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The price of bitcoin scaling more than 2% in the last 24 hours to trade at $43,191.35 at 9:10 am EST.
A possible change in the market could help btc
Data from BitMEX Research shows the total Departures for Grayscale's bitcoin Trust (GBTC) slowed to $192 million on Jan. 29, the fund's lowest outflow since its inception, excluding the first day.
Fidelity and BlackRock each had inflows that exceeded GBTC outflows. The Fidelity Wise Origin bitcoin Fund (FBTC) was the best performer in this regard with $208 million in inflows on the twelfth day of trading. BlackRock's IBIT recorded an inflow of $198 million.
This may indicate a significant change in the btc price market. Because as GBTC outflows taper off, it may only be a matter of time before the combined inflows from the recently launched bitcoin spot ETFs help support the btc price..
bitcoin price remains in a positive sequence
Daily chart for btc/USDT (Source: TradingView)
He bitcoin The price recorded a series of higher highs and higher lows over the past week, resulting in the formation of an ascending price channel. If this bullish momentum continues, btc could soon attempt to convert the $44,430 resistance level into support.
A break above this point could clear the way for the leading cryptocurrency to rise to $47,930 in the coming days.
This bullish thesis may be invalidated if the price of bitcoin does not close above $44,430 in the next 72 hours. In this alternative scenario, the cryptocurrency may retest the immediate support level at $42,450. Continued selling pressure could drag btc below this key level as low as $40,000.
Rising purchasing power could continue to boost bitcoin price
Technical indicators in btc The daily chart shows that the bulls currently have the advantage over the bears. Both the Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI) are bullish.
The MACD line is separating above the MACD signal line. This could indicate that btc's positive trend shows no signs of slowing down and that bitcoin price may continue to rise in the coming days. In addition to this, the RSI is positioned above its simple moving average (SMA), which is generally considered a sign that buyers are stronger than sellers.
As bitcoin price appears to continue its positive sequence, bitcoin Minetrix has been steadily attracting investors over the past few weeks as its pre-sale quickly approaches the $10 million threshold.
Investors are rushing to participate in this promising project
bitcoin Minetrix is a decentralized cloud mining platform that aims to dramatically lower the barrier to entry for anyone who wants to get started with bitcoin cloud mining. Through fractionalization, the project allows investors who have staked its native token, BTCMTX, to claim a share of the ecosystem's cloud mining power.
bitcoin Minetrix not only reduces the costs and eliminates the complexities of getting started with btc cloud mining, but also opens up the possibility for investors to earn a passive income that is paid in bitcoin.
@BlackRockthe world's leading asset manager, has significantly increased its commitment to leading bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining companies like @RiotPlatforms and @MarathonDH.
With your trust in $btc Mining is skyrocketing, how do you imagine the future of institutional interest in crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto mining?… pic.twitter.com/tWud4CEtMd
—Bitcoinminetrix (@bitcoinminetrix) January 30, 2024
Investors are scrambling to get in early on this promising project, whose raised funds now total more than $9.9 million.
Ready to profit from the growing btc shortage
bitcoin has entered mainstream financial markets with the launch of spot bitcoin ETFs (exchange-traded funds) in the US on January 11. This, along with the upcoming halving event in April, will not only drive institutional demand for btc but also increase the scarcity of bitcoin.
This could subsequently result in a skewed supply-demand relationship, which will boost the price of the leading cryptocurrency. The potential bullish momentum could then spill over into bitcoin derivatives projects like bitcoin Minetrix.
As a result, analysts say BTCMTX has the potential to generate 10x returns for early-stage investors at launch.
BTCMTX can be purchased here.
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