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The Bitcoin price printed a slight gain over the past 24 hours to trade at $39,940.67 as of 11:55 p.m. EST as investors start to slowly buy back into BTC.
Grayscale Outflows Surpass $1 Billion A Day
Investors are trying their best to keep BTC above $40,000 in the face of intense selling pressure from Grayscale’s Bitcoin Trust (GBTC). Data from Arkham reveals that GBTC moved 19,000 BTC from its publicly known wallet on Wednesday morning.
Following this transfer, GBTC’s total outflows since spot Bitcoin ETFs (exchange-traded funds) started trading on Jan. 11 has reached nearly 113,000 BTC. The rapid transfers have also impacted Grayscale’s assets under management (AUM), which have fallen more than $1 billion each day this week.
The Bitcoin Price Stays Within A Negative Channel
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price rebounded from the lower barrier of a descending price channel over the past 24 hours. As a result, the leading cryptocurrency is trading around the middle level of the channel, and could look to overcome the upper boundary within the next 24 hours.
A 4-hour candle close above the channel may be seen as a bullish development by traders, which could result in a wave of buy volume. This could then boost the Bitcoin price to above the $42,450 resistance, which will clear a path for BTC to potentially rise to as high as $44,430.
The bullish thesis may be invalidated if the crypto fails to establish a position above the $40,000 mark by the end of today. In this alternative scenario, the Bitcoin price could be at risk of pulling back to the immediate support level at $38,000.
Sellers May Pull The Bitcoin Price Lower
Technical indicators on BTC’s 4-hour chart signal that the Bitcoin price is currently in a short-term positive trend, but bulls are losing strength. The Relative Strength Index (RSI) is dropping towards its Simple Moving Average (SMA) line. Traders generally identify this technical occurrence as an early indication of sellers growing stronger against buyers. A potential confirmation that bears have gained an upper hand will be when the RSI crosses below the SMA line.
Despite the diminishing buyer strength, the Bitcoin price is still in a bullish cycle. This is indicated by the RSI, which is positioned above the SMA line. The Moving Average Convergence Divergence (MACD) indicator also shows that BTC is in a positive cycle as the MACD is positioned above the MACD Signal line. However, the MACD line is also closing in on the MACD Signal line. These two lines crossing in the next 24 hours may signal a bearish reversal of BTC’s positive trend.
While bulls battle it out with bears on BTC’s charts, Bitcoin Minetrix is continuing its positive momentum as its presale looks on track to surpass the $10 million threshold soon.
A Safer Alternative To Bitcoin Cloud Mining
The Bitcoin cloud mining sector has become a breeding ground for scammers, who trick unsuspecting newcomers by promising them cloud mining space and then making off with the funds.
It has also become increasingly expensive to get started with Bitcoin cloud mining, given the entrance of large mining operations enabled by corporate-scale budgets.
Venturing into a fresh chapter of cloud mining with #BTCMTX! 💫
Participants accumulate staking credits, overseeing their mining prowess.
Smart contracts on the Ethereum network ensure automatic, decentralized allocations, ensuring a safe and reliable mining journey. ⚒️🌐 pic.twitter.com/TPHF9gLxM5
— Bitcoinminetrix (@bitcoinminetrix) January 23, 2024
Bitcoin Minetrix, through its innovative Bitcoin cloud mining platform, tackles these issues head on. Through decentralization, the project lowers the barrier to entry for anyone looking to get started in cloud mining and offers fractionalized ownership of its Bitcoin cloud mining space.
To get started, all investors will need to do is purchase BTCMTX on the project’s website. These tokens are currently trading for $0.013 and can be purchased using either ether (ETH), Tether (USDT) or bank card.
Once purchased, investors will need to stake their BTCMTX tokens in exchange for “gas” tokens. Lastly, these tokens will then need to be burned for investors to claim a stake in Bitcoin Minetrix’s cloud mining power.
Investors Bet Big On This 10x Opportunity
Up until now, the main passive income opportunities within the crypto space were staking and mining. However, the average staking return per annum can range from 3%-5%, and projects with higher staking rewards usually include an uncomfortable amount of risk.
Crypto mining on the other hand is starting to get phased out as the industry transitions from Proof of Work to more eco-friendly alternatives.
Bitcoin Minetrix cleverly combines staking and mining to offer investors a unique passive income opportunity. Not only does it open up Bitcoin cloud mining to the masses, it also allows investors to earn a passive income which is paid in BTC. This has led to the project’s presale rapidly gaining traction in the market.
With only 23 hours left before a price hike, there’s no time to lose if you are interested to invest in BTCMTX.
Visit and buy Bitcoin Minetrix here.
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