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The Bitcoin price has surged by 3.8% in the last 24 hours to trade at $39,875 as of 06:05 a.m. EST on trading volume that rose 6.7% to $ 31.8 billion.
This sharp rise in price and trading activity comes as more clarity arrives on the Bitcoin holdings of new ETF managers.
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Trust (FBTC) have been leading the pack, amassing over 30,000 BTC each. This has propelled their assets under management to surpass $1 billion.
In total, the new ETF holdings have reached an impressive 109,221 BTC as of Jan. 23, excluding Grayscale’s converted GBTC fund. The combined holdings of the Bitcoin ETFs in the US now exceed 638,900 BTC, equating to around $26.8 billion.
The performance of Bitcoin’s price has been relatively restrained since the ETF launched. It seems like the market is still trying to digest this new information and figure out its implications.
Bitcoin Price Rebounds On A Falling Wedge Pattern
The Bitcoin price has been on a downward trend for a few weeks now, wiping out part of the bull’s profit accrued towards the end of Q4 of 2023.
However, the bears seem to have faced a support level obstacle after the bulls found a quick support level, quickly rebounding and pushing the price up within a falling wedge pattern
Despite the brilliant move by the Bulls, the 4-hour chart 50 and 200 simple moving averages (SMAs) still pose a hurdle that the Bulls must overcome.
The Relative Strength Index (RSI) indicates a rebound from the 30-oversold region, surging towards midline level 50 at 42.
Bitcoin Price Prediction: Can The Bulls Sustain The Bully Rally?
The falling wedge pattern could give Bitcoin bullish investors a little boost to overcome the look to $44,690 resistance that could confirm a bull rally in the coming weeks.
However, the price may drop to $35,690 if the bears continue exerting pressure on the price This support level indicates another potential double-bottom pattern, which traders usually use as a sign of bullish trend reversal, anticipating a reclaim of the previous high at $49,102.
As traders look to take advantage of this position to add more orders, investors are turning to Bitcoin Minetrix to diversify their portfolio with analysts predicting it has the potential to explode on launch.
BTCMTX Presale Surpasses $9.1 Million With 48 Hours Left In Stage 21
The Bitcoin Minetrix (BTCMTX) presale has garnered over $9.1 million in funds raised as it surges toward its $9.9 million target.
You can join other investors in acquiring BTCMTX tokens at $0.013 before the price increases in about 41 hours.
#BitcoinMinetrix Stage 21 has officially begun! ⏩
What role do you see #CloudMining playing in the future of #Bitcoin mining? ⛏️ pic.twitter.com/XEaz8ZL4Qi
— Bitcoinminetrix (@bitcoinminetrix) January 21, 2024
Bitcoin Minetrix is a cloud mining platform that gives users full control over their mining endeavours. Through the stake-to-mine functionality, it enables you to engage in decentralized Bitcoin mining and protect yourself from third-party cloud mining platform scams.
Exploring the advantages of #BTC cloud mining!
🚀 Beginner-friendly experience: no need for technical expertise.
💸 Budget-friendly: avoid hefty electricity and hardware costs.
🌐 Bid farewell to space constraints, noise, and heat disturbances.
🔄 Forget about resale concerns! pic.twitter.com/MlwYKwoKLa— Bitcoinminetrix (@bitcoinminetrix) January 13, 2024
Earn Passive Income Through Staking, Win A Share Of $30,000 Prize Pool
You can dive into a dual opportunity that combines the benefits of earning rewards through staking and the BTCMTX Minedrop Airdrop Competition, which offers a chance to compete for a $30,000 prize pool, where you could be one of the fortunate ten winners to receive a $3,000 reward.
Staking allows you to earn rewards in the staking pool and an annual yield of 72%. Currently, over 581 million tokens have already been staked.
Zach Humphries, a crypto analyst on YouTube with over 123k subscribers, explains the advantages of leveraging its staking-to-mine feature. He emphasizes that purchasing the presale early is the optimal way to reap the most benefits.
To buy BTCMTX tokens, visit the BTCMTX website, connect your digital wallet, and swap your ETH or USDT for BTCMTX tokens. You can also buy directly using your bank card.
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