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bitcoin price is down almost 1% to trade at $42,761 at 6:40 am EST with a 13% drop in trading volume.
It comes as the market prepares for the holidays, with early signs showing that the Christmas rally may not be as significant as in previous years, even though btc holders have high hopes for the first month of 2024.
K33 Research has indicated that approval of spot bitcoin exchange-traded funds (ETFs) in the United States appears “solidified” for January. He report bases its opinion on ongoing engagements between the US Securities and Exchange Commission (SEC) and institutional players in the race for ETF approval.
Applicants have filed multiple amendments intended to appease the SEC, most recently by accepting cash redemptions instead of in-kind crypto redemptions. The latest to bend the knee on that front were Ark Invest and 21Shares, joining Valkyrie, BlackRock, Fidelity Investments and Invesco.
ARK bends the knee and joins the Cash Creations Club to reach the starting gate. BlackRock will probably be next… https://t.co/z3clix3qHb
– Eric Balchunas (@EricBalchunas) December 18, 2023
Meanwhile, bitcoin price action has consolidated into a symmetrical triangle on the daily chart, with the next directional bias awaiting confirmation.
bitcoin price outlook as btc fills a symmetrical channel
bitcoin price action has consolidated within a symmetrical triangle, preparing for the next move. Technical indicators such as the Relative Strength Index (RSI) show that the bulls are flocking to the scene, as evidenced by their upward trajectory.
Amid rising momentum, if the RSI trajectory holds, it could soon cross above the signal line (yellow band). Such a crossover is often interpreted as a buy signal, which if bulls pay attention, could enhance the uptrend.
The position of the Awesome Oscillator (AO) and the moving average convergence and divergence (MACD) in positive territory also accentuates the bullish thesis.
Further buying pressure could send bitcoin price higher, breaking above the upper boundary of the triangle to turn the $43,528 resistance level into support.
Further north, gains could extend beyond the range high of $44,700 before a possible confrontation with the psychological level of $48,000. Such a move would constitute a 12% increase above current levels.
On the other hand, if the bears have their way, the price of bitcoin could fall, losing the support offered by the lower boundary of the triangle. This would be confirmed with a shift from $40,580 support to resistance, setting the tone for a continuation of the downtrend.
In the most serious case, bitcoin price could extend the decline until testing the $37,800 level, below which the bullish outlook would be invalidated.
With K33 Research expressing optimism over btc ETF approvals in January, enlightened investors have shifted their gaze towards BTCMTX, a mining staking project that makes their btc ownership goal achievable.
It is among the top five pre-sales of cryptocurrencies to buy before 2024, with analysts anticipating 10x growth potential.
Promising alternative to bitcoin
BTCMTX is the token that powers the bitcoin Minetrix ecosystem and provides a hassle-free btc mining experience for traders and enthusiasts.
In 2008, bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin used mining to ensure security.
Initially easy, then it became complex and expensive.
Cloud mining faced scams, leading to skepticism.
Today, large corporations restrict the access of individuals. #BTCMTX strives to allow $btc mining for everyone. pic.twitter.com/ze5Vm3kKo9
—Bitcoinminetrix (@bitcoinminetrix) December 19, 2023
bitcoin Minetrix is a tokenized cloud mining platform where even ordinary people can mine btc in a decentralized way. The project has tokenized cloud mining, thus ensuring a secure and transparent experience.
#BitcoinMinetrix incorporates a tokenized cloud mining system, allowing regular users to participate in decentralized operations. $btc mining.
This platform mitigates third-party cloud mining risks and offers full operational autonomy. pic.twitter.com/4jekB8X6lr
—Bitcoinminetrix (@bitcoinminetrix) December 16, 2023
Additionally, the project has solved the huge challenge of third-party scams by giving control to token holders.
#BitcoinMinetrix vs traditional cloud mining
Risk assessment: #BTCMTX = Reliable withdrawals and flexible sales possibilities.
Conventional Cloud Mining = No refunds, payments subject to market fluctuations. pic.twitter.com/ixPLVkWhYO
—Bitcoinminetrix (@bitcoinminetrix) December 9, 2023
bitcoin Minetrix is in the pre-sale stage and has $5.6 million in raisings so far, as it moves towards the goal of $6.258 million. At the current stage, interested investors can buy BTCMTX for $0.0123, and the price will change in less than two days.
Only 2 days left #BitcoinMinetrix Stage 14!
to season bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin miners:
What guidance would you offer to beginners starting their mining expedition? pic.twitter.com/kkoBw26nsC
—Bitcoinminetrix (@bitcoinminetrix) December 20, 2023
Visit the bitcoin Minetrix website to pre-sell BTCMTX here.
Also read:
- 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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