Bitcoin price is up over 10% and surging toward $58,000. BTC is signaling a strong upward trend and might surge toward the $60,000 resistance.

Bitcoin price is gaining pace above the $55,000 resistance zone.

The price is trading above $55,000 and the 100 hourly Simple moving average.

There was a break above a major bearish trend line with resistance at $51,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could extend its current rally toward the $60,000 resistance zone.

Bitcoin Price Starts Fresh Surge

Bitcoin price remained well-bid above the $50,500 support zone. A support base was formed above the $51,500 level and the price started a fresh rally. BTC gained bullish momentum after it broke the $51,600 and $52,000 resistance levels.

There was a break above a major bearish trend line with resistance at $51,600 on the hourly chart of the BTC/USD pair. The pair surged over 10% and broke many hurdles near the $55,000 level. A new multi-week high is formed near $57,109 and the price is now retreating.

Bitcoin is still trading above $55,000 and the 100 hourly Simple moving average. It is also above the 23.6% Fib retracement level of the recent rally from the $50,950 swing low to the $57,109 high.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $56,800 level. The next key resistance could be $57,000, above which the price could rise toward the $58,000 resistance zone. If the bulls remain in action, the price could even surpass $58,000 and test $58,800. The main hurdle for them is visible near the $60,000 zone.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $57,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $56,000 level.

The first major support is $55,600. If there is a close below $55,600, the price could start a decent pullback toward the 50% Fib retracement level of the recent rally from the $50,950 swing low to the $57,109 high. Any more losses might send the price toward the $53,200 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $56,000, followed by $55,600.

Major Resistance Levels – $57,000, $58,000, and $60,000.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Bitcoin Price Moons To $57K As The Bulls Aim For $60K appeared first on Crypto Breaking News.

Blockchain-based farming and social game Pixels launched its PIXEL token this Monday, seeing a notable increase in value after its debut.

Following a series of play-to-airdrop campaigns and a Binance Launchpool rewards program, the token has seen a noteworthy increase in value, with a 22.7% rise on its debut day, according to CoinGecko data.

Based on its circulating supply, the PIXEL token is trading at over $0.58, propelling its market capitalization to $441 million. This valuation places PIXEL among the top 200 cryptocurrencies in terms of market value. Approximately 771 million PIXEL tokens are circulated from a total supply of five billion, indicating a potential fully diluted valuation exceeding $2.8 billion.

PIXEL price | CoinGecko

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Leading cryptocurrency exchange Binance facilitated the token’s launch through its Launchpool platform, offering 350 million PIXEL tokens to users who staked Binance Coin (BNB) or the FDUSD stablecoin. Following this, Binance listed PIXEL for trading.

Pixels also announced a 20 million PIXEL airdrop over the weekend for users who staked Ronin’s RON token, further incentivizing participation in the network. Despite a dip in Ronin’s price early Monday, it has gained 17% over the last week, reaching a two-year high of $3.49 earlier this month.

Pixels, reminiscent of classic farming games like Harvest Moon and Stardew Valley, integrates a crypto token economy with NFT-based land plots and pets. Initially developed on the Polygon network, the game migrated to Ronin, a sidechain focused on gaming, last fall. This move has significantly contributed to the adoption of Ronin, which saw its daily active users jump from around 20,000 last fall to roughly 700,000 recently.

Our token, $PIXEL, is officially live on @Binance, the world’s largest crypto exchange 🔥We’ve been working towards this moment for over 2 years, and we couldn’t be more excited to share this massive milestone with you all.This is just the beginning and the best is yet to… pic.twitter.com/G3MCCf0yMU

— Pixels (@pixels_online) February 19, 2024

Read more: Binance to shut down multiple leveraged token listings

Hey crypto peeps!Ready to turn your $1 into a cool $500? Binance, the crypto king, is giving you a chance to make your dreams come true with their epic $1 Game!How to Play:Get ready: Brush up on your crypto knowledge and get in the zone.Join the game: Log in to your Binance account or create a new one.Verify your ID: Play it fair by verifying your identity.Enter the $1 Game: Head over to the game page and get ready to rumble.Play with $1: Invest just $1 to start your quest for the grand prize.Invite your friends: Boost your winning chances by inviting your friends to play.Why Play?Limited time only: Don't miss this chance to make your $1 work overtime.Binance magic: Experience the power of Binance and let it work its magic.Life-changing prize: Turn your $1 into a life-changing sum.So, what are you waiting for? Join the Binance $1 Game today and let the crypto adventure begin!

➡️ To access Binance Web3 Wallet, you need to create a Web3 Wallet within the Binance app. Simply log in to your Binance app, go to [Wallets], switch to the [Web3] tab, and tap [Create Wallet].➡️ Binance Web3 Wallet is a self-custody wallet, meaning you have full control over your funds and assets. You are responsible for safeguarding your assets and backing up your wallet.➡️ Multi-Party Computation (MPC) is a security mechanism used by Binance Web3 Wallet. It eliminates the traditional method of storing private keys in one location, reducing the risk of compromise and system vulnerability.➡️ You need to back up your Binance Web3 Wallet. MPC creates three key-shares that are stored in different locations, including your cloud storage and device. Protect the key-share stored on the cloud with encryption and a recovery password known only to you.➡️ You can restore your Web3 Wallet by connecting your Binance app to the previously used cloud service and decrypting your key-share with the recovery password.➡️ Binance Web3 Wallet does not have seed phrases. Instead, it uses private key-shares stored in different locations. If you want to export your private keys, you can use the "Emergency Export" function. However, please note that your Web3 Wallet will become unavailable and you will lose access to it. Keep your private keys securely to avoid permanent loss of funds.➡️ If you forget your wallet recovery password, you won't be able to access your Web3 Wallet and Binance won't be able to restore it for you. It's recommended to back up your wallet immediately. ➡️ Wallet importing is not supported by Binance Web3 Wallet. ➡️ You cannot access your Web3 Wallet on multiple devices at the same time. ➡️ Identity verification is not mandatory for using Binance Web3 Wallet, but you need to be a verified Binance user and comply with their Terms of Use to create a wallet.This is huge step by #Binance 🫡

Shiba Inu (SHIB), once just a fun internet coin, is now getting attention in the world of digital money. Adding Shiba Inu to a big Japanese exchange called BitTrade is a big deal and makes people wonder: Can SHIB really reach $0.10 soon?
Current Market Dynamics
As of now, SHIB is trading at $0.00000828, reflecting a modest 0.73% increase in the last 24 hours. Despite a 2% dip over the past week, the token has managed to secure a 7% gain over the last 30 days. These fluctuations are part of the broader crypto market’s recovery, following Binance’s settlement with the Department of Justice (DoJ).

Technical Analysis for Shiba Inu
The technical indicators for SHIB present a mixed bag. The Relative Strength Index (RSI) hovers around 50, indicating a balanced market sentiment without a clear direction towards buying or selling pressure. The 30-day moving average is closely aligned with the 200-day average, suggesting a potential pivot point for the token’s price trajectory.
Impact of Japanese Exchange Inclusion
The inclusion of SHIB on BitTrade, and its subsequent expansion to include lending services, is a bullish signal. This move not only enhances SHIB’s liquidity but also its visibility and accessibility to a broader investor base. Such developments are crucial for SHIB as it transitions from a meme token to a more widely adopted digital asset.
Future Price Prediction for Shiba Inu
Given the current market conditions and recent positive developments, a conservative estimate would place SHIB at around $0.000010 in the coming weeks. This projection is underpinned by the growing adoption and utility of SHIB, including the launch of the Shibarium layer-2 network and the Shiba Inu name service.
Looking further ahead, a bullish market in 2024 could propel SHIB to even higher levels, potentially reaching $0.000020 or $0.000030. These figures are speculative, but they underscore the growing optimism surrounding SHIB’s future.
$SHIB #shib

I think there are only 3 things relevant right now and here are the 3 things.
The halving is coming with 100% certainty.
And as far as I can see, most of the selling of #BTC    in the market is the bitcoin miners that have to sell in order to pay their electricity bills & pay their debt expenses & their operating expenses.
So that amount of selling pressure is going to be cut in half in a few months, so we know that’s coming.
And then we know there a spot Bitcoin ETF coming and when that comes we plug into Wall Street and the entire banking system.
And then finally that fair value accounting is coming and when that happens the objective will go away.
And now you’re going to introduce this as a conversation into hundreds of boardrooms.
They will not move in a week. They move quarterly but over the course of 12 quarters, you’ll start to see company after company looking at this & you’ll start to see a reallocation of assets.
At the end of the day, corporations only hold 2 assets.
They hold cash and they hold bonds and so if Bitcoin is available as an asset pari passu to a bond, then you’ll see a reallocation from bonds to Bitcoin.
And then in the institutional investor side, you’ve got all these people holding real estate, holding commodities, holding gold, holding ETF and S&P indexes and the like.
And if they start to reallocate and they will, 1% and 2% and 5%. Then you’re going to have something that has never happened in the history of the world which is you’ve got an ETF on a commodity that is scarce.
Every other ETF in the world is on an asset that is not scarce, it’s inflationary.
You can make more buildings, you can make more real estate, you can make more gold, you can make more commodities.
You can make $4 billion worth of any of any of those things.
The underlying producers produce more of the asset to deflate or to depreciate the price.
With Bitcoin, when $100 billion flows into the Bitcoin Spot ETF, there won’t be any ability for any producer to produce any more bitcoin.
And so you can’t really compare it to the spot and ETF of gold because gold is an inflationary asset and you can’t compare it to ETF’s on real estate or on bonds or on equity.
You really have to say this is the first time we ever plugged Wall Street into an asset that you cannot produce any more of.
And so nobody knows what will happen except that if you reason from first principles, you know that it’s got to actually perform better than all the other asset ETFs because the underlying fundamentals are just better.
But let me lay out three possible ways to invest in Bitcoin.
One if you buy Bitcoin, the underlying asset.
The second is you buy the Spot ETF.
The third is you buy @MicroStrategy.
Okay, so we talked about the headaches of buying Bitcoin, the underlying asset.
You have to do it on a crypto exchange and put in place parallel custody, compliance, compensation control systems. So that’s the challenge of that.
The closest thing, the most compelling idea for a plain vanilla Bitcoin investment of an institutional investor is you buy the Spot ETF, you’re be getting 1 to 1 correlation.
For $1 million you put in you’re getting $1 million of Bitcoin. What’s the positive?
It’s marginal, it’s good collateral. I can buy in a second no money down and I don’t need to build parallel custody control compensation systems.
So all my problems are handled by Wall Street.
What’s the cost? 50 to 100 basis points a year.
Okay so if I charge you 1% per year over the course of 20 years or over the course of your lifetime, it means that kinda I take 20% of the money you invested at 1%.
So there’s a cost 50 basis points means I get 10% of your money approximately.
But having said it all, I would pay you 50 to 100 basis point in order to be plugged in to Wall Street and it’s not a problem.
It’s a lot better than the alternative which is rebuild all their systems and then finance themselves.
So MSTR is not that. MSTR you can think of as a levered long Bitcoin company that pays you a yield.
Okay, so I’m not going to call it an ETF, because we are not a financial company but we have $4.4 billion plus of Bitcoin and $2 billion plus of debt.
So what we’ve done is we’ve levered the balance sheet with debt that cost us about one and a half percent interest.
So MSTR takes advantage of its position as an operating company to do something that an ETF can’t do.
An ETF can’t issue junk bonds. An ETF can’t issue convertible bonds. An ETF can’t do like an ATM, like we can could do, and an ETF can’t buy Bitcoin with cash flows.
So we have a lot of flexibility as an operating company and we don’t charge that fee.
So we have $4.5 billion of bitcoin but we don’t charge $45 million a year.
So the real idea here is, what if I created an investment vehicle that paid you a yield instead of charging you a fee?
And what If I was able to borrow money at one and a half percent interest?
I borrowed a billion dollars at 0% interest and bought Bitcoin with it.
Let me give you a theoretical, if you get a 2% yield instead of paying a 1% fee, it’s 60% difference over the lifetime of your asset.
So if you have a billion dollars invested and you’re getting a 2% yield, you’re actually picking up $20 million a year. Instead of paying $10 million a year.
So the dynamic of the company is very important.
So you can imagine that if I don’t charge you a fee and if I have cheap leverage, the stock, the benefit accrues to the common stock shareholders.
Because I went and I borrowed $2.2 billion at 1.5% interest and I bought Bitcoin with it.
So what’s the logical theoretical yield of Bitcoin?
Is it more than 1.5% a year?
Well let's say it was 15% a year.
Then we’re scraping 14% positive real yield off of the debt.
And so that would be 14% of a billion dollars or more, actually 14% of $2.2 billion.
So that would be $300 million a year that accrues to the benefit of the common stock shareholders, you see.
This is the benefit of being an operating company. We can every quarter choose what to do.
So some quarters we would issue junk bonds, other quarters we would issue convertible bonds, other quarters we would sell the equity, other quarters we would just use our own cash.
So the answer is there’s always going to be a good market and there’s always going to be a bad market.
There’s things you shouldn’t do and there are things you should do.
So MSTR, to make a long story short, is a bit more complicated than a spot ETF, right?
If you want something plain vanilla and simple, that it should basically correlate 1 to 1 with Bitcoin, after you pay the fee.
Then you buy a Spot ETF.
But if you wanted to actually try to outperform Bitcoin like MSTR’s outperformed Bitcoin.
Our performance over the course of the three years is higher than bitcoin’s performance.
So if you want to outperform bitcoin or outperform the Spot ETF, you would do that by accretive financings.
Like for example, if our stock trades at 30% premium to the underlying assets, and we sell a billion dollars of equity, we actually capture $300 million of accretion to our shareholders." - Michael Saylor 💎

BONK price has nearly doubled in the past week and yielded 35% daily gains, hitting $0.000004501. PEPE listing on Binance sent the meme coin soaring to its local top, BONK holders are hopeful of a similar effect.BONK is the cryptocurrency with the highest 30-day return when compared to Bitcoin, Ethereum and top altcoins. BONK, a Solana-based meme coin, has witnessed a massive spike in its price over the past month. BONK price rallied over 1,500% in the past month, doubled in the past week and climbed 32% early on Wednesday.The massive surge in BONK price has fueled speculation of a larger rally with a major exchange listing. PEPE’s listing on Binance on May 5 resulted in a large spike in the meme coin’s price. Market participants expect a similar reaction from Bonk Inu.BONK price notes significant rise in daily timeframeThe Solana-based meme coin BONK has left Bitcoin, Ethereum, Dog-themed meme coins and altcoins in the dust with its massive returns on the monthly, weekly and daily timeframe. When compared with top cryptocurrencies, BONK has yielded the highest returns for traders in the past month.BONK returns compared with other cryptocurrencies One of the catalysts driving massive gains in the meme coin is the probable listing of the asset on a major cryptocurrency exchange. It is key to note that the frog-themed meme coin PEPE experienced a similar surge in its price in response to its Binance listing announcement on May 5. Listing announcements have acted as catalysts in the past, driving large gains for holders of cryptocurrencies. PEPE price nearly doubled, rallying 122% on May 5, climbing from $0.000002023 to $0.000004501 between May 4 and 5. The meme coin hit its cycle top and traders might see a similar reaction from BONK, as this is typical of assets listed on large cryptocurrency exchanges. Crypto expects a cycle top from BONK in the event of the meme coin’s listing on Binance. The analyst cites PEPE and SHIB’s examples to support his thesis.It remains to be seen whether a Binance listing sends BONK to its cycle top, market participants remain hopeful of the “listing effect” and a repetition of PEPE’s scenario, given the two cryptocurrencies are meme coins and these assets’ price rallies are typically driven by hype.#BTC #Blast #Onchain #RichardTeng #BinanceTournament $BTC $ETH $BNB

I think there are only 3 things relevant right now and here are the 3 things.
The halving is coming with 100% certainty.
And as far as I can see, most of the selling of #BTC    in the market is the bitcoin miners that have to sell in order to pay their electricity bills & pay their debt expenses & their operating expenses.
So that amount of selling pressure is going to be cut in half in a few months, so we know that’s coming.
And then we know there a spot Bitcoin ETF coming and when that comes we plug into Wall Street and the entire banking system.
And then finally that fair value accounting is coming and when that happens the objective will go away.
And now you’re going to introduce this as a conversation into hundreds of boardrooms.
They will not move in a week. They move quarterly but over the course of 12 quarters, you’ll start to see company after company looking at this & you’ll start to see a reallocation of assets.
At the end of the day, corporations only hold 2 assets.
They hold cash and they hold bonds and so if Bitcoin is available as an asset pari passu to a bond, then you’ll see a reallocation from bonds to Bitcoin.
And then in the institutional investor side, you’ve got all these people holding real estate, holding commodities, holding gold, holding ETF and S&P indexes and the like.
And if they start to reallocate and they will, 1% and 2% and 5%. Then you’re going to have something that has never happened in the history of the world which is you’ve got an ETF on a commodity that is scarce.
Every other ETF in the world is on an asset that is not scarce, it’s inflationary.
You can make more buildings, you can make more real estate, you can make more gold, you can make more commodities.
You can make $4 billion worth of any of any of those things.
The underlying producers produce more of the asset to deflate or to depreciate the price.
With Bitcoin, when $100 billion flows into the Bitcoin Spot ETF, there won’t be any ability for any producer to produce any more bitcoin.
And so you can’t really compare it to the spot and ETF of gold because gold is an inflationary asset and you can’t compare it to ETF’s on real estate or on bonds or on equity.
You really have to say this is the first time we ever plugged Wall Street into an asset that you cannot produce any more of.
And so nobody knows what will happen except that if you reason from first principles, you know that it’s got to actually perform better than all the other asset ETFs because the underlying fundamentals are just better.
But let me lay out three possible ways to invest in Bitcoin.
One if you buy Bitcoin, the underlying asset.
The second is you buy the Spot ETF.
The third is you buy @MicroStrategy.
Okay, so we talked about the headaches of buying Bitcoin, the underlying asset.
You have to do it on a crypto exchange and put in place parallel custody, compliance, compensation control systems. So that’s the challenge of that.
The closest thing, the most compelling idea for a plain vanilla Bitcoin investment of an institutional investor is you buy the Spot ETF, you’re be getting 1 to 1 correlation.
For $1 million you put in you’re getting $1 million of Bitcoin. What’s the positive?
It’s marginal, it’s good collateral. I can buy in a second no money down and I don’t need to build parallel custody control compensation systems.
So all my problems are handled by Wall Street.
What’s the cost? 50 to 100 basis points a year.
Okay so if I charge you 1% per year over the course of 20 years or over the course of your lifetime, it means that kinda I take 20% of the money you invested at 1%.
So there’s a cost 50 basis points means I get 10% of your money approximately.
But having said it all, I would pay you 50 to 100 basis point in order to be plugged in to Wall Street and it’s not a problem.
It’s a lot better than the alternative which is rebuild all their systems and then finance themselves.
So MSTR is not that. MSTR you can think of as a levered long Bitcoin company that pays you a yield.
Okay, so I’m not going to call it an ETF, because we are not a financial company but we have $4.4 billion plus of Bitcoin and $2 billion plus of debt.
So what we’ve done is we’ve levered the balance sheet with debt that cost us about one and a half percent interest.
So MSTR takes advantage of its position as an operating company to do something that an ETF can’t do.
An ETF can’t issue junk bonds. An ETF can’t issue convertible bonds. An ETF can’t do like an ATM, like we can could do, and an ETF can’t buy Bitcoin with cash flows.
So we have a lot of flexibility as an operating company and we don’t charge that fee.
So we have $4.5 billion of bitcoin but we don’t charge $45 million a year.
So the real idea here is, what if I created an investment vehicle that paid you a yield instead of charging you a fee?
And what If I was able to borrow money at one and a half percent interest?
I borrowed a billion dollars at 0% interest and bought Bitcoin with it.
Let me give you a theoretical, if you get a 2% yield instead of paying a 1% fee, it’s 60% difference over the lifetime of your asset.
So if you have a billion dollars invested and you’re getting a 2% yield, you’re actually picking up $20 million a year. Instead of paying $10 million a year.
So the dynamic of the company is very important.
So you can imagine that if I don’t charge you a fee and if I have cheap leverage, the stock, the benefit accrues to the common stock shareholders.
Because I went and I borrowed $2.2 billion at 1.5% interest and I bought Bitcoin with it.
So what’s the logical theoretical yield of Bitcoin?
Is it more than 1.5% a year?
Well let's say it was 15% a year.
Then we’re scraping 14% positive real yield off of the debt.
And so that would be 14% of a billion dollars or more, actually 14% of $2.2 billion.
So that would be $300 million a year that accrues to the benefit of the common stock shareholders, you see.
This is the benefit of being an operating company. We can every quarter choose what to do.
So some quarters we would issue junk bonds, other quarters we would issue convertible bonds, other quarters we would sell the equity, other quarters we would just use our own cash.
So the answer is there’s always going to be a good market and there’s always going to be a bad market.
There’s things you shouldn’t do and there are things you should do.
So MSTR, to make a long story short, is a bit more complicated than a spot ETF, right?
If you want something plain vanilla and simple, that it should basically correlate 1 to 1 with Bitcoin, after you pay the fee.
Then you buy a Spot ETF.
But if you wanted to actually try to outperform Bitcoin like MSTR’s outperformed Bitcoin.
Our performance over the course of the three years is higher than bitcoin’s performance.
So if you want to outperform bitcoin or outperform the Spot ETF, you would do that by accretive financings.
Like for example, if our stock trades at 30% premium to the underlying assets, and we sell a billion dollars of equity, we actually capture $300 million of accretion to our shareholders." - Michael Saylor 💎