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Bitcoin price fell 3.4% in the last 24 hours. Traded for $41,475 As of 11:05 PM ET, daily trading volume had increased 43% to $27 billion.
This drop in BTC price comes as JP Morgan warned that the value of Bitcoin could continue to decline in the coming weeks if investors in the Grayscale Bitcoin Trust (GBTC) continue to sell their holdings.
JP Morgan said that GBTC’s profit taking could put the Bitcoin price under further pressure.#Bitcoin #BTC #tapuio #CryptoNews pic.twitter.com/RiZ2oG84Gn
– tafou.io (@tafouio) January 18, 2024
Investors in GBTC have been cashing out since the Bitcoin ETF was approved last week, moving into new funds with lower fees or holding BTC itself.
If JP Morgan’s estimate of Grayscale selling $3 billion worth of Bitcoin turns out to be accurate, an additional $1.5 billion could be ready to leave Bitcoin.
Bitcoin price bulls expect bounce from $36,392
The Bitcoin price uptrend was rejected near the $49,000 level, allowing bears to apply downward pressure, which pushed the price lower and crossed the lower limit of the rising channel.
The price also fell below the 50-day simple moving average (SMA), which coincides with the lower border of the channel. However, it remained above the 200-day SMA, indicating a possible bounce, and the SMA cross was supported at $28,500, confirming bullish momentum.
The relative strength index (RSI) is also trading below the 50 neutral line, indicating strong selling pressure.
Bitcoin price in decline
Bitcoin price is falling. If the momentum continues, the price could reach the $36,392 level, which is distance X of the rising channel. This level indicates a double bottom pattern, with bulls expected to push the price higher to recover the previous high of $49,000..
The downward trend is a good opportunity for investors to add more BTC to their portfolio. But some investors looking for other ways to participate in this tricky market are jumping into Bitcoin Minetrix. The token in question, BTCMTX, is expected to explode when it is listed on exchanges this year.
Bitcoin Minetrix (BTCMTX) presale goal is approaching $9.5 million, with over $8.8 million already secured.
that much Bitcoin Minetrix (BTCMTX) The pre-sale price exceeded $8. $8 million has been raised, racing toward a $9.5 million goal. But the current price only has 47 hours left. Increased by $0.0129.
great achievement #Bitcoin Metrics!
Exceeded $8,600,000! 🌐 pic.twitter.com/r3i9wdtSbg
— Bitcoin Minetrix (@bitcoinminetrix) January 17, 2024
Bitcoin Minetrix is a cloud mining platform that allows users to participate in decentralized Bitcoin mining. Through the Stake-to-Mine feature, It gives users complete control over their mining activities.
This platform helps users avoid being scammed by third-party cloud mining platforms.
To mine on the BTCMTX platform, you will need an Ethereum-compatible wallet like MetaMask to purchase and stake BTCMTX tokens.
Explore the benefits #BTC Cloud Mining!
🚀 Beginner-friendly experience: No technical expertise required.
💸 Budget-friendly: Avoid high electricity and hardware costs.
🌐 Say goodbye to space constraints, noise and heat disturbances.
🔄 Forget about reselling! pic.twitter.com/MlwYKwoKLa— Bitcoin Minetrix (@bitcoinminetrix) January 13, 2024
Buy BTCMTX now and win $3000 in Minedrop competition
We operate a platform. $30,000 Mind Drop Airdrop Contest Since its founding. To participate in the airdrop, you must purchase BTCMTX tokens. You have a chance to be one of 10 lucky winners to win $3000.
Additionally, by staking tokens you can also earn rewards with payouts based on your percentage of stake in the staking pool and a 74% annual salary return. Currently, over 560 million tokens have already been staked.
Zach Humphries, a cryptocurrency analyst on YouTube with over 123,000 subscribers, introduced BTCMTX in a recent video. He explains the benefits of leveraging the stake-to-mine feature and emphasizes that the best way to reap the benefits is to purchase the pre-sale early.
To participate in the pre-sale BTCMTX website, connect your digital wallet and exchange ETH or USDT for BTCMTX tokens. You can also make direct purchases using your bank card.
Related news
A new cryptocurrency mining platform – Bitcoin Minetrix
- Thanks to Coinsult
- Decentralized, secure cloud mining
- Get free Bitcoin every day
- Native token currently in pre-sale – BTCMTX
- Staking Rewards – APY 100% or more
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