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The price of bitcoin has risen 2% in the last 24 hours to trade for $43,016 at 4:50 am EST, with trading volume plummeting 25%.
It comes as the market continues to digest disappointment over the lack of rate cuts in March, a development exacerbated by the sale of Grayscale bitcoin Trust (GBTC) shares.
Slight rebound in $GBTC Departures in the range of 200 m.
Not that this alone is going to cause huge sell-offs in the market.
Expected movements within the range ahead of the FOMC https://t.co/rTbbs1bg5d pic.twitter.com/GspUZkzVYf
– Camera – crypto DeGen (@CryptoNews_eth) January 31, 2024
Meanwhile, reports indicate that Valkyrie Funds has become the first bitcoin ETF issuer to diversify its fund custody. The move appears to be a marketing strategy to instill confidence among investors as it points to a reduction in custody risk as two entities will take care of custody.
Very interesting movement. @ValkyrieFunds moving to use @BitGo for the custody of their bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin in $BRRR via presentation today. https://t.co/XWH3hCuQT9 pic.twitter.com/gWsT6lO2cO
-James Seyffart (@JSeyff) February 1, 2024
According to the filing, Valkyrie bitcoin Fund (BRRR) will be custodian by both BitGo and Coinbase from now on. This is a paradigm shift considering that its peers in the btc ETF spot market only have custody in individual entities.
Spot btc ETF issuers and custodians
Meanwhile, Coinbase remains the predominant custody provider, serving eight of the 11 (8/11) applications. VanEck, Fidelity, and Hashdex are the only issuers that do not receive custody services from Coinbase. Coinbase's helm as the largest US-based exchange is probably why it is so popular among ETF issuers.
According to Nate Geraci, founder of ETFStore, more issuers could soon add more custodians. “I would be surprised if most of them don't have multiple custodians over the next quarter,” Geraci said, adding that this could help reduce custodian fees.
“I would be surprised if most of them don't have multiple custodians in the next quarter.”
ETF issuers talk to BitGo, Gemini, Kraken, etc. to act as secondary custodians of the btc Spot ETFs.
Diversifies risk and can reduce custody fees.
through @olgakharif @Yueqi_Yang pic.twitter.com/rCRQwhtp4b
– Nate Geraci (@NateGeraci) February 1, 2024
Meanwhile, recent developments indicate that BlackRock (IBIT), Fidelity (FBTC), Ark/21Shares (ARKB), and Bitwise (BITB) are the best-performing ETFs, with BlackRock leading the way.
All the new ETFs are doing well, but these 4 are doing very well. $GO, $FBTC, $ARKB, $BITB. https://t.co/pvnmU6U3DQ
-James Seyffart (@JSeyff) February 1, 2024
bitcoin Price Outlook with btc Trapped Below Critical Support
bitcoin price remains below the ascending trend line, with the Relative Strength Index (RSI) still moderate and moving horizontally. While its position at 53 and above the signal line is encouraging, the bulls must increase their purchasing power if they want to recover the market.
The Moving Average Convergence Divergence (MACD) and Awesome Oscillator (AO) are in positive territory, increasing the chances of the bullish potential being restored. The histogram bars of both indicators are also flashing green, adding credibility to the bullish assumption.
If the bulls increase buying momentum, bitcoin price could extend north, turning the ascending trend line into support above $43,750.
Further buyer momentum could see bitcoin price rise towards the $48,000 resistance level or, in very bullish cases, reach the $50,000 psychological level. This would constitute a 16% increase above current levels.
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TradingView: btc/USDT 1-Day Chart
Reverse case
On the other hand, if the bulls show weakness, the bears could take over the market. This could send bitcoin price to the $40,726 support level. A break below this buyer congestion level could see the decline extend to the 100-day SMA at $40,293.
If both levels do not hold as support, bitcoin price could fall to the demand zone between $38,496 and $39,895. A break of the midline of this order block at $39,196 could confirm the continuation of bitcoin's price decline, sending it to critical support at $37,800. Beyond here, the cliff could send btc to $30,000. A breakout and close below this level would invalidate the overall bullish outlook.
Large holders reducing profit booking could bode well for bitcoin price
Santiment's on-chain metrics show that large holders have reduced their profit taking. This is seen in the decline in whale transactions valued at $100,000 and more between January 17 and February 1. The same is true for the network's realized profits/losses and are accentuated by the recent decline in transaction volumes.
<img decoding="async" class="aligncenter wp-image-477484 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin Sentiment” width=”3840″ height=”1300″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024.png 3840w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024-300×102.png 300w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024-1024×347.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024-768×260.png 768w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024-1536×520.png 1536w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024-2048×693.png 2048w” data-lazy-sizes=”(max-width: 3840px) 100vw, 3840px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024.png”/>bitcoin–btc-14.04.03-02-Feb-2024.png” alt=”bitcoin Sentiment” width=”3840″ height=”1300″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024.png 3840w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024-300×102.png 300w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024-1024×347.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024-768×260.png 768w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024-1536×520.png 1536w, https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-Valkyrie-Pioneers-Bitcoin-ETF-Custody-Diversification-Adds”https://technicalterrence.com/crypto/bitcoin/”>bitcoin–btc-14.04.03-02-Feb-2024-2048×693.png 2048w” sizes=”(max-width: 3840px) 100vw, 3840px”/>
btc Santiment: count of whale transactions and profits/losses made on the network
Elsewhere, investors are rushing to take advantage of the 10x opportunity that analysts see in BTCMTX, the revolutionary bitcoin cloud mining project. It is one of the main options of analysts for the crypto-projects-top-picks-investing-future-calsona-qr6te” target=”_blank” rel=”noopener”>The best Web3 projects to buy in 2024.
Promising alternative to bitcoin
BTCMTX is possibly the most promising alternative to bitcoin. Powering the bitcoin Minetrix ecosystem, a cloud mining project that makes btc ownership a reality for everyone. It avoids all the hassles that come with traditional bitcoin mining, ensuring community members enjoy a safe and convenient mining experience.
Identify the distinctions between #BitcoinMinetrix and Conventional Cloud Mining!
Safety and security: #BTCMTX: Empower users with decentralized and marketable services. #records.
Conventional cloud mining: requires cash deposits. pic.twitter.com/hCkOD1UViF
—Bitcoinminetrix (@bitcoinminetrix) February 1, 2024
The project is in pre-sale and so far has more than 10.1 million dollars in sales. Investors can purchase BTCMTX now at rates as low as $0.0132 before the price increases in less than three days.
Great announcement! #BitcoinMinetrix has reached a phenomenal milestone, raising over $10,000,000! pic.twitter.com/toEsT1NvWv
—Bitcoinminetrix (@bitcoinminetrix) January 31, 2024
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Discover the #BTCMTX Community in #Telegram for updates on bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining.
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Join us on https://t.co/jjqYaqOtyv pic.twitter.com/SwvUuZgvdZ
—Bitcoinminetrix (@bitcoinminetrix) February 2, 2024
Visit bitcoin Minetrix to 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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