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The Bitcoin price has tumbled 1.4% in the last 24 hours to trade at $39,975 as of 09:05 p.m. EST on trading volume that surged 14% to $ 30.8 billion.
Fidelity’s Jurrien Timmer says that the BTC price is now trading at close to “fair value.”
In my view, the price of Bitcoin is driven by the size and growth of its network, which in turn is driven by its scarcity features (stock-to-flow) and real rates (Fed policy). As the chart shows, Bitcoin’s network is growing in line with a standard power regression curve. That… pic.twitter.com/xtywnxMbtn
— Jurrien Timmer (@TimmerFidelity) January 23, 2024
Timmer suggests that Bitcoin’s growth is predominantly fueled by its scarcity and central bank monetary policy.
Considering these key factors, Timmer asserts that the adoption curve of Bitcoin is progressing as expected, as indicated by the increase in non-zero addresses.
According to Timmer, small-cap stocks are trailing larger equities, leading to uncertainty about the presence of a genuine bull run.
He believes that, as has often been the case, small caps will eventually close the gap with their larger counterparts.
Bitcoin Price: Bears Continue To Exert Pressure Below The Rising Channel
The Bitcoin price continues its downtrend below the rising channel while the bulls look for a safe landing spot at $35,690.
The bears are in control of the price, pushing it further immediately after it tested the channel’s lower boundary in a bid to rebound to a bull rally.
The price is trading below the 50-day simple moving average (SMA), coinciding with the channel’s lower boundary, which confirms the short-term bearish trend. The 200-day SMA indicates the probability of a rebound, supporting the Bitcoin price. Further, the moving average cross still upholds the general bullish momentum for the Bitcoin price.
The Relative Strength Index (RSI) has been declining, moving from above the midline level of 50 to 68 and trading towards the oversold level of 30. This indicates intense selling pressure.
Bitcoin Price Bulls Seek Safety in $35,690 Support Level
Bitcoin bullish traders and investors look to $35,690 as a secure landing point for the Bitcoin price as the bears continue to exert pressure on the price, causing further decline.
The price may drop to $35,690, equivalent to distance X of the rising channel. This support level indicates a potential double-bottom pattern, which traders usually use as a sign of bullish trend reversal, anticipating reclaiming the previous high at $49,102.
As some investors look to buy Bitcoin’s dips, an alternative is to diversify into Bitcoin Minetrix, which analysts say looks primed to explode on launch.
Bitcoin Minetrix (BTCMTX) Presale Blasts Past $9 Million
The Bitcoin Minetrix (BTCMTX) presale continues to surge, drawing in additional investors. So far, the presale has garnered more than $9.1 million, as it races to its $9.9 million target.
#BitcoinMinetrix Stage 21 has officially begun! ⏩
What role do you see #CloudMining playing in the future of #Bitcoin mining? ⛏️ pic.twitter.com/XEaz8ZL4Qi
— Bitcoinminetrix (@bitcoinminetrix) January 21, 2024
Bitcoin Minetrix is a cloud mining platform that empowers users with full control over their mining endeavours and enables them to engage in decentralized Bitcoin mining through the stake-to-mine functionality, thereby avoiding being scammed by third-party cloud mining platforms.
Exploring the advantages of #BTC cloud mining!
🚀 Beginner-friendly experience: no need for technical expertise.
💸 Budget-friendly: avoid hefty electricity and hardware costs.
🌐 Bid farewell to space constraints, noise, and heat disturbances.
🔄 Forget about resale concerns! pic.twitter.com/MlwYKwoKLa— Bitcoinminetrix (@bitcoinminetrix) January 13, 2024
Get BTCMTX Now, Win $3000 Minedrop Prize
The BTCMTX team launched a Minedrop Airdrop Competition that offers a chance to compete for a $30,000 prize pool, where you could be one of the fortunate ten winners to receive a $3,000 reward.
You can also increase your passive income by staking your tokens. Staking allows you to earn rewards in the staking pool and an annual pay yield of 72%. Currently, over 579 million tokens have already been staked.
Zach Humphries, a crypto analyst on YouTube with over 123k subscribers, explains the advantages of leveraging its staking-to-mine feature. He emphasizes that purchasing the presale early is the optimal way to reap the most benefits.
You can join other investors in acquiring BTCMTX tokens at a price of $0.013, but move fast before the presale price increases in less than two days.
To join the presale, visit the BTCMTX website, connect your digital wallet, and swap your ETH or USDT for BTCMTX tokens. You can also buy directly using your bank card.
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