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The price of bitcoin bitcoin“>abandonment more than 2% in the last 24 hours to trade at $41,370 at 9:05 am EST as investors fear a btc dump by Grayscale.
An analysis of arkham showed that wallets linked to Grayscale moved more than $400 million worth of bitcoins to custodian Coinbase Prime on January 18. This transfer took place amid fears that Grayscale is selling its bitcoin holdings amid redemptions from investors in its Grayscale bitcoin Trust.
bitcoin Price Plummets Below a Consolidation Channel
4-hour chart for btc/USDT (Source: TradingView)
He bitcoin The price crashed below a short-term positive trend line that had formed on its charts over the past few days. This drop also caused the price of the market leader to break out of the consolidation channel. btc is still trading below this channel but has printed a series of higher lows on the 4-hour chart during today's trading session. This could lead to the cryptocurrency regaining a position within the channel before the end of today's trading session.
If btc closes today's daily candle within the sideways channel, it may start rising to the $42,450 resistance level in the next 48 hours. Continued buying pressure could then push the value of the leading cryptocurrency above this threshold to potentially reach as high as $44,440 in the near term.
This bullish thesis may be invalidated if the bitcoin The price closes today's daily candle below the price channel. In this alternative scenario, btc could be at risk of testing the immediate support level of $40,160 in the coming days.
Bulls do everything they can to save btc
The technical indicators on the btc 4-hour chart show that buyers are trying to revive the price of bitcoin. They also suggest that sellers still have an advantage over buyers. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing signs of a possible recovery.
The RSI line is approaching its simple moving average (SMA) line. This is usually taken as a sign that buyers are starting to strengthen against sellers. However, the RSI is still positioned below the SMA line, indicating that the bears still have the majority of the strength on the btc 4-hour chart.
Like the RSI and SMA, the MACD line is approaching the MACD signal line. If these two lines cross in the next 24 hours, a major bullish technical flag will be activated. This may be early confirmation of an upcoming bullish trend reversal for bitcoin price on its 4-hour chart.
As bitcoin price tries to recover from its sharp decline, investors are busy buying bitcoin Minetrix as it shows promising signs of becoming the next 10x opportunity.
Approaching the $9 million mark in its pre-sale
bitcoin Minetrix It recently surpassed the $8 million mark in its pre-sale and investors have not taken their foot off the accelerator as it quickly surpassed $8.8 million as well.
The project is quickly approaching the $9 million goal as investors look to gain access to the passive income opportunity offered with bitcoin Minetrix.
A unique mine participation model
#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 is an innovative bitcoin cloud mining platform that aims to significantly lower the barrier to entry for anyone looking to mine btc. Through decentralization, bitcoin Minetrix makes mining btc in the cloud as simple as staking a crypto token.
All investors need to do to start earning rewards paid in btc is to purchase BTCMTX on the project page. website. Once purchased, BTCMTX tokens will need to be staked on the platform.
In exchange for staking BTCMTX, users will receive “gas” tokens, which will need to be burned in order to claim a stake in bitcoin Minetrix cloud mining power.
Until now, cloud bitcoin mining left many vulnerable to scams. The companies claimed to run btc cloud mining operations to convince unsuspecting victims to pay them for a share of the fake mining power.
Through its decentralized approach to mining, bitcoin Minetrix eliminates this risk, as users will not need to interact with any particular company or person.
Additionally, users do not run the risk of losing all their funds since the process does not involve sending money to anyone. Instead, users will only need to stake tokens to get started.
BTCMTX can be purchased here.
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