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The Bitcoin price climbed 2.8% in the last 24 hours to trade at $40,269 as of 6:18 a.m. EST on daily trading volume that increased 26% to $18 billion.
Analysts say the Bitcoin price is stabilizing after a sharp downturn as outflows from the Grayscale Bitcoin Trust slow.
“Considering that $4.3 billion has already been withdrawn from GBTC, we deduce that the majority of profit-taking from GBTC has already occurred,” said JPMorgan analyst Nikolaos Panigirtzoglou.
Bitcoin dropped by more than 20% in the weeks following the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.
JUST IN: 🇺🇸 JPMorgan says “profit-taking on GBTC has largely concluded”, expecting limited further downside for #Bitcoin
Bull run is certainly close🚀 pic.twitter.com/JqxnwVydiY
— BULLSTREET GROUP (@Bullstreetgroup) January 25, 2024
The decrease was linked to investors selling off the Grayscale Bitcoin Trust (GBTC) to take profits and take advantage of lower fees offered by newly launched spot Bitcoin ETFs. The slowing outflows from GBTC suggest selling pressure on Bitcoin may be easing.
Bitcoin Price Faces A Hurdle With The Moving Averages
The recent Bitcoin price movement shows a bullish breakout above the upper boundary of an asymmetrical triangle.
Despite a temporary pullback, the bulls found support upon retesting the lower boundary of the triangle, leading to a quick rebound and a subsequent push in the price.
Although the bulls demonstrated strength, they face a hurdle with the 50 and 200 Simple Moving Averages (SMA) on the 4-hour chart, which pause as resistance points for the BTC price.
The Relative Strength Index (RSI) trades upwards from the 30-oversold region, surging towards the midline level at 50. A continued bullish move could propel the RSI into the overbought zone, confirming the rally above the triangle.
Bitcoin Price Prediction: Bulls Target To Reclaim $49,102 Level
The asymmetrical triangle pattern in play may encourage bullish investors to overcome the 50 and 200 SMA hurdles. This breakthrough could confirm a bull rally in the coming weeks, as traders often view the pattern as a signal for a bullish trend reversal, anticipating a reclaim of the previous high at $49,102.
Meanwhile, some investors are diversifying their portfolios by turning to Bitcoin Minetrix, a Bitcoin derivative that offers lucrative returns on investment through its stake-to-mine feature.
BTCMTX, A Remarkable Solution To Cloud Mining Problems
The Bitcoin Minetrix (BTCMTX) presale has already raised $9.4 million as it hurtles towards it $10.3 million target. You can join other investors in acquiring BTCMTX tokens at $0.0131 before the price increases in less than five days.
#BitcoinMinetrix Stage 21 has officially begun! ⏩
What role do you see #CloudMining playing in the future of #Bitcoin mining? ⛏️ pic.twitter.com/XEaz8ZL4Qi
— Bitcoinminetrix (@bitcoinminetrix) January 21, 2024
The Bitcoin Minetrix platform has been created to make cloud mining easier for you as a user and gain full control over your mining endeavours through its stake-to-mine functionality.
You can simply stake your BTCMTX tokens to gain cloud mining credits, enabling you to engage in decentralized Bitcoin mining and protect yourself from third-party cloud mining scams.
Exploring the advantages of #BTC cloud mining!
🚀 Beginner-friendly experience: no need for technical expertise.
💸 Budget-friendly: avoid hefty electricity and hardware costs.
🌐 Bid farewell to space constraints, noise, and heat disturbances.
🔄 Forget about resale concerns! pic.twitter.com/MlwYKwoKLa— Bitcoinminetrix (@bitcoinminetrix) January 13, 2024
Get BTCMTX, Earn Passive Income, Rewards and Prizes
You also have the opportunity to earn passive income. The BTCMTX platform offers a chance for you to combine the benefits of earning rewards through staking and a potential prize via the BTCMTX Minedrop Airdrop Competition.
The competition currently offers a chance to compete for a $30,000 prize pool. You could be one of the fortunate ten winners to receive a $3,000 reward. Your stake earns you rewards in the staking pool, and you get a guaranteed annual pay yield of 71%.
Conor Kenny, a crypto analyst on YouTube with over 179k subscribers, cites the benefits of leveraging its staking-to-mine feature in one of his videos. He emphasizes that purchasing the presale early is the best way to reap the most benefits.
To join the presale, visit the BTCMTX website, connect your digital wallet, and swap your ETH or USDT for BTCMTX tokens. You can also buy directly using your bank card.
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