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bitcoin price is up almost 1% in the last 24 hours, but down 5% in the last week to trade at $66,409 at 05:22 am EST.
The 200-day exponential moving average (EMA) continues to hold after providing formidable support for bitcoin price over the past six months, analyst Ali Martinez told his 56,000 followers in a post on bearish for the bitcoin price could rise, as happened in mid-January.
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The 200EMA in the twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The four-hour chart has been a formidable support. Since the beginning of February, it has prevented twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc to fall more.
That's why I'm very attentive to this level because if it holds it guarantees a rebound, but if it breaks like it did in… pic.twitter.com/cnfruT9wUJ
—Ali (@ali_charts) twitter.com/ali_charts/status/1775130724133212341?ref_src=twsrc%5Etfw”>April 2, 2024
bitcoin Price Falls as btc RSI Falls Below Mid-50 Level
bitcoin price bullish momentum remains little to no, as seen from the position of the Relative Strength Index (RSI). Notably, this momentum indicator is below the mid-'50' level.
The last time this was seen was around the last week of January, before inflows into HTC spot exchange-traded funds (ETFs) started to get out of control. Then, the price of bitcoin was around the $41,800 level.
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NEW: bitcoin RSI is back below 50 and reset to levels last seen when twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin was $41,800, just before ETF inflows really took off.
Get ready for the next leg! pic.twitter.com/MwtqJspDET
– bitcoin Archive (@BTC_Archive) twitter.com/BTC_Archive/status/1775165004934713541?ref_src=twsrc%5Etfw”>April 2, 2024
Meanwhile, all eyes remain on the bitcoin halving, which will occur in just over two weeks. With this optimism, btc ETF inflows have started to turn positive again after a prolonged slowdown, which catalyzed the decline in bitcoin price.
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LATEST: Weekly ETF flows are positive again!
After last week's capital outflows, this is very promising.
Don't be fooled by the small shake, the overall picture remains the same.
6 figures twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin soon!!! pic.twitter.com/CoQKTMf7jb
—Kyle Chassé (@kyle_chasse) twitter.com/kyle_chasse/status/1775136738031112663?ref_src=twsrc%5Etfw”>April 2, 2024
As positive ETF flows inspire hope in the market, reports have also indicated that bitcoin ETFs are likely to be integrated into the UBS platform. The company has up to $3.5 trillion in assets under management (AUM).
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UPDATE: sources saying that twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETFs will be added to twitter.com/UBS?ref_src=twsrc%5Etfw”>@UBS platform next week and widely available.
– removal of the PWM silo.
– removal of the restriction on “unsolicited” orders.
– twitter.com/UBS?ref_src=twsrc%5Etfw”>@UBS manages $3.5 trillion in global wealth.
– Andrés (@AP_Abacus) twitter.com/AP_Abacus/status/1775164475730968813?ref_src=twsrc%5Etfw”>April 2, 2024
The integration of bitcoin ETFs would mark a historic shift in traditional finance as it points to greater adoption of btc and cryptocurrencies in general by wealthy individuals.
Since the landmark approval of multiple btc spot ETFs in January, the cryptocurrency adoption curve has steepened and the big players have capitulated to the appeal of cryptocurrencies.
One analyst, @CryptoMichNL on ATH”.
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twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin consolidating and twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin peaking before the halving.
Two essential ingredients and I think we will not see a new previous halving of the ATH.
If bitcoin falls further in the summer, I will be happy to buy it at between $56,000 and $60,000.
It's still time for altcoins. pic.twitter.com/CongTohvNA
—Michaël van de Poppe (@CryptoMichNL) twitter.com/CryptoMichNL/status/1775456456466424038?ref_src=twsrc%5Etfw”>April 3, 2024
bitcoin Price Prediction Amid Growing Institutional btc Adoption
For now, there remain mixed feelings among analysts and traders about what the next few days before the halving will look like for the btc price. However, history and experience tell us that sentiment is often the best indicator. The best signal for sentiment in a volatile market is a pullback.
With the 200-EMA holding as support for bitcoin price, the latest pullback could be setting the stage for a pre-halving rally. There is a warning! bitcoin price must first convert the $69,000 hurdle into support on the daily time frame and remain stable above it. This would be the first sign that a new all-time high is coming.
Such a move would encourage additional buying orders, especially among risk-averse traders hoping for a safer entry.
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I haven't bought yet…
– Ran Neuner (@cryptomanran) twitter.com/cryptomanran/status/1775241876813054247?ref_src=twsrc%5Etfw”>April 2, 2024
The resulting buying pressure could drive bitcoin's price higher, likely enough for it to reclaim the high of $73,777. In a very bullish case, bitcoin price could extend the rise until registering a new peak above the $74,000 range.
<img decoding="async" class="aligncenter wp-image-499826 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin price” width=”1273″ height=”540″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-BTC-Plunges-5-in-a-Week-as.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-03_12-17-05-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-03_12-17-05-1024×434.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-03_12-17-05-768×326.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-BTC-Plunges-5-in-a-Week-as.png”/><img decoding="async" class="aligncenter wp-image-499826 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-BTC-Plunges-5-in-a-Week-as.png" alt="bitcoin price” width=”1273″ height=”540″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-BTC-Plunges-5-in-a-Week-as.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-03_12-17-05-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-03_12-17-05-1024×434.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-03_12-17-05-768×326.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
x/Xd5nOjwN/” target=”_blank” rel=”noopener”>TradingView: btc/USDT 1-Day Chart
On the other hand, the RSI has recorded lower lows while the bitcoin price has recorded higher lows. Analysts interpret this as a hidden bearish divergence. If executed, bitcoin price could confirm the loss of support due to the 200-day EMA at $65,570 by breaking below the upper boundary of the ruling chart pattern.
Such a move could see bitcoin price provide another buying opportunity around the $60,800 level.
Meanwhile, experts are also looking at BTCMTX, a bitcoin derivative that analysts say has the potential to generate 10x earnings at launch.
Analysts also rank it among their top picks for crypto-investments-top-picks-explosive-growth-calsona-j8nhe” target=”_blank” rel=”noopener”>penny cryptocurrencies with explosive growth potential.
Promising alternative to bitcoin
Ahead of the expected btc halving, BTCMTX presents itself as the most promising alternative to bitcoin. It is the token that powers the bitcoin Minetrix ecosystem, a cloud mining project that makes bitcoin ownership attainable even for ordinary people.
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twitter.com/hashtag/BitcoinMinetrix?src=hash&ref_src=twsrc%5Etfw”>#BitcoinMinetrix presents a tokenized cloud mining platform, allowing ordinary people to participate in decentralized activities twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc mining.
Effectively eradicate the risk of third-party cloud mining scams and give full control over operations. pic.twitter.com/5oWTwsR75v
—Bitcoinminetrix (@bitcoinminetrix) twitter.com/bitcoinminetrix/status/1775191554023424037?ref_src=twsrc%5Etfw”>April 2, 2024
The project operates as a tokenized cloud mining platform where community members can mine btc in a decentralized manner.
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twitter.com/hashtag/BTCMTX?src=hash&ref_src=twsrc%5Etfw”>#BTCMTX presents a reliable cloud mining solution designed for everyone twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto fans.
Previous concerns about hardware and scams have put off numerous people.
This decentralized approach ensures a clear and secure mining adventure. pic.twitter.com/A0IVhRLOnw
—Bitcoinminetrix (@bitcoinminetrix) twitter.com/bitcoinminetrix/status/1774829169488085302?ref_src=twsrc%5Etfw”>April 1, 2024
bitcoin Minetrix is in the pre-sale stage, allowing interested investors to purchase BTCMTX for $0.0144 per token.
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There are only 3 days left for Stage 35 of twitter.com/hashtag/BitcoinMinetrix?src=hash&ref_src=twsrc%5Etfw”>#BitcoinMinetrix wraps up!
Do you believe that government regulations have a significant impact on twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
—Bitcoinminetrix (@bitcoinminetrix) twitter.com/bitcoinminetrix/status/1775116044274630952?ref_src=twsrc%5Etfw”>April 2, 2024
So far, pre-sale sales have reached more than $12.8 million of a target of $13.7 million.
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twitter.com/hashtag/Iceland?src=hash&ref_src=twsrc%5Etfw”>#Iceland faces a unique dilemma: balancing twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining with food sustainability.
Prime Minister twitter.com/katrinjak?ref_src=twsrc%5Etfw”>@katrinjak highlights the nation's crossroads.
How can Iceland harness renewable energy for mining while ensuring food self-sufficiency?twitter.com/hashtag/BitcoinMinetrix?src=hash&ref_src=twsrc%5Etfw”>#BitcoinMinetrix has achieved… pic.twitter.com/U3MuM1Esr2
—Bitcoinminetrix (@bitcoinminetrix) twitter.com/bitcoinminetrix/status/1772569639916016116?ref_src=twsrc%5Etfw”>March 26, 2024
Token holders can stake their holdings for mining credits and then redeem them for mining hash power.
Visit and buy 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 50% APY
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