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The Bitcoin price has dropped almost 1% in the last 24 hours to trade for $42,995 as of 1:20 a.m. EST time.
Trading volume is up just 2%, with the Bitcoin price unable to overcome the critical level of $43,750.
Meanwhile, a Glassnode report indicates that BTC holders remain reluctant to sell their holdings even after the recent selloff associated with the spot exchange-traded funds (ETFs).
According to on-chain indicators, BTC holders continue to cling to their coins, it says. A Glassnode analyst who uses the pseudonym Checkmatey said the Bitcoin bull market correction drawdown metric shows that Bitcoin price’s recent drawdowns have been uniquely shallow relative to previous bull runs.
The Bitcoin bull market correction drawdown metric measures how far price has gone down from the high after every significant rally.
@Dav1dDuong & @_Checkmatey_ hosted a webinar which highlighted some insights from our Q1 Guide to Crypto Markets with @CoinbaseInsto.
In this clip they discuss: Bull market corrections, HODLer behavior, and comparisons with Gold. pic.twitter.com/mobrDQBnm1
— glassnode (@glassnode) January 27, 2024
According to the on-chain analyst, the current BTC holders are historically strong, showing reluctance to dispose their coins. He says this has been the state despite the massive selloffs as GBTC investors redeemed the shares. In his words, the “sell the news” event did not move these investors.
“We just haven’t had that,” Checkmatey said. “Even in the post-ETF [phase], which really did get a little bit frothy, we’ve only seen about a 20% correction.”
His conclusion, therefore, is that “there is this interesting balance of both support on the buy side, but also a very, very strong reluctance by existing holders to actually liquidate their coins.”
Bitcoin Price Prognosis With Strong Downward Support Against Formidable Opposition North
The Bitcoin price is confronting the resistance due to the ascending trendline at $43,750. Overcoming this blockade could set BTC atop an ascending trendline. Further north, Bitcoin price could extend past the $46,000 psychological level, before a possible extension to the $48,000 psychological level.
In the highly bullish case, the Bitcoin price could extend a neck higher to tag $50,000, nearly 16% above current levels.
In hindsight, the same move played out at the beginning in September. This is when it consolidated below an ascending trendline. When it finally broke above it on October 23, it rallied nearly 65% to the January 11 high as shown below.
TradingView: BTCUSDT 1-day chart
Converse Case
On the other hand, a rejection from the ascending trendline could see the Bitcoin price could pull south. This could see the 50-day Simple Moving Average (SMA) flip into resistance at $42,882. Lower, the dump could send BTC to the $40,726 critical support, or worse, extend the fall to the 100-day SMA at $40,213.
Both these levels failing to hold as support could send the Bitcoin price into the demand zone between $38,496 and $39,895. A break and close below the midline of this order block at $39,196 would confirm the continuation of the downtrend. This could see the Bitcoin price extend the fall to the $37,800 critical support.
However, for the big picture bullish outlook to be invalidated, the Bitcoin price must record a daily candlestick close below the $30,000 psychological level, 30% below current price.
Meanwhile, enlightened investors have already transitioned from the BTC ETF euphoria to the halving event, slated for April 24. With this, investors are turning to a revolutionary BTC cloud mining project called Bitcoin Minetrx (BTCMTX).
This is one of analysts’ top choices for the best penny crypto investments with explosive growth potential.
Promising Alternative To Bitcoin
Bitcoin Minetrix, whose native crypto, BTCMTX, is among the top five cryptos to invest in this year, is a cloud mining project. It is an ecosystem where community members can mine BTC in a decentralized fashion.
#BitcoinMinetrix is a cutting-edge cloud mining platform, empowering users to participate in decentralized $BTC mining.
By eradicating the risks associated with third-party cloud mining scams, it provides users with full command over their mining activities. 🔒 pic.twitter.com/MWZnuafYih
— Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
Changing the narrative from the traditional BTC mining approaches, Bitcoin Minetrix spares investors the hassle of expensive hardware costs and massive space requirements.
Knowing the benefits of #BitcoinMinetrix:
Easy access for convenience. 🌐
Streamlined cost structure for enhanced efficiency. 💲
Peace of mind with no worries about the resale value. 🔄 pic.twitter.com/hx3zJLXTfN
— Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
The project has just blasted past $10 million raised in its presale as it surges towards its $11.8 million target. BTCMTX tokens currently sell for only $0.0132, though a price hike is due in less than five days.
Visit Bitcoin Minetrix to buy BTCMTX here.
Also Read:
- How To Buy Bitcoin Minetrix On Presale – Alessandro De Crypto Video Review
- Bitcoin Minetrix Presale Has Just Hours Left: Last Chance to Buy Before Price Rise
- Bitcoin ETF Ads Might Appear On Google From Today After Policy Update
- Bitcoin Price Prediction: 10x Research Says Go Long BTC At $43K As Whales Increase BTC Holdings By $3 Billion In January And Bitcoin Minetrix Surges Towards $10 Million
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