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The Bitcoin price plunged over 3% in the last 24 hours to trade at $61,403.30 as of 1:50 a.m. EST as investors dump their holdings in the market leader before the halving.
Although BTC recently dropped below the key $60k mark, there are traders that are still bullish on the king of cryptos. “Many people are expecting much lower prices, but I’m not, ” pseudonymous analyst Moustache said in an Apr. 16 X post to his 114.5k followers. BTC has reclaimed a key level, according to the analyst.
Many people are expecting much lower prices, but I'm not. Let me show you why.👇
– $BTC reclaimed the🔵line last month, now backest.
-When this happened in 2012, 2016 and 2020, Bitcoin was just getting started.👀🔥Only difference?
Now it happens BEFORE the halving. pic.twitter.com/bE6b3D8CR9
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) April 16, 2024
When this happened in 2012, 2016, and 2020 it led to the Bitcoin price rallying, he added. There is one major difference, however, which is that this technical event took place before the halving this year. In the previous instances, BTC only reclaimed this level after the historic event.
The Bitcoin Price Forms A Bearish Channel
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price has formed a medium-term descending price channel after it printed a series of lower lows and lower highs throughout the past few days. Most recently, the market leader rebounded off of the $60,325.83 support in the last 24 hours and is currently attempting to flip the $61,860.81 barrier into support.
If BTC closes a 4-hour candle above this threshold in the coming 12 hours, the crypto might have the foundation needed to try and escape the bearish channel it is currently trapped in.
The upper boundary of this channel is also confluent with the major resistance at $63,301.31. Therefore, a 4-hour candle close above $63,301.31 could lead to BTC’s negative trend undergoing a bullish reversal.
The Bitcoin price might then keep climbing to attempt a challenge at the $65,104.05 obstacle, with the potential to rise to as high as $66,263.84 in the short term if the buy pressure persists.
This bullish thesis could be invalidated if BTC is rejected by the $61,860.81 resistance in the coming 12 hours. Traders might then continue to offload their holdings in the market leader, which could result in the Bitcoin price losing the immediate support at $60,325.83. Continued sell pressure might expose the crypto to the risk of falling to as low as $58,382.47 in the next couple of days.
Sellers Are Starting To Regain Control Of The Bitcoin Price Again
Technical indicators on BTC’s 4-hour chart are sending mixed signals. On one hand, BTC is attempting to enter a fresh bullish trend. Meanwhile, buyers seem to be losing strength against sellers after they recently gained the upper hand.
With the Moving Average Convergence Divergence (MACD) line rising towards the MACD Signal line, it seems that traders are trying their best to push BTC into a more positive trend.
Bears are starting to re-enter BTC charts, however, as signaled by the Relative Strength Index (RSI) that is collapsing towards its Simple Moving Average (SMA) line. A confirmation of the bullish trend reversal could be if the MACD crosses above the MACD Signal line.
Conversely, the RSI falling below the SMA might signal a continuation of the negative trend that formed the descending price channel.
With the halving just days away, traders, investors and major industry players are making adjustments to combat the impact of the event. This could be one of the main reasons why the Bitcoin price dropped in the last few days, as miners sell off some of their holdings to brace for the slash in rewards.
Smaller mining operations will be hit the hardest, which could force them to close shop. However, there is still a way for them to earn mining rewards through Bitcoin Minetrix and its innovative cloud mining platform.
An Easy Way To Earn BTC After The Halving
With its stake-to-mine model, Bitcoin Minetrix makes earning Bitcoin mining rewards as easy as staking an ERC-20 token. All investors will need to do is purchase the project’s BTCMTX token and stake the newly-bought tokens for “gas” rewards.
Lastly, the gas rewards will need to be burned in order for investors to claim a stake in Bitcoin Minetrix’s cloud mining power and start earning.
Smaller mining operators that had to close shop due to the decreased revenue will likely turn to Bitcoin Minetrix for an alternative and more affordable revenue generating opportunity.
What’s more, the platform’s team takes care of the daily operations and maintenance of the machines, allowing investors to sit back and watch their portfolio grow.
In addition, investors can stake BTCMTX tokens for an annual percentage yield of 54%.
Investors Rush To Buy BTCMTX Before Its Presale Ends
Bitcoin Minetrix’s successful presale has raised over $13 million, and is approaching its final stages. Given the increasing demand for BTC coming from spot Bitcoin ETFs (exchange-traded funds) and the reduced supply brought on by the halving, analysts predict that BTC will surge in the coming months.
🚀 With the #Bitcoin halving around the corner, mining companies are gearing up for changes!
From @MarathonDH to @RiotPlatforms, keep an eye out on how they're preparing for the shift.
Who do you think will thrive post-halving? 🛠️#BitcoinMinetrix has successfully raised more… pic.twitter.com/aPtKV1rne9
— Bitcoinminetrix (@bitcoinminetrix) April 10, 2024
That’s an almost perfect backdrop for Bitcoin derivatives such as Bitcoin Minetrix. BTCMTX tokens are priced at $0.0147 each, but a price increase is coming in about two days.
Purchase BTCMTX on the official website here.
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