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The Bitcoin price has climbed 2.8% in the last 24 hours to hold a spot price of $40.9K as of 9:30 a.m. EST.
In the midst of the Bitcoin price rebound, research by Santiment shows that Reddit users were the quickest to buy the dip during the recent BTC price decrease, unlike pessimistic or undecided users on other social media networks like Telegram and X.
While bullish terms like ”buy” and ”bottom” showed a spike on Santiment’s social volume metric for Reddit, users on X and Telegram were still in bearish mode, the firm said.
📈🧐 #Bitcoin has rebounded back above $40K, and social platforms are split on how to respond to the volatility that has been prevalent ever since the #ETF approvals 2 weeks ago. When #Telegram, #Reddit, #X, and #4Chan are all in an extreme level of #bullish or
(Cont) 👇 pic.twitter.com/B6u5WV164R
— Santiment (@santimentfeed) January 25, 2024
Bitcoin Price Analysis: Bitcoin Bulls Take Charge
Looking at an analysis of 1-hour BTC/USD charts, we see the recent candles show a significant increase in price with a large green candle, indicating intense buying pressure during the last hour.
The price is currently above both the 200-period Moving Average (200 SMA) and the 50-period Moving Average (50 SMA), typically a bullish indicator. Should the 50-SMA cross above the 200-SMA (a ‘Golden Cross’), it could indicate a longer-term bullish trend if it occurs.
Additionally, the Relative Strength Index (RSI) is around 58.52, below the overbought threshold of 70. This suggests that there is room for upward price movement before the asset becomes overbought. On the other hand, the Average Directional Index (ADX) has a value of 21.32, which indicates that the current trend is gaining strength, as values above 20 suggest a growing trend.
The Awesome Oscillator (AO), also used in gauging trends, shows a value of 707, which is positive, and the histogram bars are green. This indicates that the market momentum is currently favourable for Bitcoin.
The technical indicators suggest a bullish trend in the short term, with the potential for further upward movement, as indicated by the RSI and ADX.
1-hour BTC/USD chart | Source: TradingView
Meanwhile, as the Bitcoin price recovers, investors seeking lucrative opportunities are increasingly drawn to Bitcoin Minetrix, which is ranked among the standout presales in 2024.
This ICO offers tokens at a mere $0.0131 per unit and has already secured an impressive $9.4 million in funding, with a target of $10.3 million.
An Attractive Alternative
Bitcoin Minetrix aims to democratize Bitcoin mining, making it accessible to anyone in the community.
At the core of the project lies its take-to-Mine architecture. Users can stake BTCMTX, the project’s native token, on the Ethereum network, enabling them to participate in Bitcoin mining and earn Bitcoin (BTC) rewards. This approach offers a more inclusive and cost-effective method of mining Bitcoin.
#BitcoinMinetrix revitalizes the landscape of cloud mining by merging stakeholding and cloud mining.
Pioneering tokenized cloud mining focusing on transparency, autonomy, and security, #BTCMTX is dedicated to providing a reliable pathway for $BTC mining enthusiasts. 🌐⚒️ pic.twitter.com/Mrxv0Hnrst
— Bitcoinminetrix (@bitcoinminetrix) January 22, 2024
In this way, it eliminates a significant deterrent of traditional mining: exorbitant hardware costs, high energy costs, and the need for a large space.
With analysts being optimistic about a Bitcoin price pump in coming months helped by the impending halving event scheduled early April, BTCMTX is well position to capitalize. Crypt analyst and YouTuber Jacob Bury foresees a potential 10X increase in value on launch.
Visit and buy Bitcoin Minetrix here.
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