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bitcoin price fell bitcoin“>slightly over the last 24 hours to trade at $42,481.40 at 9:10 am EST.
bitcoin ETFs See Remarkable Volumes
Spot bitcoin ETFs (exchange-traded funds) generated a whopping $1.8 billion in volume on Jan. 16, or three times the combined volume on the same day of the 500 ETFs that launched in 2023 in the U.S. Yahoo data Finance showed that Grayscale, BlackRock and Fidelity accounted for $1.6 billion of the day's trading volume.
“Let me put into context how crazy a $10 billion volume in the first 3 days is,” Bloomberg ETF analyst Eric Balchunas said in a recent X report. mail. “500 ETFs launched in 2023. Today, they generated a COMBINED volume of $450 million. “$IBIT alone is seeing more activity than the entire freshman class of ’23.”
bitcoin price enters a consolidation channel
4-hour chart for btc/USDT (Source: TradingView)
bitcoin price has been in a consolidation phase between $41,530 and $43,670 in recent days. After being rejected by the upper boundary of this channel today, btc has pulled back to trade at the mid-range level. If it falls below this mark, it may correct towards the support of $41,530 in the next 24 hours.
A break below the current sideways channel may see bitcoin price fall to the next support level at $40,100 in the coming days. This bearish thesis may not develop if btc is able to close two consecutive 4-hour candles above the middle boundary of the consolidation channel. In this alternative scenario, bitcoin price may attempt to break through the $43,670 threshold. As a result, the market leader may have the necessary foundation to rally to the next major resistance level at $45,845 in the near term.
Bulls remain inactive on btc charts
The technical indicators on the btc 4-hour chart suggested that a bullish move may not occur in the next 24 hours. The Moving Average Convergence Divergence (MACD) indicator showed signs of btc The trend begins to move into a bearish phase. If the MACD line soon crosses below the MACD signal line, it may confirm that bitcoin price has entered a short-term negative cycle.
In addition to this, sellers seem to be gaining strength against buyers on the btc 4-hour chart. This is evident in the Relative Strength Index (RSI) indicator. In the last few hours, the RSI line crossed below its simple moving average (SMA) line. The RSI line is also separating below the SMA line. This not only indicates that the bears are now stronger than the bulls, but it also suggests that the bears are getting stronger.
While bitcoin Price Trades Sideways, Investors Might Want to Take a Look bitcoin Minetrix and its unique approach to btc cloud mining.
Cloud mining made easy
Before bitcoin Minetrix, btc cloud mining was a complex operation that not only required a significant amount of technical knowledge but also a substantial amount of startup capital. Expensive cloud mining machinery had to be installed and constantly maintained.
Embarking on a new era of cloud mining with #BitcoinMinetrix!
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—Bitcoinminetrix (@bitcoinminetrix) January 16, 2024
bitcoin Minetrix has made these fights a thing of the past. Through its clever implementation of blockchain and cryptocurrency technology, the project is on track to dramatically lower the barrier to entry for anyone looking to get into cloud mining.
simply purchasing and by staking the native bitcoin Minetrix token, BTCMTX, investors can start earning passive income that is paid in btc.
After purchasing and staking BTCMTX, investors will be rewarded with “gas” tokens, which will then need to be burned to claim a stake in bitcoin Minetrix cloud mining power.
Analysts say BTCMTX has the potential to generate 10x returns for early investors. And with the introduction of institutional capital from bitcoin ETFs, it may only be a matter of time before btc soars.
This will most likely cause increased FOMO among retail investors, who will look for ways to acquire btc. Given its simple user interface and innovative platform, BTCMTX is poised to be the primary benefactor of this surge in interest.
New and existing investors are likely to flock to bitcoin Minetrix to participate in the btc income stream it has to offer. This could subsequently launch the BTCMTX price into the stratosphere.
BTCMTX can be purchased here.
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