Join our Telegram channel to stay up to date on breaking news coverage
bitcoin price rose 11% in the last 24 hours to trade at $41,351 at 2:45 am EST, as the king of cryptocurrencies left the psychological $40,000 level in its wake.
Trading volume skyrocketed 55% and btc market dominance is now 52%.
Among the most prominent evidence of increasing buying pressure is the inverse correlation between the dominance of bitcoin and Tether (USDT) stablecoins. As indicated in the chart below, there is an inverse correlation between USDT and btc dominance.
Recently, the dominance broke out from a triangle after 500 days of consolidation, placing the ascending trend line as the next major support. A continued decline in dominance could see bitcoin price rise, with a potential target between $43,000 and $48,000.
<img decoding="async" class="aligncenter wp-image-462770 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin” width=”676″ height=”806″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2023/12/Bitcoin-Price-Prediction-BTC-Breaks-Through-41000-Barrier-After-11.png 676w, https://insidebitcoins.com/wp-content/uploads/2023/12/BTCUSDT-dominance-252×300.png 252w” data-lazy-sizes=”(max-width: 676px) 100vw, 676px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2023/12/Bitcoin-Price-Prediction-BTC-Breaks-Through-41000-Barrier-After-11.png”/><img decoding="async" class="aligncenter wp-image-462770 size-full" src="https://technicalterrence.com/wp-content/uploads/2023/12/Bitcoin-Price-Prediction-BTC-Breaks-Through-41000-Barrier-After-11.png" alt="bitcoin” width=”676″ height=”806″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/12/Bitcoin-Price-Prediction-BTC-Breaks-Through-41000-Barrier-After-11.png 676w, https://insidebitcoins.com/wp-content/uploads/2023/12/BTCUSDT-dominance-252×300.png 252w” sizes=”(max-width: 676px) 100vw, 676px”/>
With bitcoin pumping strongly, the enormous potential of bitcoin Minetrix, a btc mining platform, is becoming evident. This is because it makes bitcoin ownership a reality even for ordinary people through its mining participation initiative.
Meanwhile, one analyst says bitcoin is currently in the accumulation phase as bulls buy the $40,000 seller. With this, they anticipate further price increases even as sellers become more tired.
bitcoin is currently in heavy accumulation
bulls are buying sellers at $40,000
When the sellers are exhausted, I assume we will go higher with $42,000 and $46,000 as the next resistance levels.
– Alex Thorn (@intangiblecoins) December 3, 2023
However, renowned crypto trader and investor Tony anticipates a correction even as bitcoin price faces a weekly supply barrier.
$11,000 NEXT.. SORRY LEGENDS bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin pic.twitter.com/BlxZslK98f
– crypto Tony (@CryptoTony__) December 3, 2023
Why the price of bitcoin is on the rise
With approval of spot bitcoin ETFs (exchange-traded funds) not expected until January, and the halving event in April, the likely driver of bitcoin price is FOMO, or the fear of missing out. . This comes as investors continue to tease approvals and the halving event that is widely anticipated to fuel the next bull cycle.
To my crypto friends. History repeated itself with the breakout on the daily chart.
FOMO could drive bitcoin to 42K, but I think we will consolidate here for a while, waiting for outside forces to bring us home.
Eyes on the Daily 9EMA. $btc pic.twitter.com/wXLh9UrlOJ
– Ryan Rozbiani (@RyanRozbiani) December 4, 2023
bitcoin Price Outlook as FOMO and Greed Drive btc Market
The Relative Strength Index (RSI) trajectory is heading north, showing that momentum continues to increase.
Even though btc is overbought, as evidenced by the RSI above 70, as long as this momentum indicator stays heading north, bitcoin price will continue to rise. Therefore, traders with open positions should consider leaving them open until such time as the RSI threatens to cross below the 70 level.
Meanwhile, with the RSI still tilted north and the Awesome Oscillator (AO) histogram bars showing green histogram bars whose volumes continue to rise, bulls are leading the btc market and bitcoin price may still have some potential bullish.
Increasing buying pressure above current levels turns eyes towards the psychological level of $50,000.
However, if traders give in to their appetite for profits, the resulting selling pressure could drive the price of bitcoin lower. This could cause it to miss the support level at $38,467 or worse, miss the confluence buyers congestion level between the 50-day simple moving average (SMA) and the horizontal line at $35,343.
Further seller momentum could see bitcoin price shoot up to the $33,641 support or, in the worst case, extend to the critical $31,501 support. A decisive candle close below this level would invalidate the current bullish outlook, and btc is likely to test the psychological level of $30,000.
In the worst-case scenario, bitcoin price could decline sharply, surpassing the 200-day SMA at $29,739 as it approaches the support floor of $25,133, or lower, collecting the buy-side liquidity residing below.
Meanwhile, bitcoin's optimism has many investors turning to bitcoin derivatives like bitcoin Minetrix, which as leveraged plays in the btc bull market have even more upside potential.
Exploring the crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto world with #BitcoinMinetrix!
Cloud mining = profitable!
Say goodbye to increasing electricity costs and hardware demands.
Simplified mining. pic.twitter.com/mYQ0KjVSE0
—Bitcoinminetrix (@bitcoinminetrix) December 1, 2023
Promising alternative to bitcoin
bitcoin Minetrix offers a promising alternative to bitcoin through its power token, BTCMTX. This token is selling for just $0.012, with enormous interest from buyers, to the point that sales have already reached over $4.705 million, out of a target target of $5.466 million.
@X Co-founder Jack Dorsey supports a new $btc pool for the control of miners.
How do you imagine the impact of @ocean_mining On bitcoin's journey toward decentralization amid the upcoming halving event in 2024?#BTCMTX also triumphs with another milestone: exceeding $4,600,000! pic.twitter.com/46uLFV2QPL
—Bitcoinminetrix (@bitcoinminetrix) December 1, 2023
The price of $0.012 only applies to the current stage, 11, which will end in three days. Once the next stage begins, the price will increase, which means now is the time to buy BTCMTX at early adopter rates.
#BitcoinMinetrix Stage 11 is in full swing!
What approaches do you foresee will guide future progress in bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Mining technology? pic.twitter.com/OWepvJ6Dc1
—Bitcoinminetrix (@bitcoinminetrix) December 2, 2023
The bitcoin Minetrix project employs cloud mining instead of the traditional btc mining method. This is an exclusive tier as investors only have to stake their tokens for mining and therefore stake to mine. Specifically, investors stake their BTCMTX token for credits and then redeem these credits for mining hash power.
Effortless mining experience! #BitcoinMinetrix Aim for serene and orderly mining setups.
No bulky installations, no interruptions, no overheating – just smooth and easy $btc cloud mining!#bitcoin Mining pic.twitter.com/r8sXYRxNjM
—Bitcoinminetrix (@bitcoinminetrix) December 3, 2023
The cost of entering this cloud mining scheme is much lower than the traditional alternative.
#BitcoinMinetrix vs traditional cloud mining
Entry cost evaluation: #BTCMTX = Profitable entry with a lock-in period.#ConventionalCloudMining = Requires high initial deposits. pic.twitter.com/4L8n2xkJVc
—Bitcoinminetrix (@bitcoinminetrix) December 2, 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
Join our Telegram channel to stay up to date on breaking news coverage