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The Bitcoin price dropped 1% in the last 24 hours to trade at $51,000 as of 4:30 a.m. EST on trading volume that plummeted by 8% to $15 billion.
The coin’s price is also 3% down over the past week, but there’s better news from the Grayscale Bitcoin Trust (GBTC), where outflows reached their lowest point since the fund’s conversion to a spot Bitcoin ETF (exchange-traded fund) on Jan. 11.
BitMEX Research data shows that withdrawals for GBTC totalled $44.2 million on Feb. 23. This is after the fund registered $5.64 billion in outflows in January, with $640 million being withdrawn from the ETF on Jan. 22 alone.
The lower fees of competing Bitcoin ETFs — some of which charge only around 0.19% — have been enticing investors to rebalance their portfolios to other products. Experts believe that the slowing of the outflow pace suggests upcoming stabilization.
Bitcoin Price Prediction
Bitcoin’s price sunk again with the arrival of Monday, February 26, hitting a support at $51k for the third time in the past week. However, the support seems to be strong enough to hold, and as of the time of writing, the coin is already giving signs of recovery.
Several technical indicators suggest this, including Bitcoin’s Relative Strength Index (RSI), which has reached the bottom at the level of 30. After coming into the oversold zone, however, the RSI level started to increase again, climbing to 41.47 as of the time of writing.
While this is still relatively low, the RSI is clearly moving back up toward a more neutral area, which could signal stability or even further growth of both engagement and the coin’s price.
Accompanying the rising RSI score are the coin’s Bollinger bands, which saw another widening in the last 24 hours, which is generally a bullish signal. While the price is currently much closer to the lower band, chances are that the price will grow, potentially back to the $52k resistance.
If the bulls manage to maintain the buying pressure, the recovery, which is expected to come in the next few hours, and possibly days, could turn into a strong surge and maybe even break the $52k mark.
While this is a very optimistic scenario, given that this resistance has been holding the coin back for nearly two full weeks now, BTC is expected to overcome it eventually.
The market sentiment is slowly turning bullish again, and after this recent dip, many traders are likely to make their move and start buying.
Promising Alternatives to Bitcoin
One of the biggest and most attractive alternatives to Bitcoin itself right now is a project called Bitcoin Minetrix (BTCMTX). This is a cloud mining project that allows users to stake its native token, BTCMTX, and receive credits which they can then use to mine Bitcoin itself.
The project is currently in the late stages of its presale, but there is still time for new buyers to join. So far, its presale has raised $11.4 million and is closing in on the $12.374 million target.
Just 1 day remaining until Stage 24 of #BitcoinMinetrix wraps up! 🚀
What role does transaction privacy play in #Bitcoin mining? pic.twitter.com/Qay5cX1syl
— Bitcoinminetrix (@bitcoinminetrix) February 9, 2024
Meanwhile, the tokens are available for only $0.0137 apiece at this time, with a scheduled price increase in less than four days.
One thing that makes this cloud mining platform different from others is that it is fully decentralized and transparent. The project was designed in this way in order to help users develop trust and confidence in it.
With so many fraudulent cloud mining platforms emerging in the past, the crypto community is right to be skeptical of such platforms, which is something that Bitcoin Minetrix understands well.
By making its platform decentralized, it ensured that the community will always be fully in charge of it, so no rug pulls can ever take place.
If you wish to join the presale and buy the token before it likely skyrockets on launch, you can get it in exchange for ETH or USDT. Alternatively, you can also purchase it directly with your debit or credit card.
Visit and buy BTCMTX here.
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