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The Bitcoin price jumped 4% over the past 24 hours to trade at $46,291.18 as of 2:45 am EST as investors ramp up bets on the market leader.
Bitcoin Price Surges As BlackRock And Fidelity Make ETF History
This comes as BlackRock and Fidelity’s spot Bitcoin ETFs (exchange-traded funds) raked in more assets in their first month of trading than any other ETF launched in the U.S. in the last 30 years.
Here's a look at the Top 25 ETFs by assets after 1 month on the market (out of 5,535 total launches in 30yrs). $IBIT and $FBTC in league of own w/ over $3b each and they still have two days to go. $ARKB and $BITB also made list. pic.twitter.com/Yyi1nxukUk
— Eric Balchunas (@EricBalchunas) February 8, 2024
Bloomberg Intelligence data shows BlackRock’s Ishares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) each raised more than $3 billion in their first 17 days of trading. They are the only ETFs to achieve this feat out of a list of 5,500.
The Bitcoin Price Forms A Bullish Channel
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price managed to break above the consolidation channel between $42,450 and $44,430 over the past couple of days. Following its escape from this sideways range, the leading crypto has printed a series of higher highs and higher lows. This resulted in the formation of a short-term bullish channel on the daily chart.
Should this positive momentum continue, BTC may attempt a challenge at the $47,930 resistance level through the course of the upcoming week. This bullish thesis could be invalidated if the Bitcoin price falls out of the current ascending channel.
In this alternative scenario, BTC may retest the $44,430 mark. Continued sell pressure could then drag the crypto’s value to the $42,450 support level in the short term. Extreme sell pressure could force the Bitcoin price to as low as $40,000.
Technicals Suggest The Bitcoin Price Will Keep Rising
Technical indicators on BTC’s daily chart suggest BTC may continue climbing in the next 48 hours. The Moving Average Convergence Divergence (MACD) shows that the market leader is currently in a bullish cycle that shows no signs of slowing down. This is evident by the MACD line breaking away above the MACD Signal line.
In addition to this, buyers also seem to have an upper hand against sellers on BTC’s charts. The Relative Strength Index (RSI) line is breaking away above its Simple Moving Average (SMA) line, which signals that bulls’ strength is also increasing.
While the Bitcoin price looks to continue its ascent, Bitcoin Minetrix is on an unstoppable streak as its presale surpasses the $10.5 million threshold.
The Upgrade Bitcoin Cloud Mining Needs
Bitcoin Minetrix is a decentralized cloud mining platform that seeks to address the current flaws of the Bitcoin cloud mining sector.
Scammers have infested the space, tricking members of the crypto community into giving up their hard-earned money in exchange for fake cloud mining power. On top of this, the barrier to entry for anyone that wants to start mining has been set unreasonably high.
Exploring the different risk factors between #BitcoinMinetrix and Traditional Cloud Mining! ⚖️ #BTCMTX: User-managed, flexible withdrawal and selling.
Traditional: No reimbursements, locked-in contracts.#CryptoComparison #MiningInnovation pic.twitter.com/W2pnuOk8dG
— Bitcoinminetrix (@bitcoinminetrix) February 7, 2024
Through Bitcoin Minetrix, investors can now gain access to a passive income stream that is paid in BTC. The cloud mining sector will also receive a long-awaited facelift that not only reduces the barrier to entry for new entrants, but also makes the space more decentralized.
This subsequently increases the security of the cloud mining space and opens it up to more investors through decentralization.
Simplifying Cloud Mining For Everyone
With Bitcoin Minetrix’s innovative stake-to-earn model, investors can start earning in BTC by simply staking an ERC-20 token. This token is the project’s native BTCMTX token. It is currently selling for $0.0133 and can be purchased using either ether (ETH), Tether (USDT) or bank card on the project’s official website.
Introducing #BitcoinMinetrix: Your gateway to simplified #Bitcoin mining! 🚀⛏️
With the tokenized cloud mining platform, anyone can mine $BTC in a secure and transparent way.
Say goodbye to third-party scams and take control of your mining journey. pic.twitter.com/b9fZpDbDMH
— Bitcoinminetrix (@bitcoinminetrix) February 8, 2024
Once purchased, the BTCMTX tokens will need to be staked in exchange for gas reward tokens. These tokens will then need to be burned, which will allow token holders to claim their share of Bitcoin Minetrix’s cloud mining power.
A Potential 10X Opportunity
It will soon be harder to come by new Bitcoin as the historic halving event is scheduled to take place in April. At the same time its supply will be reduced, while the launch of spot Bitcoin ETFs in the U.S. has increased demand for the market leader.
This evolving supply and demand relationship will most likely lead to a substantial increase in the Bitcoin price.
As such, investors will rush to find opportunities that let them grow their Bitcoin holdings beyond just speculative trading. This could send the price of BTCMTX skyrocketing. Crypto YouTuber Jacob Crypto Bury recently told his 27,300 subscribers that BTCMTX could 10X shortly after its presale.
BTCMTX can be purchased here.
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