The Bitcoin price dropped slightly over the past 24 hours to trade at $42,481.40 as of 9:10 am EST.  

Bitcoin ETFs Post Remarkable Volumes

Spot Bitcoin ETFs (exchange-traded funds) generated a whopping $1.8 billion in volume on Jan. 16, or three times more than the combined volume on the same day of all 500 ETFs that were launched in 2023 in the US. Data from Yahoo Finance showed that Grayscale, BlackRock and Fidelity accounted for $1.6 billion of the day’s trading volume.

“Let me put into context how insane $10b in volume is in first 3 days,” said Bloomberg ETF analyst Eric Balchunas in a recent X post. “There were 500 ETFs launched in 2023. Today, they did a COMBINED $450m in volume. $IBIT alone is seeing more activity than the entire ’23 Freshman Class.”

The Bitcoin Price Enters A Consolidation Channel

4-hour chart for BTC/USDT (Source: TradingView)

The Bitcoin price has been in a consolidation phase between $41,530 and $43,670 over the past few days. After being rejected by the upper boundary of this channel earlier today, BTC has pulled back to trade at the middle level of the range. Should it fall below this mark, it may correct down to the $41,530 support in the next 24 hours.

A break below the current sideways channel may lead to the Bitcoin price falling to the subsequent support level at $40,100 in the following couple of days. This bearish thesis may not play out if BTC is able to close two consecutive 4-hour candles above the middle bound of the consolidation channel. In this alternative scenario, the Bitcoin price may attempt to overcome the $43,670 threshold. As a result, the market leader may have the foundation needed to rise to the next major resistance level at $45,845 in the short term.

Bulls Lay Dormant On BTC’s Charts

Technical indicators on BTC’s 4-hour chart suggested that a bullish move may not happen within the next 24 hours. The Moving Average Convergence Divergence (MACD) indicator showed signs of BTC’s trend beginning to transition into a bearish phase. Should the MACD line cross below the MACD Signal line soon, it may confirm that the Bitcoin price has entered into a short-term negative cycle. 

In addition to this, sellers seem to be gaining strength against buyers on BTC’s 4-hour chart. This is evident in the Relative Strength Index (RSI) indicator. Over the past few hours, the RSI line crossed below its Simple Moving Average (SMA) line. The RSI line is also breaking away below the SMA line. Not only does this signal that bears are now stronger than bulls, it also suggests that bears are growing stronger.

While the Bitcoin price trades sideways, investors may want to take a look at Bitcoin Minetrix and its unique approach to BTC cloud mining.

Cloud Mining Made Simple

Prior to Bitcoin Minetrix, cloud mining BTC was a complex operation that not only required a significant amount of technical understanding, but also a substantial amount of upfront capital. Expensive machinery dedicated to cloud mining had to be set up and constantly maintained.

Embarking on a new era of cloud mining with #BitcoinMinetrix! 💎

Users earn #BTCMTX staking credits, controlling their mining power.

Ethereum's smart contracts provide auto-managed, decentralized allocations for a secure experience. ⛏️🔐 pic.twitter.com/m2QaOlXNlZ

— Bitcoinminetrix (@bitcoinminetrix) January 16, 2024

Bitcoin Minetrix has made these struggles a thing of the past. Through its clever implementation of blockchain and cryptocurrency technology, the project is on track to drastically reduce the barrier to entry for anyone looking to get started in cloud mining.

By simply purchasing and staking Bitcoin Minetrix’s native token, BTCMTX, investors can start earning passive income that is paid in BTC. 

After purchasing and staking BTCMTX, investors will be rewarded with “gas” tokens, which will then need to be burned in order to claim a stake in Bitcoin Minetrix’s cloud mining power.

A Price Explosion Waiting To Happen

Analysts say BTCMTX has the potential to generate 10x returns for early investors. And with the introduction of institutional capital from Bitcoin ETFs, it may only be a matter of time before BTC skyrockets. 

This will most likely lead to a surge in FOMO amongst retail investors, who will be looking for ways to acquire BTC. Given its simple user interface and innovative platform, BTCMTX is poised to be the main benefactor of this spike in interest.

New and existing investors will likely flock to Bitcoin Minetrix to get in on the BTC revenue stream it has to offer. This could subsequently launch BTCMTX’s price into the stratosphere. 

BTCMTX can be purchased here.

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