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The Bitcoin price dropped slightly over the past 24 hours to trade at $42,527.68 as of 9:00 am EST.
That came during another day when JPMorgan CEO Jamie Dimon was criticizing Bitcoin, saying it’s like a ”pet rock” that ”does nothing.”
Jamie Dimon Criticizes BTC Again
"There are cryptocurrencies that do something, that might have value. And then there's one that does nothing, I call it pet rock. The #Bitcoin, or something like that," says @JPMorgan CEO Jamie Dimon. "It has some use cases. Everything else is people trading among themselves." pic.twitter.com/EnUBuIEHkI
— Squawk Box (@SquawkCNBC) January 17, 2024
Although Dimon did name some use cases for blockchain technology, such as its distributed ledger and ability to transfer value, the BTC perma-critic said that Bitcoin has very little use cases. He added that most of the activity around Bitcoin is just, “people trading among themselves.”
The Bitcoin Price Falling Below A Positive Trend Line
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price has been trading in a sideways channel over the past couple of days. The middle level for this price channel aligns with the $42,450, and is currently being tested by BTC.
Should the crypto king close a 4-hour candle below this significant price point within the next 24 hours, it will also result in it trading below a short-term positive trend line that has emerged on its 4-hour chart. This could subsequently expose the Bitcoin price to the risk of plummeting to the next key support level at $40,160 in the short term.
The bearish thesis may be invalidated if BTC closes the next two candles above the positive trend line. In this more bullish scenario, the Bitcoin price may attempt to breach the upper boundary of the consolidation channel.
It may then look to overcome the $44,440 resistance level before possibly continuing to ascend to $46,700 in the following week.
Bears Have A Slight Advantage
Technical indicators on BTC’s 4-hour chart showed that bears gained an advantage over bulls in the last few hours. During this time, the Relative Strength Index (RSI) crossed below its Simple Moving Average (SMA) line.
This major bearish technical flag signals that bears are currently stronger than bulls. As a result, sellers may start to exert pressure on the Bitcoin price which buyers will not be able to fend off. This will then lead to a drop in the Bitcoin price.
In addition to this, BTC’s previous bullish trend seems to be coming to an end, as indicated by the Moving Average Convergence Divergence (MACD) on the 4-hour chart.
Over the last 24 hours, the gradient of the MACD Histogram has flipped negative, which suggests that a bearish trend reversal could soon take place. Investors and traders will want to keep an eye on the narrowing gap that currently exists between the MACD and MACD Signal lines. These two lines crossing may serve as a confirmation that BTC has entered into a negative short-term cycle.
While the Bitcoin price risks a fall in coming days, Bitcoin Minetrix is building momentum at a rapid pace through its presale.
A Way To Earn BTC Without The Hassle Of Mining
Cloud mining BTC is a way to accumulate the crypto without buying it. But mining Bitcoin requires a certain level of knowledge and expertise. On top of that, mining equipment will need to be constantly maintained and hosted in temperature-controlled rooms. This is why Bitcoin Minetrix is a project worth taking a look at.
The project introduces an innovative approach to mining that is powered through crypto staking. In addition to this, Bitcoin Minetrix lowers the barrier to entry for anyone looking to start mining BTC on the cloud by taking care of all of the operational requirements and upkeep.
Earn In BTC
Big accomplishment for #BitcoinMinetrix!
Surpassing the $8,600,000 milestone! 🌐 pic.twitter.com/r3i9wdtSbg
— Bitcoinminetrix (@bitcoinminetrix) January 17, 2024
All an investor will need to do to get in on this passive income opportunity, which is paid in BTC, is purchase BTCMTX on the project’s website.
Once purchased, these tokens will need to be staked in exchange for “gas” tokens, which will need to be burned in order to claim a stake in Bitcoin Minetrix’s cloud mining power.
BTC is becoming more scarce. Not only will mining rewards be slashed in half during the next halving event set for somewhere in April, the market leader is also edging closer to its 21,000,000 capped supply.
As a result, it will be difficult to come by both new and existing BTC. Given the introduction of spot Bitcoin ETFs (exchange-traded funds) in the U.S., the market leader’s price will likely also skyrocket soon.
With all of these factors in mind, Bitcoin Minetrix looks to be the only viable and affordable way to mine and accumulate BTC.
BTCMTX can be purchased here.
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