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bitcoin price has plummeted 5% in the last seven days as the king of cryptocurrencies trades on bitcoin/”>$41.5k at 2:00 am EST.
This comes as newly approved spot bitcoin ETFs in the US have collectively attracted nearly $4 billion in assets. The nine officially approved bitcoin exchange-traded funds (ETFs) now hold 95,000 Bitcoins.
LAST: Despite $GBTC Seeing an outflow of -$590 million on Friday, The Nine surpassed it with +$623 million (third best day), $IR & $FBTC both >$200 million while $BTCO & $HODL They had their best runs to date. TOT NET FLOWS stand at +$1.2bn as Nine's accrual reached $4bn vs -2.8bn for GBTC, increasing accrual share to 14%. pic.twitter.com/nB57H8Ro8s
– Eric Balchunas (@EricBalchunas) January 20, 2024
bitcoin price is now in a period of consolidation, as seen in an in-depth analysis of the 2-hour btc/USD charts. This is revealed by the Bollinger Bands, which show price fluctuations within the upper and lower bands, indicating a period of consolidation without a clear trend. The narrowing of the bands could imply low market volatility in the short term.
On the other hand, the Relative Strength Index (RSI) is hovering around the 50 level, indicating a neutral market without significant buying or selling pressures. The RSI figure stands around 46.78 as bitcoin price is now range-bound.
bitcoin Price Shows Bearish Momentum
The moving average convergence divergence (MACD) line (blue) is below the signal line (orange) and the histograms are reversing towards the zero line while shrinking in size. This suggests bearish momentum in bitcoin price.
Lastly, the Average Directional Index (ADX) is below 20, which generally indicates a weak or trendless market. This supports the consolidation pattern seen with Bollinger Bands.
btc/USD 1-hour chart | Fountain: crypto%3ABTCUSD”>TradingView
Meanwhile, as the bitcoin community turns its attention towards the impending halving event, a compelling alternative is bitcoin Minetrix's BTCMTX token, which is among the crypto-watch-2024-top-5-cryptocurrencies-high-calsona-f8pve”>The best pre-sale options of 2024.
An attractive alternative
BTCMTX is the native token for bitcoin Minetrix ecosystem, a project that introduced a tokenized cloud mining infrastructure, allowing community members to participate in decentralized bitcoin mining.
#BitcoinMinetrix is a cutting-edge cloud mining platform that allows users to engage in decentralized operations $btc mining.
By eradicating the risks associated with third-party cloud mining scams, it provides users with full control over their mining activities. pic.twitter.com/MWZnuafYih
—Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
bitcoin Minetrix It also protects investors against scams and the rising cost of hardware that previously deterred many from participating in bitcoin mining. Furthermore, it offers a solution to the challenges of traditional mining such as high energy cost, space required and other associated problems.
Pre-sale success
In the ongoing pre-sale, bitcoin Minetrix has just surpassed $9 million raised. This shows excellent investor confidence in the project as it approaches its $9.9 million goal.
bitcoin-price-prediction-experts-forecast-bullish-trends-calsona-o1vue”>Analysts predict a bullish outlook for bitcoin, driven in part by the halving planned for April. BTCMTX is well positioned to take advantage of that and analyst Jacob Bury identifies the token as one of the top three presales for 2024.
Visit and buy bitcoin Minetrix here.
Related news
- Audited by Coinsult
- Secure and decentralized cloud mining
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- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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