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The price of Bitcoin has plummeted 5% over the past seven days as the king of cryptocurrencies trades. $41.5K 2 AM EST.
This comes as spot Bitcoin ETFs recently approved in the U.S. have cumulatively attracted close to $4 billion in assets. The nine officially approved spot Bitcoin exchange-traded funds (ETFs) currently hold 95,000 Bitcoins.
Latest: Nevertheless $GBTC After seeing outflows of -$590m on Friday, The Nine trumped them with +$623m (third-best day). $GO & $FBTC Both over $200 million $BTCO & $HODL It was my best performance so far. TOT NET FLOWS recorded +$1.2 billion, with Nine’s AUM reaching $4 billion compared to GBTC’s -$2.8 billion, bringing its AUM share to 14%. pic.twitter.com/nB57H8Ro8s
— Eric Balchunas (@EricBalchunas) January 20, 2024
As can be seen from our in-depth analysis of the 2-hour BTC/USD chart, Bitcoin price is currently in a consolidation period. This is revealed by Bollinger Bands. This indicates a period of consolidation with no clear trend, with price fluctuations within the upper and lower bands. Narrower bands can mean lower near-term market volatility.
On the other hand, the Relative Strength Index (RSI) is hovering around the 50 level, indicating a neutral market without significant buying or selling pressure. Now, with the Bitcoin price sterling within the range, the RSI reading shows around 46.78.
Bitcoin price shows bearish momentum
The Moving Average Convergence Divergence (MACD) line (blue) is below the signal line (orange), and the histogram decreases in size back toward the zero line. This suggests bearish momentum in the Bitcoin price.
Lastly, the Average Directional Index (ADX) is below 20, which generally indicates a weak or no trend in the market. This supports the consolidation pattern observed in the Bollinger Bands.
1-hour BTC/USD chart | Source: TradingView
Meanwhile, as the Bitcoin community focuses its attention on the upcoming halving event, a compelling alternative is Bitcoin Minetrix’s BTCMTX token. Top Presale Picks for 2024.
an attractive alternative
BTCMTX is the native token of: Bitcoin Minetrix The ecosystem is a project that introduces a tokenized cloud mining infrastructure to enable community members to participate in decentralized Bitcoin mining.
#Bitcoin Metrics It is a cutting-edge cloud mining platform that allows users to participate in decentralized mining. $BTC mining.
It gives users full command over their mining activities by eradicating the risks associated with third-party cloud mining scams. 🔒 pic.twitter.com/MWZnuafYih
— Bitcoin Minetrix (@bitcoinminetrix) January 18, 2024
Bitcoin Minetrix It also protects investors from scams and skyrocketing hardware costs that previously discouraged many people from participating in Bitcoin mining. It also provides solutions to traditional mining challenges such as high energy costs, space requirements and other related issues.
Pre-sale success
In its ongoing pre-sale, Bitcoin Minetrix just surpassed $9 million. This demonstrates the outstanding confidence of investors in the project as it reaches its target of $9.9 million.
analysts predict The bullish outlook for Bitcoin is fueled in part by the halving scheduled for around April. BTCMTX is well-positioned to capitalize on this, with analyst Jacob Bury identifying the token as one of the top three presales for 2024.
Visit Bitcoin Minetrix here to purchase..
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