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bitcoin price is up 2.8% in the last 24 hours to maintain a spot price of bitcoin/”>$40.9K starting at 9:30 am EST.
Amid the bitcoin price rally, Santiment research shows that Reddit users were the quickest to buy during the recent btc price drop, unlike pessimistic or indecisive users on other social networks like Telegram and X .
While bullish terms like “buy” and “bottom” showed an increase in Santiment's social volume metric for Reddit, X and Telegram users were still in bearish mode, the firm said.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin has recovered above $40,000, and social platforms are divided over how to respond to the volatility that has prevailed since the #ETF approvals 2 weeks ago. When #Telegram, #Reddit, #Xand #4Chan Everyone is at an extreme level of #bullish either
(Continued) pic.twitter.com/B6u5WV164R
– Sentiment (@santimentfeed) January 25, 2024
bitcoin Price Analysis: bitcoin Bulls Take Over
Looking at an analysis of the 1-hour btc/USD charts, we see that the recent candles show a significant increase in price with a large green candle, indicating intense buying pressure over the past hour.
Currently, the price is above the 200-period moving average (200 SMA) and the 50-period moving average (50 SMA), which is usually a bullish indicator. If the 50 SMA crosses above the 200 SMA (a 'Golden Cross'), it could indicate a long-term uptrend if it occurs.
Furthermore, the Relative Strength Index (RSI) is hovering around 58.52, below the overbought threshold of 70. This suggests that there is room for an upward price move before the asset becomes overbought. On the other hand, the Average Directional Index (ADX) has a value of 21.32, indicating that the current trend is gaining strength, as values above 20 suggest an increasing trend.
The Awesome Oscillator (AO), also used to measure trends, shows a value of 707, which is positive, and the histogram bars are green. This indicates that market momentum is currently favorable for bitcoin.
Technical indicators suggest a bullish trend in the short term, with potential for further bullish movement, as indicated by the RSI and ADX.
btc/USD 1-hour chart | Fountain: crypto%3ABTCUSD”>TradingView
Meanwhile, as the price of bitcoin recovers, investors looking for lucrative opportunities are increasingly attracted to bitcoin Minetrix, which is among the crypto-watch-2024-top-5-cryptocurrencies-high-calsona-f8pve”>Featured pre-sales in 2024.
This ICO offers tokens for just $0.0131 per unit and has already raised an impressive $9.4 million in funding, with a goal of $10.3 million.
An attractive alternative
bitcoin Minetrix aims to democratize bitcoin mining, making it accessible to anyone in the community.
At the center of the project lies its Take-to-Mine architecture. Users can stake BTCMTX, the project's native token, on the ethereum network, allowing them to participate in bitcoin mining and earn bitcoin (btc) rewards. This approach offers a more inclusive and profitable method of mining bitcoin.
#BitcoinMinetrix revitalizes the cloud mining landscape by merging staking and cloud mining.
Pioneer in tokenized cloud mining that focuses on transparency, autonomy and security. #BTCMTX is dedicated to providing a reliable path for $btc mining enthusiasts. pic.twitter.com/Mrxv0Hnrst
—Bitcoinminetrix (@bitcoinminetrix) January 22, 2024
This eliminates a major obstacle to traditional mining: exorbitant hardware costs, high energy costs, and the need for large space.
With the analysts being bitcoin-price-prediction-experts-forecast-bullish-trends-calsona-o1vue”>optimistic on a bitcoin price surge in the coming months aided by the impending halving event scheduled for early April, BTCMTX is well positioned to capitalize. Crypt analyst and YouTuber Jacob Bury forecasts a possible 10x increase in value at launch.
Visit and buy bitcoin Minetrix here.
Related news
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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