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The Green Bitcoin price surged over 21% in the past 24 hours to trade at $1.4011 as of 8:35 a.m. EST as investors go long on the recently-launched crypto.
This jump in price comes just five days after GBTC made its debut on the decentralized exchange Uniswap.
The Green Bitcoin Price Might Rebound From Support 
1-hour chart for GBTC/USDT (Source: TradingView)
The Green Bitcoin price broke below a short-term positive trend line that emerged on its 1-hour chart in the last couple of hours. However, the crypto still has a strong support level at $1.3356 as a safety net. A drop below this key point might then expose GBTC to the risk of falling to the subsequent mark at $1.0399 in the following 12 hours.
This bearish thesis could be invalidated if the Green Bitcoin price manages to recover back above the aforementioned ascending trend line within the coming 6 hours. In this alternative scenario, the altcoin will most likely attempt to flip the $1.6978 barrier into support. Closing a 1-hour candle above this threshold might then clear a path for GBTC to rise to $2.2168 in the short term.
Technical indicators on GBTC’s 1-hour chart show that the altcoin recently entered into a short-term bearish cycle. In addition to this, sellers seem to be gaining strength as well.
In the last couple of hours, the MACD line crossed below the MACD Signal line, which suggests that the Green Bitcoin price has started a fresh negative cycle. Meanwhile, the Relative Strength Index (RSI) is breaking away below its Simple Moving Average (SMA) line. Traders tend to identify this as a signal that bears are growing stronger than bulls.
Green Bitcoin Price Could Soon Enter Another Leg To The Upside
The short-term technical indicators flagging bearish on GBTC’s charts could just be due to profit taking activity by traders who are capitalizing on the altcoin’s recent surge. It could also be a liquidity building move before the crypto enters another leg up.
Green Bitcoin’s listing is a perfect example of how a strong move to the upside can ensue following a steep correction. In just the hours after listing, GBTC plummeted from an opening price of $1.5548 to a low of $0.5233.
This dive in the altcoin’s values was most likely due to traders who invested in the crypto for quick gains. GBTC’s selling prompted these traders to take immediate profits, while value investors remained and started to drive the price up gradually and consistently.
Traders and investors will want to keep an eye on the RSI on GBTC’s hourly chart as it approaches oversold territory. This may soon be seen as a buy signal given the altcoin’s upside potential is far greater than its downside potential. This could ignite the next leg up for the Green Bitcoin price to unprecedented heights.
The upcoming Bitcoin halving could also steer investors to derivatives of the leading cryptocurrency such as GBTC, potentially igniting a wave of buying activity.
Bitcoin Minetrix, with its innovative cloud mining platform, could be another recipient of this potential influx of capital after the halving, which analysts say could lead to 10X gains in the coming months.
An Alternative Avenue For Miners Who Will Have To Close Shop
Bitcoin mining rewards will soon be slashed in half through the halving event. Experts therefore predict that smaller mining operations will be left with no choice but to shut down due to the decreased revenue.
After closing shop, these smaller miners will have to seek alternative means to mine the market leader. With its decentralized stake-to-mine platform, Bitcoin Minetrix could become the top pick for these smaller operators.
Investors might also flock to Bitcoin Minetrix to build a passive income stream that is paid in BTC. This will prove extremely valuable when it is harder to come by new coins after the halving, especially with the high levels of demand being generated through spot Bitcoin ETFs (exchange-traded funds).
To start earning BTC, all investors will need to do is buy the project’s BTCMTX token. Once purchased, the tokens will need to be staked in exchange for gas rewards.
These gas rewards will then have to be burned in order to claim a portion of Bitcoin Minetrix’s cloud mining power. Given BTCMTX’s central role in the entire ecosystem, investors rushing to Bitcoin Minetrix will have a strong positive impact on the token’s value.
Investors Continue To Pour Funds Into BTCMTX’s Presale
Bitcoin Minetrix has just blasted past $13 million raised in its presale as investors bet big on the altcoin’s prospects.
🚀 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
Selling for just $0.0146, BTCMTX can be bought using either ETH, USDT, BNB, MATIC or a bank card on the project’s website. Investors will want to hurry though, as the token’s price will increase in less than 5 days.
BTCMTX can be purchased and staked for a 54% APY here.
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