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The price of bitcoin has fallen 0.5% in the last 24 hours to trade at bitcoin/”>$42.7 thousand at 12:30 am EST, btc lost almost 3% in a week that saw the historic launch of btc spot ETFs (exchange-traded funds) in the US.
Morgan Stanley saying That revolutionary development is “a possible paradigm shift in the global perception and use of digital assets.” Understanding the interaction and nuances between traditional fiat currencies, e-money and stablecoins is crucial, he said. head of digital asset markets, Andrew Peel.
“These dynamics will significantly influence the future of international trade and finance, potentially reshaping the global economic and financial landscape,” he said. “Both investors and policymakers must pay attention and stay informed about the rapidly changing digital asset ecosystem, considering the wide-ranging implications for global companies and nation-states, as well as the landscape for macro investors.”
Peel highlighted the “remarkable” adoption of bitcoin globally, with 106 million people now owning the king of cryptocurrencies worldwide and the presence of bitcoin ATMs in 84 countries.
“A clear shift towards reducing dependence on the dollar is evident, simultaneously fueling interest in digital currencies such as bitcoin, stablecoins and CBDCs (central bank digital currencies),” he said.
bitcoin Price Prediction: Technical Analysis
Looking at an in-depth analysis of the btc/USD 1-hour charts, the king of cryptocurrencies could be heading towards a recovery in the near term, as shown by various indicators. The Relative Strength Index (RSI) is moving north as it approaches the 50 mark, showing bullish momentum in btc.
The MACD has also maintained movement in the green zone after a previous attempt to return to the red zone. This shows that the bearish momentum is fading as the bulls regain control.
The Awesome Oscillator (AO), used to measure market trends, is moving towards the zero line with green histograms. This shows a solid uptrend in bitcoin price as the bulls now look to break above the new resistance level of $43.7K, and the price is now moving range-bound.
btc/USD 1-hour charts | Fountain: crypto%3ABTCUSD”>TradingView
However, despite indicators pointing towards a bright future, Roman_Trading, speaking to his 50,000 followers on X (formerly Twitter), believes bitcoin is finally forming a head and shoulders reversal pattern, which will likely see a correction of prices close to 30% in the next 25 years. 30 days while the RS is formed.
This is my scenario for the next 25 to 35 days.
Ultimately, a HS reversal forms and a price correction close to 30% is likely as the RS forms.
Too many bearish splits, general market exhaustion and $SPX / $DXY confluence.bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin #cryptocurrency #cryptonews pic.twitter.com/8CtZ46953o
– Roman (@Roman_Trading) January 13, 2024
Meanwhile, as bitcoin price corrects following ETF approvals, investors looking for exponential growth opportunities may want to consider bitcoin Minetrix, a project ranked among the crypto-watch-2024-top-5-cryptocurrencies-high-calsona-f8pve”>main pre-sales in 2024.
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bitcoin Price Prediction: Is BTCMTX a Better Investment Amid Imminent Halving?
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Discovering the advantages of btc?src=hash&ref_src=twsrc%5Etfw”>#btc cloud mining!
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Don't worry about reselling – let the mining companies take care of the upgrades! pic.twitter.com/enQbatCTpz—Bitcoinminetrix (@bitcoinminetrix) January 6, 2024
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With the looming halving event in April and analysts speculating About a bitcoin price bomb, bitcoin Minetrix positions its investors for substantial returns upon the platform's launch.
But in less than two days there will be a price increase and the available tokens are running out quickly. Quick action by investors to secure BTCMTX tokens is highly recommended.
To explore the benefits of this pioneering cloud mining effort, secure BTCMTX tokens immediately through the official website. Participating in this cutting-edge cloud mining venture is an opportunity that should not be overlooked.
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