Bitcoin Price Prediction: BTC Plunges 5%, but This Bitcoin Cloud Mining Presale Soars Towards $10 Million

adminJanuary 24, 2024

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Bitcoin price has been trading down 5% in the last 24 hours. $38.9K 8:19 AM EST.

This comes amid turbulence in the Bitcoin market as the Grayscale Bitcoin Trust (GBTC) witnessed a massive outflow of over $640 million yesterday, the largest single-day outflow for the trust. The incident resulted in a total outflow of $3.45 billion from GBTC since the BTC ETF was approved nearly two weeks ago.

Update: BlackRock’s numbers are #Bitcoin ETF CoinTurkey Derby. Third largest inflow day $GO It’s still at $272 million. The net outflow for the day was only -$76 million. https://t.co/ySE0edbz4c pic.twitter.com/RzgH6qn5Md
— James Seyff (@JSeyff) January 23, 2024

Bitcoin price prediction

A deeper analysis of the 2-hour BTC/USD chart shows that Bitcoin price is in a downward trend, as evidenced by a series of recent red candles.

The moving averages (MACD’s orange and blue lines) are trending downward, which usually confirms a bearish trend. The chart shows a near-term support level around $38.62K, testing the price. The next resistance level is near the $40.2K line, where the price had previously consolidated.

The 20-SMA (simple moving average) line between the Bollinger bands is above the current price, indicating bearish momentum. Prices below key moving averages indicate a lack of near-term strength.

Analyzing other indicators, the price is moving towards the lower Bollinger Band, which suggests that the asset may be oversold in the near term. Once the price reaches the lower band, traders can observe a potential bounce.

If you look at the relative strength index (RSI), you can see that it is moving around 26, which is close to oversold territory (below 30). This may mean the market is oversold and a reversal or decline may be possible.

However, the moving average convergence divergence (MACD) line is below the signal line and below the baseline, which is a bearish signal. The histogram shows an increase in bearish momentum with increasing size in the negative region. To support this, the Awesome Oscillator (AO) displays a red bar below the zero line, indicating selling pressure in the market. This reduces the prospect of withdrawal.

2-hour BTC/USD chart | Source: TradingView

Although volume cannot be directly determined, the large body of the red candle can suggest that the downtrend was accompanied by significant volume. This can be seen in the recent sell-off by whales, where approximately 70,000 Bitcoins have been sold over the past two weeks.

#Bitcoin About 70,000 whales were sold $BTC It was worth about $3 billion in the last two weeks! pic.twitter.com/1yaeIrmkRc
— Ali (@ali_charts) January 23, 2024

As Bitcoin price declines Bitcoin Minetrix It is emerging as an attractive alternative for investors seeking significant profits. Selling for just $0.013 per token, the Bitcoin Minetrix ICO has surpassed $9.1 million and is approaching its $9.9 million goal, with experts rating it as one of the best ICOs of all time. Best Presales of 2024.

a powerful alternative

that much Bitcoin Minetrix The project offers tokenized cloud mining. This method allows community members to participate in decentralized Bitcoin mining.

Many would-be miners have been frustrated by the high hardware prices and numerous scams associated with traditional Bitcoin mining. Bitcoin Minetrix solves these problems by protecting investors and reducing the difficulties of traditional mining, such as high power costs and large space requirements.

#Bitcoin Metrics Enables a cloud mining environment by integrating stake holdings and cloud mining.
Leading the way in tokenized cloud mining with a focus on transparency, autonomy, and security. #BTCMTX We do our best to provide you with a reliable route. $BTC Mining enthusiast. 🌐⚒️ pic.twitter.com/Mrxv0Hnrst
— Bitcoin Minetrix (@bitcoinminetrix) January 22, 2024

Bitcoin Minetrix’s Stake-to-Mine architecture allows users to participate in Bitcoin mining and receive Bitcoin (BTC) incentives by staking the project’s native token, BTCMTX, on the Ethereum network.

Analysts say Bitcoin price is perform So in the next few months This is due to the halving event scheduled for early April. andAccording to expert Jacob Bury, this could help BTCMTX register a 10-fold increase since its debut.

Visit Bitcoin Minetrix here..