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The Bitcoin price has plunged by 5% over the last seven days as the king of cryptocurrencies traded at $41.5K at 2:00 a.m. EST.
This comes as recently approved spot Bitcoin ETFs in the US cumulatively have attracted close to $4 billion in assets. The nine officially approved spot Bitcoin exchange-traded funds (ETFs) now hold 95,000 Bitcoins.
LATEST: Despite $GBTC seeing a -$590m outflow gash friday, The Nine overwhelmed it w/ +$623m (3rd best day), $IBIT & $FBTC both >$200m while $BTCO & $HODL had their best hauls to date. TOT NET FLOWS stand at +$1.2b as Nine's aum hit $4b vs GBTC's -$2.8b, upping aum share to 14%. pic.twitter.com/nB57H8Ro8s
— Eric Balchunas (@EricBalchunas) January 20, 2024
The Bitcoin price is now in a period of consolidation, as seen from an in-depth analysis of 2-hour BTC/USD charts. This is revealed by the Bollinger Bands, which show price fluctuations within the upper and lower bands, indicating a period of consolidation with no clear trend. The narrowing of the bands could imply low market volatility in the short term.
On the other hand, the Relative Strength Index (RSI) is hovering around the 50 level, which indicates a neutral market without significant buying or selling pressure. The RSI figure stands around 46.78 as the Bitcoin price now movies within range.
Bitcoin Price Shows Bearish Momentum
The Moving Average Convergence Divergence (MACD) line (blue) is below the signal line (orange), and the histograms are reverting towards the zero line while reducing in size. This suggests bearish momentum on the Bitcoin price.
Lastly, the Average Directional Index (ADX) is below 20, typically indicating a weak or non-trending market. This supports the consolidation pattern observed with the Bollinger Bands.
1-hour BTC/USD chart | Source: TradingView
Meanwhile, as the Bitcoin community directs its attention towards the looming halving event, a compelling alternative is Bitcoin Minetrix’s BTCMTX token, which is ranked among 2024’s top presale picks.
An Attractive Alternative
BTCMTX is the native token for the Bitcoin Minetrix ecosystem, a project that’s introduced a tokenized cloud-mining infrastructure, enabling community members to participate in decentralized Bitcoin mining.
#BitcoinMinetrix is a cutting-edge cloud mining platform, empowering users to participate in decentralized $BTC mining.
By eradicating the risks associated with third-party cloud mining scams, it provides users with full command over their mining activities. 🔒 pic.twitter.com/MWZnuafYih
— Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
Bitcoin Minetrix also safeguards investors against scams and the soaring cost of hardware that previously dissuaded many from engaging in Bitcoin mining. Additionally, it offers a solution to traditional mining challenges such as the high cost of energy, space required, and other associated problems.
Presale Success
In the ongoing presale, Bitcoin Minetrix has just blasted past $9 million raised. This shows excellent investor confidence in the project as it approaches its goal of $9.9 million.
Analysts predict a bullish outlook for Bitcoin, powered in part by the halving that’s scheduled for around April. BTCMTX is well positioned to capitalize on that and analyst Jacob Bury identifies the token as one of the top three presales for 2024.
Visit and buy Bitcoin Minetrix here.
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