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The Bitcoin price rose a fraction of a percent in the last 24 hours to trade at $42,727 as of 02:39 a.m. EST on trading volume that rose 19.9% to $18 billion.
This comes as ARK Invest CEO Cathie Wood says Bitcoin (BTC) is effectively substituting gold as a store of value, especially after the approval of spot Bitcoin exchange-traded funds (ETFs).
In a new YouTube update, Wood says that she believes BTC is acting more as a risk-off asset and a flight to quality during times of economic uncertainty.
Wood shares a chart of Bitcoin to gold ratio, which appears to show a strong, long-term uptrend. She says it reflects that BTC is now in the process of partially replacing the yellow metal.
Wood’s firm was one of 10 ETF issuers that launched a spot Bitcoin ETF on Jan. 11. ARK 21Shares Bitcoin ETF holds over $700 million in Bitcoin.
Bitcoin Price Remains Bullish As It Trades Within The Ascending Triangle
The Bitcoin price has recently been on an uptrend after hitting the support level at $38,470 and experiencing a markup phase, with the bears facing a challenge at the $43,850 resistance level.
The pivot point stands at $42,270, with possible resistance levels identified at $44,611 and $46,801, hinting at potential hurdles for upward movement.
In the 4-hour chart, we see the price moving slightly coinciding with both the 50-day and 200-day Simple Moving Averages, with a golden cross-formed at the $42,870 level, which shows signs of a potential bull rally.
Additionally, the presence of an inverse head-and-shoulders pattern further confirms the prevailing bullish sentiment for BTC.
Bitcoin’s fear and greed index is at the 60-greed level, which can be a signal that investors feel confident about BTC’s prospects.
The Relative Strength Index is currently at the 47 mark, below the 50-midline level but with signs of a rebound. If the current bullish momentum is sustained, the RSI could cross the threshold of overbought territory.
Bullish Bitcoin Price Investors Target $49,000
The present sentiment surrounding Bitcoin’s price is decidedly optimistic, buoyed by the emergence of the ascending triangle pattern.
Enthusiastic investors are setting their sights on surpassing the upper boundary of this triangle, propelling the price towards the prior peak of $49,000 and even further.
However, in an inverse scenario, if bears gain control, the price could drop to the zone of support, with the $40,259 level providing a cushion against downward pressure.
Currently, there is a degree of uncertainty regarding the future direction of Bitcoin’s price. As a result, experts are recommending the acquisition of Bitcoin Minetrix, which they predict could potentially 10x on launch.
Buy BTCMTX Before End, A Promising Alternative To Bitcoin
The Bitcoin Minetrix (BTCMTX) presale just surpassed $10.3 million, as it hurtles towards the $11.2 million target.
Stage 24 of #BitcoinMinetrix is now underway! 🚀
How does the #Bitcoin block size limit affect mining dynamics? pic.twitter.com/cwcjTjafHN
— Bitcoinminetrix (@bitcoinminetrix) February 5, 2024
Bitcoin mining is a complex and resource-intensive process that requires you to have some specialized hardware and technical knowledge.
By integrating cloud mining and staking, Bitcoin Minetrix removes the need for costly mining equipment and makes affordable Bitcoin mining available to everyone.
Mining #Bitcoin vs Buying $BTC? 🤔
💡 Contribute significantly to network expansion.
🔐 Gain greater control over the acquisition journey.
🛠️ Deepen understanding of the technological complexities. pic.twitter.com/O0asQryARd
— Bitcoinminetrix (@bitcoinminetrix) February 5, 2024
To participate in the project, you can purchase BTCMTX tokens at a reduced rate of $0.0133 before the price increases in less than four days. This then allows you to participate in Bitcoin mining regardless of expertise while also earning rewards.
Join BTCMTX, Win $3000, 10X Returns
You can passively earn on the platform by staking BTCMTX for an impressive 65% annual percentage yield (APY). Plus, when you buy and stake BTCMTX tokens, you’ll automatically enter the $30,000 minedrop airdrop competition. Ten winners will be selected, each receiving a $3,000 prize.
🎉 #BitcoinMinetrix $30,000 Minedrop Is Now Live! 🎉
Get ready for your chance to win a share of $30,000 in $BTCMTX!
Follow the steps in the link below for the chance to win one of ten $3,000 $BTCMTX Prizes! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
Jacob Bury, a prominent YouTube crypto analyst, has endorsed the project, foreseeing the potential for a 10X surge upon launch.
To take part in the presale, visit the BTCMTX official website and swap your ETH or USDT for BTCMTX. You can also make purchases directly using your bank card.
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