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The price of bitcoin bitcoin/”>corrected 1% in the last 24 hours after rising more than 13% in the last week to trade at $70,147.94 at 3:10 am EST as investors take profits.
Dormant bitcoin whale transfers more than $6 billion to three wallets
This comes as the owner of the fifth-largest btc wallet moved more than $6 billion worth of the leading cryptocurrency to three new wallets last weekend. Initially funded with 94,500 btc in 2019, the wallet's btc balance remained unchanged as of the weekend, on-chain tracking firm Arkham said in an X post.
The fifth richest bitcoin address just moved over $6 BILLION in btc to three new addresses.
37X moved almost ALL of its 94.5K btc ($6.05B) BALANCE in the early hours of Saturday, March 23, leaving only 1.4 btc at the address.
The 94.5K btc had not moved since 37X… pic.twitter.com/mAjpg0oqnD
– Arkham (@ArkhamIntel) March 25, 2024
The btc holdings were first split into two amounts and sent to two different wallets. One of the amounts was then sent to a new address, while the other amount was split again between two more wallets.
There are now three wallets, and one of the addresses contains a whopping $5 billion. The rest is distributed almost equally between the other two portfolios. Meanwhile, 1.4 btc, worth just over $97,000 in btc bitcoin/”>Actual Pricestill remains at the original address.
bitcoin price risks breaking out of its positive channel
4-hour chart for btc/USDT (Source: TradingView)
A short-term bullish channel has emerged on btc charts after bitcoin price recorded a series of higher highs and higher lows over the past few days. However, the cryptocurrency rests at the lower boundary of this price channel. A break below this level could trigger a correction.
If he bitcoin If the price falls below this channel, it could look for support from the $68,863.99 mark. Falling below this key price point could expose btc to the risk of falling to $65,847.29 in the coming days.
However, this bearish thesis could be invalidated if the bitcoin The price manages to stay in the aforementioned ascending channel for the next 24 hours. Subsequently, traders could decide to push the price of the leading cryptocurrency towards the resistance level of $72,564.10. Turning this level into support in the short term could give btc the foundation needed to attempt a new all-time high above $73,777.
bitcoin Price Stagnates as Technicians Suggest Traders Are at Crossroads
Technical indicators on the btc 4-hour chart are sending mixed signals. On the one hand, the Moving Average Convergence Divergence (MACD) line tries to cross below the MACD signal line. Traders tend to view this specific technical fact as a sign that a cryptocurrency is beginning to enter a bearish phase. A confirmation would be when the MACD line crosses below the MACD signal.
On the other hand, the Relative Strength Index (RSI) suggests that buyers are slowly entering the btc charts because the RSI is trying to break above its simple moving average (SMA) line. The crossover of these two technical indicators could indicate the continuation of btc's bullish trend.
The RSI rejected by the SMA in the next 12 hours could be the turning point that sends btc into the short-term bearish phase. On the contrary, if the RSI manages to break above the SMA line, it could indicate that the price of the market leader will continue to rise in the next 24 hours, which could cause btc to convert the resistance at $72,564.10 into support.
As bitcoin price attempts to maintain its positive momentum, bitcoin Minetrix The pre-sale shows no signs of slowing down as it moves towards the $13 million milestone.
Investors could flock to bitcoin Minetrix after halving
With bitcoin halving in approximately 24 days, miners and investors are preparing for the fifty percent reduction in network mining rewards. This long-awaited event has led to some of the strongest btc price increases in the past due to reduced supply and unchanged demand.
While the price of btc could skyrocket, analysts and experts warn that small btc mining operations may close due to declining profit margins after the halving.
These smaller mining operators will have no choice but to look for alternatives to replace the lost revenue. bitcoin Minetrix, through its decentralized cloud mining platform and mine staking model, is perfectly positioned to be the best option for these smaller operators.
The project also attracts retail investors because it opens the opportunity to earn passive income that is paid in btc.
Halving the pressure could increase BTCMTX 10 times
Through bitcoin Minetrix, token holders, whether mining operators or retail investors, can earn mining rewards without having to worry about high-maintenance backend operations.
Anyone who wants to start earning with bitcoin Minetrix will need to purchase their BTCMTX token from their official website. Once purchased, the tokens must be staked in exchange for “gasoline” token rewards. These gas tokens will have to be burned so that token holders can claim a share of bitcoin Minetrix's cloud mining power.
#BitcoinMinetrix shows a tokenized cloud mining platform, allowing ordinary people to participate in decentralized activities $btc mining.
Successfully eliminating the threat of third-party cloud mining scams and providing complete autonomy over operations. pic.twitter.com/QC5dsnouV4
—Bitcoinminetrix (@bitcoinminetrix) March 26, 2024
Given the central role that BTCMTX plays in the bitcoin Minetrix ecosystem, increased demand for the project following the halving could cause the price of BTCMTX to skyrocket in the weeks following the halving.
BTCMTX is currently selling for $0.0143 and can be purchased using eth, USDT, BNB, MATIC or bank card. A 55% APY is also offered to pre-sale investors.
BTCMTX can be purchased here.
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