving inside that pattern, short-term price declines are common.

But, if the larger picture is considered, the possibility of BTC turning $50k as its new support level is high. Investors at large also seemed pretty confident in BTC as they kept increasing their accumulation.

See also  'Bitcoin a matter of national security' - Mara’s CEO after Russia mined $3B

AMBCrypto’s look at CryptoQuant’s data clearly pointed out that BTC’s exchange reserve continued to decline over the last few days. A drop in the metric means that investors were actively buying BTC. 


Source: CryptoQuant

Bitcoin’s Coinbase premium was green, meaning that buying sentiment was dominant among US investors.

Additionally, CryptoQuant’s data revealed that BTC’s Binary CDD was also green. This suggested that long-term holders’ movements in the last 7 days were lower than average, indicating their willingness to hold their assets.


Source: CryptoQuant

Is a bull rally inevitable?

To find further hints for a bull rally, AMBCrypto took a look at Glassnode’s data. We found that Bitcoin’s Network Value to Transactions (NVT) Ratio registered a decline.

Typically, a drop in the metric suggests that an asset is undervalued, meaning that the possibility of a price uptrend is high.  


Source: Glassnode

To check whether an uptrend is actually around the corner, we then took a look at Bitcoin’s daily chart. The MACD displayed a massive bullish advantage in the market.

Its Chaikin Money Flow (CMF) also went up, indicating that BTC’s price might increase soon. 


Source: TradingView


Read Bitcoin’s [BTC] Price Prediction 2024-25


However, nothing can be said with utmost certainty as the Relative Strength Index (RSI) was in the overbought zone, which can exert selling pressure on BTC.

Additionally, its fear and greed index also had a reading of 74 at press time. Whenever the metric reaches the “greed zone,” it increases the chances of a price correction.


Source: Alternative.me

Next: Binance moves 200M XRP tokens: What’s cooking?

Tags: 50kBitcoinBTCInvestorsShouldntworry

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