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Cryptogambling / Bitcoin Outlook: Bullish Trend Near $48,500 Amidst Strategic Shifts

Bitcoin Outlook: Bullish Trend Near $48,500 Amidst Strategic Shifts

Publish Date: 13/02/2024
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Bitcoin’s bullish trajectory continues as it trades near the $48,500 mark on Monday, maintaining optimism for future price predictions.

The absence of Kraken’s commercial during Super Bowl LVIII signals a growing emphasis on informative campaigns within the world of cryptocurrencies. This significant shift in strategy reflects growing importance and global acceptance over the long term.

The lack of Bitcoin ETF advertisements during notable occasions demonstrates a measured advertising strategy for cryptocurrency, focusing on steady growth and recognition.

Kraken Executive Voices Concerns

Distinguished cryptocurrency exchange Kraken elected not to advertise during the Super Bowl, expressing concerns over its American-centric approach conflicting with worldwide objectives. This choice aligns with industry efforts to move away from hype and towards educational initiatives in the crypto realm.

After SEC approval, speculation surrounding Bitcoin ETF advertisements at the Super Bowl led to Kraken’s thoughtful decision, supporting VanEck’s argument for a refined advertising strategy.

Kraken’s CMO, Mayur Gupta, advocates a shift from hype to education in crypto marketing. Speculation arose about potential Bitcoin ETF ads during the Super Bowl, given the SEC’s recent approval and the event’s massive viewership of over 100 million annually.

Nevertheless, major companies like BlackRock opted out, backing VanEck’s notion that the absence of cryptocurrency ads could have advantages. While the Super Bowl’s lack of crypto presence might limit its immediate exposure, it reflects a deliberate emphasis on broader educational initiatives as the event aims to enhance its global viewership.

This decision indicates a more nuanced approach to cryptocurrency marketing, which could have an immediate impact on Bitcoin’s visibility while also bolstering its credibility and long-term adoption initiatives.

Bitcoin ETFs Surpass $10 Billion Milestone

The significant milestone of $10 billion in assets under management was achieved by Bitcoin ETFs within one month following approval. Led by BlackRock’s IBIT fund, Fidelity’s FBTC, and ARK 21Shares, these ETFs represent a growing institutional interest in Bitcoin.

Despite Grayscale’s GBTC experiencing withdrawals, Bloomberg analyst Eric Balchunas noted their robustness, further emphasizing the strength of this trend.

Hong Kong SFC Warns About Fake MEXC

The Hong Kong Securities and Futures Commission (SFC) issued a warning regarding fraudsters posing as the cryptocurrency exchange MEXC, stealing funds from unsuspecting investors.

These fraudsters’ deceptive tactics involve convincing victims to invest through websites with “MEXC” in their domain names, complicating withdrawal processes.

The Security Frauds Council singled out eight questionable websites as being connected to a fraudulent trading scheme, underlining the need for caution when engaging in possible deceptive transactions.

Bitcoin Price Analysis

Bitcoin currently trades at $47,890, consolidating near support levels following a minor setback. Resistance levels include $49,441, $50,290, and $51,288, while support levels are established at $47,127, $46,236, and $45,259.

The Relative Strength Index (RSI) is pointing at a slightly oversold condition, while the Moving Average Convergence Divergence (MACD) suggests the bullish and bearish momentum potential.

Bitcoin’s price remains cautiously optimistic as it navigates near key resistance levels, maintaining its long-term bullish outlook.

The Relative Strength Index (RSI) hovering at 68 indicates nearing overbought conditions, while the MACD’s divergence signals mixed momentum, possibly tilting towards a downward trend.

Bitcoin’s present stance below the crucial $48,850 mark, coupled with the 50-day Exponential Moving Average (EMA) resting at $45,062, indicates a bearish sentiment, potentially finding support around $47,125.

In summary, Bitcoin’s market outlook remains cautiously bearish, awaiting a decisive move above the $48,850 resistance level for a more bullish stance.

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