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The price of bitcoin bitcoin“>abandonment slightly over the last 24 hours to trade at $42,527.68 at 9:00 am EST.
That came on another day when JPMorgan CEO Jamie Dimon criticized bitcoin, saying it's like a “pet rock” that “does nothing.”
Jamie Dimon criticizes btc again
“There are cryptocurrencies that do something, that could have value. And then there is one that does nothing, I call it pet rock. bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoinor something like that,” he says @JPMorgan CEO Jamie Dimon. “It has some use cases. Everything else is people trading with each other.” pic.twitter.com/EnUBuIEHkI
– Squawk Box (@SquawkCNBC) January 17, 2024
Although Dimon named a few use cases for blockchain technology, such as its distributed ledger and its ability to transfer value, the perennial btc critic said that bitcoin has very few use cases. He added that most of the activity around bitcoin is simply “people trading with each other.”
bitcoin price falls below a positive trend line
4-hour chart for btc/USDT (Source: TradingView)
He bitcoin The price has been trading in a sideways channel for the past few days. The mid-level of this price channel aligns with $42,450 and is currently being tested by btc.
If the king of cryptocurrencies closes a 4-hour candle below this important price point in the next 24 hours, it will also cause it to trade below a positive short-term trend line that has emerged on its 4-hour chart. . This could subsequently expose bitcoin price to the risk of falling to the next key support level at $40,160 in the near term.
The bearish thesis may be invalidated if btc closes the next two candles above the positive trend line. In this more bullish scenario, bitcoin price may attempt to breach the upper boundary of the consolidation channel.
It may then attempt to overcome the $44,440 resistance level before possibly continuing to ascend to $46,700 the following week.
Bears have a slight advantage
Technical indicators on the btc 4-hour chart showed that the bears gained an advantage over the bulls in the past few hours. During this time, the Relative Strength Index (RSI) crossed below its simple moving average (SMA) line.
This important bearish technical flag indicates that the bears are currently stronger than the bulls. As a result, sellers may begin to put pressure on the bitcoin price that buyers will not be able to defend themselves. This will cause a drop in the price of bitcoin.
In addition to this, btc's previous bullish trend appears to be coming to an end, as indicated by the moving average convergence divergence (MACD) on the 4-hour chart.
Over the past 24 hours, the gradient of the MACD histogram has turned negative, suggesting that a bearish trend reversal could soon occur. Investors and traders will want to keep an eye on the narrowing gap that currently exists between the MACD and MACD signal lines. The crossing of these two lines can serve as confirmation that btc has entered a short-term negative cycle.
While the price of bitcoin is at risk of falling in the coming days, bitcoin Minetrix is gaining momentum at a rapid pace through its pre-sale.
A way to earn btc without the hassle of mining
btc cloud mining is a way to accumulate cryptocurrency without purchasing it. But mining bitcoin requires a certain level of knowledge and experience. On top of that, mining equipment will need to be constantly maintained and housed in temperature-controlled rooms. This is the reason why bitcoin Minetrix It's a project worth checking out.
The project introduces an innovative approach to mining powered by crypto-staking. In addition to this, bitcoin Minetrix lowers the barrier to entry for anyone who wants to start mining btc in the cloud by taking care of all operational and maintenance requirements.
Earn in btc
Great achievement for #BitcoinMinetrix!
Exceeding the $8,600,000 milestone! pic.twitter.com/r3i9wdtSbg
—Bitcoinminetrix (@bitcoinminetrix) January 17, 2024
All an investor will need to do to take advantage of this passive income opportunity, which is paid in btc, is to purchase BTCMTX in the project account. website.
Once purchased, these tokens must be staked in exchange for “gas” tokens, which must be burned in order to claim a stake in bitcoin Minetrix cloud mining power.
btc is increasingly scarce. Not only will mining rewards be halved during the next halving event scheduled for April, but the market leader is also approaching its limited supply of 21,000,000.
As a result, it will be difficult to get hold of both new and existing btc. Given the introduction of spot bitcoin ETFs (exchange-traded funds) in the US, the price of the market leader is likely to skyrocket soon as well.
Taking all these factors into account, bitcoin Minetrix It appears to be the only viable and affordable way to mine and accumulate btc.
BTCMTX can be purchased here.
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