Why Is Crypto Down Today? The Bitcoin Price Slumps 4% As Traders Shift To This BTC Derivative With Only Five Days Left

The Bitcoin price dropped 4% in the last 24 hours to trade at $64,342 as of 02:38 a.m. EST on trading volume that rose 37% to $32.7 billion.

This decline coincides with the total cryptocurrency market cap dropping around 4% in the last 24 hours to about $2.34 trillion, led by BTC.

The crypto market is experiencing a flash crypto crash today due to several factors. Yesterday’s arrest of Samourai Wallet’s CEO and CTO by the U.S. Department of Justice caused a ripple effect across the market, resulting in significant declines in major cryptocurrencies, including Bitcoin and Ethereum, within an hour of the announcement. 

BREAKING: The Department of Justice has charged and arrested the @SamouraiWallet co-founders with "conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business." pic.twitter.com/gdEhPB0guo

— Will Foxley (@wsfoxley) April 24, 2024

Additionally, the market’s volatility has been exacerbated by geopolitical tensions in the Middle East, specifically the Israeli military’s actions against Hezbollah-linked sites in Southern Lebanon. 

These combined factors have created an environment of uncertainty, leading to investor unease and triggering widespread liquidation of long positions.

There has also been a decline in spot BTC ETF (exchange-traded fund) inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) registering zero flow for the first time since its inception.

Bitcoin Price Set For A Trend Reversal Over The Bullish Pennant

The Bitcoin price has been on a steady rise since November last year, as the bulls pushed the price over to the resistance around $49,000. This resistance allowed the bears to push the price down through a slight retrace to $40,000.

The BTC bulls then took control of the price, pushing Bitcoin through a markup phase to an all-time high (ATH) of $73,737 in March. BTC has since been on a consolidation channel, eventually forming a bullish pennant.

BTC is trading over the 200-day Simple Moving Average (SMA), which confirms the bullish rally to the upside. If the bulls sustain this momentum, BTC could surpass the 50-day SMA at $67,479, further cementing the bullish sentiment.

Additionally, the Relative Strength Index (RSI) is also rebounding from the 30-oversold level to 45, a sign that buying pressure is steadily increasing. If the momentum continues, the RSI will soar to the 70-overbought region, showing continued investor optimism.

Bitcoin Price Prediction

The Bitcoin price analysis shows a bullish bias in the long term, with the price aiming to break out of the consolidation channel as the bulls aim for $85,000.

The positive movement by the RSI and the golden cross at $67,669 indicates a positive outlook for optimistic investors.

However, if the bears exert more pressure at this level, BTC could go through a retrace to the next support zone at $48,268, coinciding with the 200-day SMA.

Meanwhile, as the Bitcoin price bulls gear up for a trend reversal, investors are continuing to buy Bitcoin Minetrix, a Bitcoin derivative that’s raised over $13 million.

Bitcoin Minetrix Offers Last Chance To Buy – Presale Ends In 3 Days

Investors have slightly less than three days to buy the stake-to-mine crypto token Bitcoin Minetrix (BTCMTX) before its presale concludes at 12:00 UTC on Sunday, April 28, with the claim after that on April 30 at 10:00 UTC.

#BTCMTX Announcement! 📢

The final stage of #BitcoinMinetrix will be ending on April, 28th at 12 pm UTC! ⏰

Followed by the Claim event scheduled for April, 30th at 10 pm UTC! 🚀

Mark your calendars to ensure you don't miss out on these important dates! 🗓️ pic.twitter.com/s8RSTqlj6I

— Bitcoinminetrix (@bitcoinminetrix) April 22, 2024

Usually, Bitcoin cloud mining involves high hardware costs and deceptive scams. Bitcoin Minetrix solves those problems by offering a reliable cloud mining platform for everyday crypto users, enabling them to avoid the complexity and resource-intensive nature of the activity.

Introducing the concept of #CloudMining for $BTC⚡️💻

Cloud mining allows individuals to engage in #Bitcoin mining without the hassle of owning or handling the hardware themselves.

Exploring the benefits:

💰No upfront hardware costs.
🔧Requires only basic technical knowledge. pic.twitter.com/0rke3tRJ5l

— Bitcoinminetrix (@bitcoinminetrix) April 25, 2024

Bitcoin Minetrix deploys Ethereum smart contracts to net investors greater yields through a staking protocol that mines real Bitcoin. All you have to do is buy and stake BTCMTX, which has an impressive 53% annual percentage yield (APY).

Staking users will receive cloud-mining credits when Bitcoin Minetrix launches, which will represent hash power.

According to Cryptonews, a crypto YouTube channel, BTCMTX has the potential to soar 20X after launch.

The token has a fixed price of $0.0148 until the conclusion of the ICO. If you are interested, buy now before time runs out.

To take part in the presale, visit the BTCMTX official website here and swap your ETH or USDT for BTCMTX. You can also make purchases directly using a bank card.

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