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The price of bitcoin bitcoin/”>sunken more than 3% in the last 24 hours to trade at $61,403.30 at 1:50 am EST, as investors dump their holdings in the market leader ahead of the halving.
Although btc recently fell below the key $60,000 mark, there are traders who are still bullish on the king of cryptocurrencies. “A lot of people expect much lower prices, but I don't,” pseudonymous analyst Mustache said in an April 16 post on x addressed to his 114.5k followers. According to the analyst, btc has recovered a key level.
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twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
Many people expect much lower prices, but I don't. Let me show you why.
– twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc He recovered the line last month, now he supports it.
-When this happened in 2012, 2016 and 2020, bitcoin was just getting started.
Only difference?
Now it happens BEFORE the halving. pic.twitter.com/bE6b3D8CR9
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) twitter.com/el_crypto_prof/status/1780229833206771887?ref_src=twsrc%5Etfw”>April 16, 2024
When this happened in 2012, 2016 and 2020, it caused a rally in the price of bitcoin, he added. However, there is one important difference: this technical event took place before this year's halving. In the previous cases, btc only recovered this level after the historic event.
bitcoin price forms a bearish channel
4-hour chart for btc/USDT (Source: x/TlRrlZp4/”>TradingView)
He bitcoin The price has formed a medium-term descending price channel after printing a series of lower highs and lows over the past few days. Most recently, the market leader rebounded from the $60,325.83 support in the last 24 hours and is currently attempting to convert the $61,860.81 barrier into support.
If btc closes a 4-hour candle above this threshold in the next 12 hours, the crypto could have the foundation needed to attempt to escape the bearish channel it is currently trapped in.
The upper boundary of this channel also meets the main resistance at $63,301.31. Therefore, a 4-hour candle close above $63,301.31 could lead to btc's negative trend undergoing a bullish reversal.
bitcoin price could then continue to rise to try to overcome the $65,104.05 hurdle, with the potential to rise as high as $66,263.84 in the near term if buying pressure persists.
This bullish thesis could be invalidated if btc is rejected by the $61,860.81 resistance in the next 12 hours. Traders could then continue to unload their holdings in the market leader, which could result in bitcoin price losing the immediate support of $60,325.83. Continued selling pressure could expose the cryptocurrency to the risk of falling to as low as $58,382.47 in the coming days.
Sellers are starting to regain control of the bitcoin price again
Technical indicators on the btc 4-hour chart are sending mixed signals. On the one hand, btc is trying to enter a new uptrend. Meanwhile, buyers appear to be losing steam against sellers after recently gaining the upper hand.
With the moving average convergence divergence (MACD) line rising towards the MACD signal line, it seems that traders are doing everything they can to push btc towards a more positive trend.
The bears are starting to come back in btc charts, however, as indicated by the Relative Strength Index (RSI) which is collapsing towards its Simple Moving Average (SMA) line. A confirmation of the uptrend reversal could be if the MACD crosses above the MACD signal line.
On the contrary, a decline of the RSI below the SMA could indicate a continuation of the negative trend that formed the descending price channel.
With the halving just days away, traders, investors and major industry players are making adjustments to combat the impact of the event. This could be one of the main reasons why the price of bitcoin fell in recent days, as miners sold some of their holdings to prepare for the reduction in rewards.
Smaller mining operations will be hardest hit, potentially forcing them to go out of business. However, there is still a way to get mining rewards through bitcoin Minetrix and its innovative cloud mining platform.
An easy way to earn btc after the halving
With its staking-to-mine model, bitcoin Minetrix makes earning bitcoin mining rewards as easy as staking an ERC-20 token. All investors will need to do is purchase the BTCMTX token from the project and stake the newly purchased tokens to earn “gas” rewards.
Finally, gas rewards will need to be burned so that investors can claim a stake in bitcoin Minetrix's cloud mining power and start earning.
Smaller mining operators that have had to close due to declining revenue will likely turn to bitcoin Minetrix for an alternative, more affordable revenue generating opportunity.
Additionally, the platform team takes care of the daily operations and maintenance of the machines, allowing investors to sit back and watch their portfolio grow.
Additionally, investors can stake BTCMTX tokens to earn a 54% annual percentage return.
Investors rush to buy BTCMTX before its pre-sale ends
The successful bitcoin Minetrix pre-sale has raised over $13 million and is approaching its final stages. Given the increasing demand for btc from spot bitcoin ETFs (exchange-traded funds) and the reduction in supply caused by the halving, analysts predict that btc will rise in the coming months.
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With him twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Halving just around the corner, mining companies are preparing for the changes!
Of twitter.com/MarathonDH?ref_src=twsrc%5Etfw”>@MarathonDH to twitter.com/RiotPlatforms?ref_src=twsrc%5Etfw”>@RiotPlatformspay attention to how they are preparing for the shift.
Who do you think will prosper after the halving? twitter.com/hashtag/BitcoinMinetrix?src=hash&ref_src=twsrc%5Etfw”>#BitcoinMinetrix has successfully raised more… pic.twitter.com/aPtKV1rne9
—Bitcoinminetrix (@bitcoinminetrix) twitter.com/bitcoinminetrix/status/1778017182447743155?ref_src=twsrc%5Etfw”>April 10, 2024
That's a near-perfect backdrop for bitcoin derivatives like bitcoin Minetrix. BTCMTX tokens are priced at $0.0147 each, but a price increase will occur in about two days.
Buy BTCMTX on the official website here.
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