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The Bitcoin price has climbed 3.5% over the past seven days to trade at $43.1K as of 2:30 a.m. EST.
This comes as Bitcoin ETFs managed by BlackRock and ProShares outpaced Grayscale’s GBTC in daily trading volumes on Thursday for the first time.
BlackRock’s IBIT had trading volume of $306 million and ProShare’s BITO $298 million, both surpassing GBTC’s $291 million in transactions, CoinDesk reported, citing multiple data sources. The day also marked the first time since launch that daily ETF volumes dipped below $1 billion.
Still some after hours trading left but looks like BlackRock's $IBIT is the first ETF to trade more than Grayscale's $GBTC in a single day.
Total trading today was kind of a dud though at $924 million — first day below $1 billion in dollar volume for the group since launch. https://t.co/IeIF2COm4F pic.twitter.com/ZtADLBQP63
— James Seyffart (@JSeyff) February 1, 2024
Bitcoin Price Prediction
Looking at an in-depth analysis of 2-hour BTC/USD charts, we see some volatility with alternating red and green candlesticks but without a clear directional trend in the most recent candles.
There appears to be a consolidation pattern as the price becomes more stable and moves within range. Conversely, the Bollinger Bands show price fluctuations within the upper and middle bands (Orange line), indicating moderate volatility. Additionally, the Relative Strength Index (RSI) is around the 53.98 mark, which is in the neutral zone, neither overbought nor oversold.
The Awesome Oscillator (AO) shows decreasing momentum, with the green bars no longer growing in size. Also used in gauging trends, the Average Directional Index (ADX) line is at 11.54, which is quite low. This indicates a very weak trend or no trend at all. The low value suggests that the market is currently ranging rather than trending.
2-hour BTC/USD charts | Source: TradingView
Bitcoin Price Prediction: Will Bitcoin Pump in The Short Term?
BTC appears to be in a consolidation phase with a slight bullish bias in the longer term due to the price being above the moving average. The price is nearing the middle band (the 20-period Simple Moving Average), which could act as a support level in an uptrend.
In line with this, Bitcoin’s recent accumulation streak backs this bullish prospect. According to Ali on X, the Accumulation Trend Score has hovered near 1 for the past 4 months, signalling that larger entities are accumulating $BTC, a strong bullish indicator for the crypto king.
#Bitcoin is witnessing one of its most significant accumulation streaks in almost 3 years!
Notably, the Accumulation Trend Score has hovered near 1 for the past 4 months, signaling that larger entities are accumulating $BTC. This trend indicates strong confidence in the market! pic.twitter.com/QcJOEhzBUb
— Ali (@ali_charts) February 1, 2024
However, with our earlier indicators suggesting weak momentum, no strong directional trend in the short term is confirmed yet.
While there’s uncertainty on the short-term direction for the Bitcoin price, new cloud mining project Bitcoin Minetrix is ranked by analysts as being among the best penny crypto investments for explosive growth in 2024.
An Attractive Alternative To Bitcoin
Bitcoin Minetrix is making cheap Bitcoin mining accessible to everyone by integrating cloud mining with crypto staking, eliminating the need for expensive mining equipment.
Exploring the advantages of #BitcoinMinetrix:
🌐 Convenient access made easy.
💲 Enhanced efficiency with a streamlined cost structure.
🔄 Enjoy peace of mind, free from concerns about resale value.Knowing the benefits is key! 🚀 #BitcoinMining #MiningEfficiency pic.twitter.com/tBCVjFELBO
— Bitcoinminetrix (@bitcoinminetrix) January 25, 2024
Thanks to its stake-to-mine functionality, customers have full control over their mining activity on Bitcoin Minetrix’s cloud mining platform. Without the risk of fraud associated with third-party cloud mining services, you may use the cloud mining credits you get by staking your BTCMTX tokens to participate in decentralized Bitcoin mining.
Another option to earn passive money on the site is to stake BTCMTX. Participants get incentives from the staking pool, which yields a return of 66% annually. Over 634 million tokens have been staked so far.
Participation in a Minedrop contest is another opportunity to hold BTCMTX tokens. This competition offers a grand prize of $30,000, with 10 fortunate winners receiving $3,000 each.
🎉 #BitcoinMinetrix $30,000 Minedrop Is Now Live! 🎉
Get ready for your chance to win a share of $30,000 in $BTCMTX!
Follow the steps in the link below for the chance to win one of ten $3,000 $BTCMTX Prizes! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
With analysts predicting a Bitcoin price pump before the halving event in April, BTCMTX looks primed for an explosive launch.
Prominent cryptocurrency analyst Conor Kenny, with more than 179,000 YouTube followers, endorses the project, observing that early participation in the presale is the best way to make substantial returns on launch.
The BTCMTX presale has already raised almost $10.2 million, and the target of $10.9 million is now in sight. BTCMTX tokens cost $0.0132 right now, but a price hike in less than two days tells interested investors to move quickly to secure their holdings before it’s too late.
You may buy BTCMTX tokens using USDT or ETH on the BTCMTX website. A bank card can also be used.
Visit the official website here.
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