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bitcoin price is up 0.8% in the last 24 hours bitcoin“>trading at $40,175 at 11:05 pm EST, daily trading volume fell 12% to $17 billion.
This comes as JPMorgan says investors may have finished withdrawing most of their profits from the Grayscale bitcoin Trust (GBTC), which could help reduce selling pressure on the price of bitcoin.
JPMorgan's observation follows a notable event on January 24, where the ten approved spot bitcoin ETFs experienced a significant net outflow of $158 million. This marked the largest net outflow since its launch, according to BitMEX research information shared on social media platform X.
bitcoin Spot ETF Flow – Day 9 – UPDATE
Data output for all providers.
Net outflow of 158 million dollars for the 9th pic.twitter.com/5UZmgoyK28
– BitMEX Research (@BitMEXResearch) January 25, 2024
The Grayscale fund has always been worth less than its net asset value since the beginning of 2021. Analysts believe the $4.3 billion withdrawn from the fund since it became an ETF on Jan. 11 is primarily due to investors selling to profit from previous investments in GBTC and to take advantage of the lower fees offered by the new bitcoin ETFs.
This selling is considered a key factor behind bitcoin's recent decline following the launch of spot bitcoin ETFs in the US.
bitcoin price breaks above asymmetric triangle, indicating bullish rally
bitcoin price indicates a bullish rally surpassing the asymmetric triangle.
However, the bulls found a support level after the price fell, retesting the upper boundary of the triangle, quickly rebounding and pushing the price higher.
Despite the brilliant move by the bulls and the support of the 200 simple moving average (SMA), the 50 SMA on the 4-hour chart still represents a hurdle for the bulls to overcome.
The Relative Strength Index (RSI) indicates a rebound from the oversold region of 30, rising towards the mid-50 level at 40. If the bullish movement continues, it could take the RSI to the overbought zone, confirming the rally above the triangle.
bitcoin Price Prediction: A Boost for Bulls
The falling wedge pattern could give bullish investors a little push to break above the $44,690 resistance which could confirm a bullish rally in the coming weeks. The presence of the asymmetric triangle may fuel the rally, as traders often use it as a bullish trend reversal signal, anticipating a recovery from the previous high of $49,102.
Traders are looking to take advantage of this position to add more orders. However, some investors may consider turning to bitcoin Minetrix to diversify their portfolio, given its profit potential at launch and the lucrative returns it offers through its mine staking feature.
BTCMTX, a remarkable solution to cloud mining problems
The bitcoin Minetrix (BTCMTX) The pre-sale continues to rack up funding, with $9.4 million already raised as it moves toward its $9.9 million goal.
You can join other investors to purchase BTCMTX tokens at $0.0131 before the price increases in the next stage.
#BitcoinMinetrix Stage 21 has officially begun!
What role do you see? #CloudMining playing in the future bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining? pic.twitter.com/XEaz8ZL4Qi
—Bitcoinminetrix (@bitcoinminetrix) January 21, 2024
bitcoin Minetrix is a cloud mining platform that gives users full control over their mining activities through its stake to mine functionality.
You can simply stake your BTCMTX tokens to earn cloud mining credits, allowing you to participate in decentralized bitcoin mining and protect yourself from scams from third-party cloud mining platforms.
Exploring the advantages of btc?src=hash&ref_src=twsrc%5Etfw”>#btc cloud mining!
Beginner Experience: No technical knowledge needed.
Economical: avoid high electricity and hardware costs.
Say goodbye to space limitations, noise and thermal disturbances.
Forget about resale worries! pic.twitter.com/MlwYKwoKLa—Bitcoinminetrix (@bitcoinminetrix) January 13, 2024
An opportunity to earn passive income and rewards
The BTCMTX platform offers the opportunity to earn passive income through betting, with an annual salary return of 71%. Currently, more than 581 million tokens have already been staked. There is also the BTCMTX Minedrop Airdrop Competition which offers a prize of $3,000 to ten winners.
Conor Kenny, a crypto analyst on YouTube with over 179,000 subscribers, offers insight into BTCMTX and cites the benefits of taking advantage of its stake-to-mine feature. He points out that purchasing the pre-sale in advance is the optimal way to reap the greatest benefits.
To join, visit the BTCMTX website, connect your digital wallet and exchange your eth or USDT for BTCMTX tokens. You can also buy directly with your bank card.
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