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bitcoin price rose 2.8% in the last 24 hours bitcoin“>trading at $40,269 At 6:18 a.m. EST, daily trading volume increased 26% to $18 billion.
Analysts say bitcoin price is stabilizing after a sharp decline as money outflows from the Grayscale bitcoin Trust slow.
“Considering that $4.3 billion has already been withdrawn from GBTC, we deduce that most of the GBTC profit-taking has already occurred,” said JPMorgan analyst Nikolaos Panigirtzoglou.
bitcoin fell more than 20% in the weeks following the launch of spot bitcoin exchange-traded funds (ETFs) in the United States.
JUST IN: JPMorgan says “GBTC profit-taking has largely concluded,” and expects limited additional downside for bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
Lockdown is certainly near pic.twitter.com/JqxnwVydiY
— BULLSTREET GROUP (@Bullstreetgroup) January 25, 2024
The decline was related to investors selling Grayscale bitcoin Trust (GBTC) for profits and taking advantage of lower fees offered by recently launched bitcoin spot ETFs. The slowdown in GBTC outflows suggests that selling pressure on bitcoin may be easing.
bitcoin price faces hurdle with moving averages
bitcoin's recent price movement shows a bullish break above the upper boundary of an asymmetric triangle.
Despite a temporary pullback, the bulls found support by retesting the triangle's lower boundary, leading to a quick rebound and subsequent price rise.
Although the bulls showed strength, they face a hurdle with the 50 and 200 simple moving averages (SMA) on the 4-hour chart, which stand as resistance points for the btc price.
The Relative Strength Index (RSI) is trading up from the oversold region of 30, rising towards the mid-level at 50. A continued bullish move could push the RSI to the overbought zone, confirming the rally above the triangle.
bitcoin Price Prediction: Bulls Aim to Reclaim $49,102 Level
The asymmetric triangle pattern in play may encourage bullish investors to overcome the hurdles of the 50 and 200 SMAs. This breakout could confirm a bullish rally in the coming weeks as traders often view the pattern as a sign of a change in bullish trend, anticipating a recovery from the previous high of $49,102.
Meanwhile, some investors are diversifying their portfolios by turning to bitcoin Minetrix, a bitcoin derivative that offers lucrative investment returns through its mine staking feature.
BTCMTX, a remarkable solution to cloud mining problems
The bitcoin Minetrix (BTCMTX) The pre-sale has already raised $9.4 million and is approaching its goal of $10.3 million. You can join other investors to purchase BTCMTX tokens at $0.0131 before the price increases in less than five days.
#BitcoinMinetrix Stage 21 has officially begun!
What role do you see? #CloudMining playing in the future bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining? pic.twitter.com/XEaz8ZL4Qi
—Bitcoinminetrix (@bitcoinminetrix) January 21, 2024
The bitcoin Minetrix platform has been created to make cloud mining easier for you as a user and gain full control over your mining activities through your stake to mine functionality.
You can simply stake your BTCMTX tokens to earn cloud mining credits, allowing you to participate in decentralized bitcoin mining and protect yourself from third-party cloud mining scams.
Exploring the advantages of btc?src=hash&ref_src=twsrc%5Etfw”>#btc cloud mining!
Beginner Experience: No technical knowledge needed.
Economical: avoid high electricity and hardware costs.
Say goodbye to space limitations, noise and thermal disturbances.
Forget about resale worries! pic.twitter.com/MlwYKwoKLa—Bitcoinminetrix (@bitcoinminetrix) January 13, 2024
Earn BTCMTX, Earn Passive Income, Rewards and Prizes
You also have the opportunity to earn passive income. The BTCMTX platform offers you the opportunity to combine the benefits of earning rewards through staking and a potential prize through BTCMTX Minedrop Airdrop Competition.
Currently, the competition offers the opportunity to compete for a prize pool of $30,000. You could be one of ten lucky winners who will receive a $3,000 reward. Your bet earns you rewards in the betting pool and you get a guaranteed 71% annual salary return.
Conor Kenny, a crypto analyst on YouTube with over 179,000 subscribers, cites the benefits of taking advantage of its stake-to-mine feature in one of his videos. He emphasizes that purchasing the pre-sale early is the best way to get the biggest profits.
To join the pre-sale, visit the BTCMTX website, connect your digital wallet and exchange your eth or USDT for BTCMTX tokens. You can also buy directly with your bank card.
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