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The Bitcoin price climbed more than 2% over the past 24 hours to trade at $43,191.35 as of 9:10 am EST.
A Potential Shift In The Market Could Help BTC
Data from BitMEX Research shows the total outflows for Grayscale’s Bitcoin Trust (GBTC) slowed to $192 million on Jan. 29, the fund’s lowest outflow since inception, excluding the first day.
Fidelity and BlackRock each had inflows that exceeded the outflows from GBTC. The Fidelity Wise Origin Bitcoin Fund (FBTC) was the best performer in this regard with $208 million in inflows on tts twelfth day of trading. BlackRock’s IBIT registered the an inflow of $198 million.
This may signal a significant market shift for the BTC price. For as GBTC’s outflows ease, it may only be a matter of time before the combined inflows of the newly-launched spot Bitcoin ETFs help support BTC’s price.
The Bitcoin Price Remains In A Positive Sequence
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price printed a series of higher highs and higher lows over the past week, resulting in the formation of an ascending price channel. Should this bullish momentum continue, BTC may soon attempt to flip the $44,430 resistance level into support.
A break above this point could then clear a path for the leading cryptocurrency to rise to $47,930 in the following few days.
This bullish thesis may be invalidated if the Bitcoin price fails to close above $44,430 within the next 72 hours. In this alternative scenario, the crypto may retest the immediate support level at $42,450. Continued sell pressure could then drag BTC below this key level to as low as $40,000.
Increasing Buying Power Could Continue To Boost The Bitcoin Price
Technical indicators on BTC’s daily chart show that bulls currently have the upper hand against bears. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bullish.
The MACD line is breaking away above the MACD Signal line. This could indicate that BTC’s positive trend shows no signs of slowing down and the Bitcoin price may continue to climb in the next couple of days. In addition to this, the RSI is positioned above its Simple Moving Average (SMA), which is generally seen as a sign that buyers are stronger than sellers.
As the Bitcoin price looks to continue its positive sequence, Bitcoin Minetrix has been constantly attracting investors during the past few weeks as its presale quickly approaches the $10 million threshold.
Investors Rush To Get In On This Promising Project
Bitcoin Minetrix is a decentralized cloud mining platform that aims to drastically lower the barrier to entry for anyone looking to get started with Bitcoin cloud mining. Through fractionalization, the project allows investors who have staked its native token, BTCMTX, to claim a share of the ecosystem’s cloud mining power.
Not only does Bitcoin Minetrix reduce the costs and remove the complexities involved with getting started with BTC cloud mining, it also opens up the possibility for investors to earn a passive income that is paid in Bitcoin.
🚀 @BlackRock, the world’s top asset manager, has significantly upped its stakes in leading #Bitcoin mining firms like @RiotPlatforms and @MarathonDH.
With their confidence in $BTC mining soaring, how do you envision the future of institutional interest in #Crypto mining?… pic.twitter.com/tWud4CEtMd
— Bitcoinminetrix (@bitcoinminetrix) January 30, 2024
Investors are scrambling to get in early on this promising project with funds raised now standing at more than $9.9 million.
Set To Profit From BTC’s Increasing Scarcity
Bitcoin has entered the mainstream financial markets with the launch of spot Bitcoin ETFs (exchange-traded funds) in the U.S. on Jan. 11. This, coupled with the upcoming halving event in April, will not only drive institutional demand for BTC but will also increase the scarcity of Bitcoin.
This could subsequently result in a skewed supply and demand ratio, which will boost the leading crypto’s price. The potential bullish momentum could then overflow to Bitcoin derivative projects such as Bitcoin Minetrix.
As a result, analysts say BTCMTX has the potential to print 10X gains for early-stage investors on launch.
BTCMTX can be purchased here.
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