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The Bitcoin price dropped more than 2% over the past 24 hours to trade at $41,370 as of 9:05 a.m. EST as investors fear a BTC dump from Grayscale.
An analysis from Arkham showed that wallets linked to Grayscale moved over $400 million worth of bitcoin to custodian Coinbase Prime on Jan. 18. This transfer took place amid fears that Grayscale is selling its Bitcoin holdings amid redemptions from investors in its Grayscale Bitcoin Trust.
The Bitcoin Price Nosedives To Below A Consolidation Channel
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price plummeted below a positive short-term trend line that had formed on its charts over the past couple of days. This drop also led to the market leader’s price falling out of a consolidation channel. BTC is still trading below this channel, but has printed a series of higher lows on the 4-hour chart during today’s trading session. This could lead to the crypto reclaiming a position within the channel before the end of today’s trading session.
Should BTC close today’s daily candle within the sideways channel, it may begin to climb to the $42,450 resistance level in the following 48 hours. Continued buy pressure could then boost the leading crypto’s value above this threshold to potentially reach as high as $44,440 in the short term.
This bullish thesis may be invalidated if the Bitcoin price closes today’s daily candle below the price channel. In this alternative scenario, BTC could be at risk of testing the immediate support level at $40,160 in the upcoming days.
Bulls Trying Their Best To Save BTC
Technical indicators on BTC’s 4-hour chart show that buyers are attempting to revive the Bitcoin price. They also suggest that sellers still have the upper hand against buyers. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing signs of a potential recovery.
The RSI line is closing in on its Simple Moving Average (SMA) line. This is generally taken as a sign that buyers are starting to grow stronger against sellers. However, the RSI is still positioned below the SMA line, which indicates that bears still have the majority of the strength on BTC’s 4-hour chart.
Similar to the RSI and SMA, the MACD line is closing in on the MACD Signal line. Should these two lines intersect in the next 24 hours, it will trigger a significant bullish technical flag. This may be the early confirmation of an upcoming bullish trend reversal for the Bitcoin price on its 4-hour chart.
While the Bitcoin price attempts to recover from its sharp drop, investors are busy buying into Bitcoin Minetrix as it shows promising signs of becoming the next 10x opportunity.
Nearing The $9 Million Mark In Its Presale
Bitcoin Minetrix recently surpassed the $8 million mark in its presale and investors have not taken their foot off the gas as it quickly blasted past $8.8 million as well.
The project is rapidly approaching the $9 million target as investors look to gain access to the passive income opportunity on offer with Bitcoin Minetrix.
A Unique Stake-To-Mine Model
#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 is an innovative Bitcoin cloud mining platform that aims to significantly reduce the barrier to entry for anyone looking to mine BTC. Through decentralization, Bitcoin Minetrix makes mining BTC on the cloud as simple as staking a crypto token.
All investors need to do to start earning rewards paid out in BTC is purchase BTCMTX on the project’s website. Once purchased, the BTCMTX tokens will need to be staked on the platform.
In exchange for staking BTCMTX, users will receive “gas” tokens, which will need to be burned in order to claim a stake in Bitcoin Minetrix’s cloud mining power.
Up until now, cloud mining Bitcoin left many susceptible to scams. Companies claimed to run BTC cloud mining operations in order to convince unsuspecting victims to pay them for a share of the fake mining power.
Through its decentralized approach to mining, Bitcoin Minetrix eliminates this risk, as users will not need to engage with any single company or person.
What’s more, users do not stand the risk of losing all of their funds as the process does not involve sending money to anyone. Instead, users will just need to stake tokens to get started.
BTCMTX can be purchased here.
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