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The Bitcoin price dropped over 4% in the last 24 hours to trade at $62,853.75 as of 8:05 a.m. EST as bearish sentiment comes to the fore.
BTC’s woes may not be over just yet. Both the stock and crypto markets could be approaching a “crucial tipping point” and heading for a significant correction, warns Markus Thielen, the founder of 10X Research.
He cited persistent inflation, the likelihood of fewer rate cuts than expected, and rising bond yields as the reasons behind his bearish outlook.
“We sold everything last night,” wrote Thielen in an Apr. 16 research note.
The Bitcoin Price Loses Key Support
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price slipped below the $63,301.31 support level in the last 12 hours and also fell below the next key mark at $61,860.81 during the same period. Bulls were, however, able to prevent the leading crypto from closing a 4-hour candle below $61,860.81. If bulls are unable to fend off bears in the coming 12 hours, BTC could be at risk of testing the $60,325.83 support level in the short term. This is a level that has not been visited since Mar. 5.
Conversely, buyers reclaiming control of the Bitcoin price could lead to it recovering back above the recently-breached $63,301.31 level. A 4-hour candle close above this point might then be identified as a long entry by traders, which could introduce a wave of buy pressure. BTC might subsequently attempt a challenge at the $65,104.05 barrier in the following 24 hours before potentially rising to as high as $66,263.84.
The Bitcoin Price Might Not Be Through Dropping Just Yet
Technical indicators on BTC’s 4-hour chart suggest that the Bitcoin price could continue to fall in the coming 24-48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators favor sellers. This is after the technical indicators each triggered a major bearish technical flag.
Over the past 24 hours, the MACD line crossed below the MACD Signal line. Traders usually identify this as a sign that a crypto has entered a negative trend. Meanwhile, the RSI broke below its Simple Moving Average (SMA) line in the last couple of hours to indicate that sellers have gained the upper hand against buyers. As a result, it might be easier for bears to force the Bitcoin price down in the coming 24 hours than it will be for bulls to push it higher during the same period.
With the Bitcoin price at risk of dropping more in the upcoming days, investors might pivot to up-and-coming Bitcoin derivative presales such as Bitcoin Minetrix for possible 10x gains.
After raising more than $13 million through its ICO, the project’s team is offering investors one last chance to buy before launch.
Offering A Passive Income Paid In BTC
In just a few days, BTC’s next halving event will take place. By slashing mining rewards in half, the event is expected to make the leading crypto more valuable since it will be more difficult to come by new BTC.
With this reduced supply and the increased demand coming from spot Bitcoin ETFs (exchange-traded funds) in the US, the market leader’s price could skyrocket.
🚀 With the #Bitcoin halving around the corner, mining companies are gearing up for changes!
From @MarathonDH to @RiotPlatforms, keep an eye out on how they're preparing for the shift.
Who do you think will thrive post-halving? 🛠️#BitcoinMinetrix has successfully raised more… pic.twitter.com/aPtKV1rne9
— Bitcoinminetrix (@bitcoinminetrix) April 10, 2024
Bitcoin Minetrix, through its innovative cloud mining platform, offers investors a way to earn a passive income that is paid in BTC. Getting started is pretty simple, and involves a quick three-step process.
First, investors will need to buy the project’s native BTCMTX token. Once purchased, the tokens have to be staked in exchange for gas rewards. Lastly, these rewards will need to be burned in order for investors to claim a share of Bitcoin Minetrix’s cloud mining power and start earning BTC.
Up until now, mining Bitcoin has been a complex task that only the most technically-inclined individuals have been able to complete. However, Bitcoin Minetrix’s stake-to-mine model makes mining the market leader on the cloud as simple as staking an Ethereum token.
What’s more, its high levels of decentralization make mining with Bitcoin Minetrix more secure as there is no risk of a central party exploiting the system for personal gain.
Small Miners Likely To Flock To Bitcoin Minetrix
Following the halving, analysts predict that small, unsustainable BTC mining operations will need to close shop due to the decreased revenue.
These smaller operators might turn to Bitcoin Minetrix since the project takes care of the running and maintenance of the mining machines. Investors will also likely rush to get in on the passive income opportunity on offer through the project.
This potential heightened interest could positively impact the price of BTCMTX, given the token’s central role in the entire ecosystem. Early investors might therefore achieve 10X gains in the short term.
BTCMTX also allows investors to stake tokens for an annual return of about 54%.
Selling for $0.0147, buyers can use ETH, USDT, BNB, MATIC or bank card to purchase the token.
Visit the official website to buy BTCMTX here.
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New Crypto Mining Platform - Bitcoin Minetrix
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