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The Bitcoin price has climbed 0.8% in the last 24 hours to trade at $40,175 as of 11:05 p.m. EST on daily trading volume that dropped 12% to $17 billion.
This comes as JPMorgan says investors might have finished taking most of their profits from the Grayscale Bitcoin Trust (GBTC), which could help reduce selling pressure on Bitcoin’s price.
JPMorgan’s observation follows a notable event on January 24, where the ten approved spot Bitcoin ETFs experienced a significant net outflow of $158 million. This marked the largest net outflow since their launch, according to information from BitMEX research shared on the social media platform X.
Bitcoin Spot ETF Flow – Day 9 – UPDATE
Data out for all providers
$158m net outflow for day 9 pic.twitter.com/5UZmgoyK28
— BitMEX Research (@BitMEXResearch) January 25, 2024
The Grayscale fund has consistently been worth less than its net asset value since early 2021. Analysts believe the $4.3 billion taken out of the fund since it turned into an ETF on January 11 is mainly because investors are selling to make profits from earlier GBTC investments and to take advantage of lower fees offered by new Bitcoin ETFs.
This selling is considered a key driver behind Bitcoin’s recent slide following the launch of spot Bitcoin ETFs in the US.
Bitcoin Price Breaks Above the Asymmetrical Triangle, Signals a Bull Rally
The Bitcoin price indicates a bull rally breaking above the asymmetrical triangle.
However, the bulls found a support level after the price fell back, retesting the triangle’s upper boundary, quickly rebounding and pushing the price up.
Despite the brilliant move by the bulls and the 200 simple moving average (SMA) support, the 50 SMA on the 4-hour chart still poses 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 40. If the bullish move continues, it could push the RSI to the overbought zone, confirming the rally above the triangle.
Bitcoin Price Prediction: A Boost For Bulls
The falling wedge pattern could give bullish investors a little boost to overcome the look to $44,690 resistance that could confirm a bull rally in the coming weeks. The presence of the asymmetrical triangle may boost the rally, as traders usually use it as a sign of bullish trend reversal, anticipating a reclaim of the previous high at $49,102.
Traders look to take advantage of this position to add more orders. However, some investors may consider turning to Bitcoin Minetrix to diversify their portfolio, given its potential for gains on launch and the lucrative returns offered via its stake-to-mine feature.
BTCMTX, A Remarkable Solution To Cloud Mining Problems
The Bitcoin Minetrix (BTCMTX) presale continues to amass funding, with $9.4 million already raised as it races towards its $9.9 million target.
You can join other investors in acquiring BTCMTX tokens at $0.0131 before the price increases in the next stage.
#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 its stake-to-mine functionality.
You can simply stake your BTCMTX tokens to gain cloud mining credits, enabling you to engage in decentralized Bitcoin mining and protect yourself from third-party cloud mining platforms’ 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
A Chance To Earn Passive Income And Prizes
The BTCMTX platform offers a chance to earn passive income via staking, with an annual pay yield of 71%. Currently, over 581 million tokens have already been staked. There’s also the BTCMTX Minedrop Airdrop Competition that offers a $3,000 prize to ten winners.
Conor Kenny, a crypto analyst on YouTube with over 179k subscribers, gives insight into BTCMTX, citing the benefits of leveraging its staking-to-mine feature. He emphasizes that purchasing the presale early is the optimal way to reap the most benefits.
To join, 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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