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Bitcoin Price Prediction: As BlackRock Soaks Up 13 Days Of BTC Production In 48 Hours, This Bitcoin Cloud Mining Platform Looks Primed To Explode

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Bitcoin price
Bitcoin price

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The Bitcoin price is down 0.5% in the last 24 hours to trade for $42,643 as of 1:30 a.m. EST time, with trading volume rising 17%.

It comes as the market continues to observe how the recently approved spot BTC exchange-traded-funds (ETFs) are impacting the king of cryptocurrencies.

BlackRock, one of the 11 ETF issuers that is the world’s biggest asset managers, was alone able to soak up 11,500 Bitcoin in the first two days of trading last week, translating to about 13 days of Bitcoin production.

InvestAnswers was among analysts pointing out that the situation may trigger ”a severe supply crunch” if the pace continues.

Bitcoin Price Outlook As BlackRock Soaks Up 13 Days Of BTC

Amid low trading volume, this past weekend, enhanced volatility saw Bitcoin price drop below the confines of an ascending parallel channel. However, the bulls are attempting a recovery, with the Relative Strength Index (RSI) pushing north to show rising momentum. If this trajectory is sustained, the momentum indicator could soon record a cross-over above the signal line (yellow band), a move taken to be a buy signal.

Enhanced buying pressure could see Bitcoin price cross above the 25-day Exponential Moving Average (EMA) at $43,546 before confronting the $44,135 resistance level. A flip of this supplier congestion level could provide leeway for BTC market value to fall into the grasp of the ascending channel, with this bullish technical formation promising more gains.

In a highly bullish case, Bitcoin price could extrapolate the gains, going as high as clearing the $48,000 psychological level, and subsequently the $48,969 range high, before tagging the $50,000 level, standing 17% above current levels.

Bitcoin

TradingView: BTC/USDT 1-day chart

Meanwhile, the bearish pull on Bitcoin price remains strong. This is seen with the Moving Average Convergence Divergence (MACD) indicator still moving below the signal line (orange band). The histogram bars of the Awesome Oscillator are also flashing red, supporting the case to the downside.

If the bulls weaken their grip, the bears could seize the opportunity to extend the weekend slump. This could see the Bitcoin price cross below the $40,726 support. Enhanced selling pressure could send BTC to the depths of the 100-day EMA at $38,925, but if this level fails to hold, $37,800 could suffice.

For the big picture bullish outlook in the Bitcoin price to be invalidated, the price must have to drop and close below the $30,000 psychological level.

Promising Alternative To Bitcoin

With Bitcoin price facing a lot of bear pressure, why not consider BTCMTX for your portfolio diversification? It is the ticker for the Bitcoin Minetrix ecosystem and among analysts’ top choice for penny cryptos with the potential for explosive growth.

Bitcoin Minetrix is a tokenized cloud-mining platform that allows everyday people to mine Bitcoin (BTC) in a decentralized way. It fixes the problem of high hardware costs and deceptive frauds that have deterred people from BTC mining.

The project has tokenized cloud mining in a move that ensures a secure and transparent experience for all community members.

Bitcoin Minetrix is in the presale stage, now recording upwards of $8.468 million out of the $9.103 million target objective. Investors looking to buy BTCMTX can do so on the website, where each token is selling for $0.0128.

Amid the fluctuations in Bitcoin price, much attention is turning to BTCMTX as investors rush to buy the Bitcoin derivative ICO. The token’s sales were first lifted on the back of spot BTC ETF hype, and now also benefits from the expectation of the halving.

This is the best time to buy Bitcoin Minetrix as it also stands among the top three crypto presales to buy now.

Visit Bitcoin Minetrix to buy BTCMTX in the presale here.

Also Read:

New Crypto Mining Platform - Bitcoin Minetrix

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Bitcoin Minetrix

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