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The Bitcoin price dropped more than 1% over the past 24 hours to trade at $41,965.66 as of 8:50 a.m. EST.
10x Research Says BTC Above $43K Is A Long Entry
10x Research founder Markus Thielen, who correctly predicted Bitcoin’s recent drop to $38,000, says levels above $43,000 are appropriate for taking fresh bullish bets on the market leader.
“With reversal indicators suggesting that a tradeable low is in, we should focus on longs,” he said in a note to clients on Jan. 29. “From a risk management perspective, we should re-engage in long positions once Bitcoin breaks above $43,000.”
But crypto whales are not waiting for BTC to break $43,000. Data from the on-chain analytics firm IntoTheBlock shows that the amount of Bitcoin held in wallets owning more than 1,000 BTC has increased by roughly 76,000 BTC in January, or $3 billion, and has pushed the total BTC owned by these wallets to 7.8 million BTC.
The Bitcoin Price Is Attempting To Break Resistance
Daily chart for BTC/USDT (source: TradingView)
The Bitcoin price is attempting to break above the $42,450 resistance level. It managed to overcome the barrier during yesterday’s trading session, but was not able to close yesterday’s daily candle above the key price point.
Despite this, the market leader’s price has reclaimed a position above a medium-term positive trend line. This could give the Bitcoin price the foundation needed to attempt one more challenge at the $42,450 threshold. A daily candle close above this mark may then lead to BTC rising to as high as $44,430 in the short term.
On the other hand, BTC failing to close a daily candle above $42,450 within the next 48 hours may expose it to the risk of falling to the closest support level at $40,000. Continued sell pressure at this point could then lead to the Bitcoin price falling to as low as $38,000 in the following few days.
Bulls May Soon Boost The Bitcoin Price
Technical indicators on BTC’s daily chart suggest that the Bitcoin price may climb in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bullish.
The RSI line is positioned above its Simple Moving Average (SMA) line, which signals that buyers are currently stronger than sellers on BTC’s daily chart. In addition to this, the MACD line is on the verge of crossing above the MACD Signal line.
These two lines intersecting will trigger a major bullish technical flag that could be indicative of the Bitcoin price entering into a short-term bullish trend.
While Bitcoin attempts to break resistance, Bitcoin Minetrix is blasting through barriers in its presale as it approaches the $10 million mark.
Investors Are Rushing To This Presale For Potential 10X Gains
2024 brings both challenges and opportunities for #Bitcoin miners: Halving slashes revenues but prompts global hash redistribution. 🚀💰
🌍 North America may lose dominance while new markets emerge. Transaction fees and mergers offer hope.#BitcoinMinetrix has also achieved… pic.twitter.com/urLNMF5xZ7
— Bitcoinminetrix (@bitcoinminetrix) January 29, 2024
Bitcoin Minetrix is an innovative Bitcoin cloud mining platform that is on track to completely revolutionize the cloud mining industry. Through decentralization, the project drastically lowers the barrier to entry and the start-up costs for anyone looking to get started.
To start mining with Bitcoin Minetrix, investors will just need to purchase BTCMTX from the project’s official website. Once purchased, these tokens will need to be staked in exchange for “gas” rewards, which will have to be burned in order to claim a share of Bitcoin Minetrix’s cloud mining power.
Bitcoin’s Increased Scarcity Could Propel BTCMTX’s Value
With the newly-launched spot Bitcoin ETFs (exchange-traded funds) in the US, a wave of institutional capital could enter the market soon. In addition to this, the upcoming halving event in April will slash the BTC mining rewards in half, subsequently making it harder to come by new BTC.
Given these factors, Bitcoin Minetrix is the best way to accumulate Bitcoin for anyone that does not want to actively take part in speculative trading. This has the potential to send BTCMTX’s value skyrocketing in the near future.
Investors are clearly aware of this, as demonstrated by the more than $9.7 million that Bitcoin Minetrix has raised through its presale. There’s less than two days left before a price hike, so if you are interested act now.
To visit Bitcoin Minetrix and buy BTCMTX, click here.
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