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The Bitcoin price dropped a fraction in the last 24 hours to trade at $42,930 as of 4:30 AM EST on trading volume that fell 7% to $16.58 billion.
Bitcoin might soon see stronger activity with data showing that BlackRock’s Bitcoin ETF (exchange-traded fund) inflows have already become the fifth-highest among all ETFs in the US with $3.2 billion this year.
Got our first holder reported for $IBIT, it's a Canadian asset manager called Redwood, looks like it sold the local Purpose Bitcoin ETF which is >1% fee and bought the US-based $IBIT which is free till first $5b and 25bps thereafter. Great cost migration hitting crypto funds. pic.twitter.com/d0OC5vHkWn
— Eric Balchunas (@EricBalchunas) February 6, 2024
Given the fact that IBIT reached this massive milestone just weeks after its launch, it is clear that the demand is as high as it was expected to be.
The only funds that managed to outperform it include massive, longstanding index ETFs from Vanguard and iShares, which offer exposure to the S&P 500 or the total stock market.
Bitcoin Price Prognosis
Bitcoin has been trading sideways for almost a full week now, with only a few significant fluctuations. That shows the coin has a strong resistance to beat at $43.5k.
Latest positive news regarding the spot ETF, coupled with hype that surrounds the upcoming halving are likely to trigger a strong surge in the next two months, just before the halving takes place.
Historically, the coin will see a price surge, and then a correction after the halving, which will grow into a massive bull run some six to twelve months later.
In the short term, however, the coin is still struggling with moving away from the lower $40k’s, although several technical indicators suggest that its price might surge in the near future — possibly the next 24 hours.
One such indicator is the coin’s Relative Strength Index (RSI) score, which just climbed out of the oversold zone, and reached the neutral area, as can be seen on the chart above. This suggests that the bulls have swooped in to buy the dip, and could potentially push the price back up.
Meanwhile, Bollinger bands are also widening, with the price getting closer and closer to the upper band, which is also a bullish signal.
Chances are that BTC is about to see a sharp surge that will take it up toward $43.5k, although the buying pressure will decide whether it will manage to reach and go beyond this resistance in the short term.
A Promising Alternative
Bitcoin Minetrix (BTCMTX) is currently one of the most promising alternatives to Bitcoin itself. The project has developed a cloud mining platform that lets you mine Bitcoin without having to buy expensive gear or pay massive electricity bills.
Best of all, it is fully decentralized and completely transparent, which is what sets it apart from all the weak or fraudulent platforms that have discouraged crypto users from choosing cloud mining over the last several years.
The way Bitcoin Minetrix works is simple — all you need to do is purchase its token BTCMTX, and stake it. In return, you receive credits that let you mine Bitcoin on its platform. And that’s it.
#BitcoinMinetrix Stage 23 is wrapping up in just 4 days!
Can you explain the role of hashing in $BTC mining? 🤔💻 pic.twitter.com/zRpeBVcg1O
— Bitcoinminetrix (@bitcoinminetrix) February 1, 2024
With Bitcoin expected to see a massive price surge caused by the upcoming block reward halving and the popularity of its brand-new spot ETFs, the time to obtain it is right now.
But, since it too expensive for most people to buy, mining it is the next best thing. With Bitcoin Minetrix, you can do that indefinitely simply by keeping your BTCMTX tokens staked.
So far, the project’s presale managed to raise $10.38 million and is closing in on the $11.2 million target.
If you decide to join the presale, you can obtain the token in exchange for ETH, and USDT, or buy it directly with your credit/debit card. Keep in mind that it currently costs $0.0133, with a price hike coming in less than three days.
Visit BTCMTX here.
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