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bitcoin price is up 1.7% in the last 24 hours to trade at $41,570 as of 10:45 pm EST, with a 7% drop in trading volume.
Meanwhile, Fidelity has become the second spot btc exchange-traded fund (ETF) issuer to reach $1 billion in inflows.
bitcoin Spot ETF Total Flow Data After 5 Days (Millions of Dollars)
1. Roca Negra +1,231 million dollars
2. Fidelity +1,062 million dollars
3. Bit by bit +396 million dollars
…
11. Grayscale: $2.2 billionBIG TOTAL +$1,160m pic.twitter.com/0TwHOtFPIf
— BitMEX Research (@BitMEXResearch) January 19, 2024
With BlackRock's IBIT leading the way, Fidelity's FBTC hit more than $1 billion in inflows after five days of trading, data from BitMEX Research shows. The research also reveals that while flows for most ETFs remained stable or positive on Thursday, they did not exceed the $579.6 million outflows from Grayscale's GBTC, which eclipsed the total inflows recorded by the ETFs. other funds.
Meanwhile, total net flows for the first five trading days of new US btc spot ETFs now stand at nearly $1.2 billion.
bitcoin Price Outlook as btc Spot ETF Inflows Grow
bitcoin price lost support due to the ascending parallel channel during the January 12 crash. He's been trying to get it back ever since. However, it continues to suffer overall pressure due to the 25-day and 50-day exponential moving average (EMA) at $43,036 and $42,082 levels respectively.
The position of the Relative Strength Index (RSI) below the midline of 50 points to weak price strength. This is accentuated by the Moving Average Convergence Divergence (MACD) indicator, which continues to move below the signal line (orange band), showing that the odds favor the downside.
Further seller momentum could cause bitcoin price to lose immediate support due to the $40,726 support. A prolonged decline could send btc price to the 100-day EMA at $39,221. In the most serious case, the king of cryptocurrencies could decline to the level of $37,800, placing it almost 10% below current levels.
However, for the overall bullish outlook to be invalidated, bitcoin price must extend the decline to break and close below the psychological level of $30,000. This would represent a 30% drop below current levels.
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TradingView: btc/USDT 1-Day Chart
Reverse case
On the other hand, if investors take advantage of the correction to buy the dip, bitcoin price could rally north to regain the support offered by the channel's lower boundary. This could push the midline of the $43,750 channel back into support, providing the starting point for btc to target the psychological level of $48,000.
In a very bullish case, bitcoin price could extend the rally, reaching the psychological level of $50,000, last tested in December 2021. This would represent a 20% rise above current levels.
Now as the btc community looks ahead to the expected April halving event, about 108 days away, BTCMTX is the main focus.
The halving event could fuel the next bull cycle, and enlightened investors want a piece of the pie. The BTCMTX token is available for pre-launch purchase, with low fees that will never be seen again, and is in the top three pre-sales to buy now for 2024, according to Jacob Bury.
Promising alternative to bitcoin
BTCMTX is the symbol of the bitcoin Minetrix ecosystem and among crypto-investments-top-picks-explosive-growth-calsona-j8nhe” target=”_blank” rel=”noopener”>Analysts' top picks for penny cryptocurrencies with explosive growth potential.. The project operates as a tokenized cloud mining platform where community members can mine btc in a decentralized manner.
#BitcoinMinetrix is a cutting-edge cloud mining platform that allows users to engage in decentralized operations $btc mining.
By eradicating the risks associated with third-party cloud mining scams, it provides users with full control over their mining activities. pic.twitter.com/MWZnuafYih
—Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
bitcoin Minetrix saves investors from the challenge of high hardware costs and deceptive scams that have eroded people from mining btc. It also ensures that you won't have to suffer the heat, space demands, and any other hassles that come with traditional btc mining.
Knowing the benefits of #BitcoinMinetrix:
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Worry-free peace of mind for resale value. pic.twitter.com/hx3zJLXTfN
—Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
The bitcoin Minetrix pre-sale has seen over $8.89 million in funds raised out of a target target of $9.509 million. Investors who wish to purchase BTCMTX can do so on the website, where each token is sold for $0.0129.
#BitcoinMinetrix achieves yet another milestone, raising over $8,800,000! pic.twitter.com/eHGCvK020O
—Bitcoinminetrix (@bitcoinminetrix) January 19, 2024
With price rising in less than 21 hours, secure your tokens in this project before it's too late.
Visit bitcoin Minetrix 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
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