Bitcoin prices rose 3.8% to $39,875 per coin in the past 24 hours, and trading volume increased 6.7% to $31.8 billion. The surge in price and trading activity came as more clarity about the new ETF manager’s Bitcoin holdings arrived.
Blackstone’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC have been leading the way, with each fund having accumulated more than 30,000 bitcoins, pushing their assets under management to more than $1 billion.
As of January 23, new ETF holdings have reached a staggering 109,221 bitcoins, excluding Grayscale’s conversion to the GBTC fund. The total holdings of U.S. Bitcoin ETFs now exceed 638,900 bitcoins, equivalent to approximately $26.8 billion.
Since the launch of the ETF, the price of Bitcoin has performed relatively conservatively. The market seems to still be trying to digest this new information and determine its impact.
Bitcoin prices have been in a downtrend over the past few weeks, erasing some of the profits from the bull run in the late fourth quarter of 2023. However, the bull run seems to have found support soon after encountering a support level obstacle, quickly rebounding and pushing the price higher, forming a descending wedge pattern.
Despite the bullish performance, the 50 and 200 Simple Moving Averages (SMA) on the 4-hour chart remain hurdles that the bulls must overcome. The Relative Strength Index (RSI) showed a rebound from the oversold region of 30, rising to 42, close to the midline level of 50.
The falling wedge pattern may provide a little help for Bitcoin bull investors to overcome the resistance level that looks like $44,690, which may confirm the bull run in the coming weeks. However, if the bears continue to put pressure on the price, the price may fall to $35,690. This support level indicates that another potential double bottom pattern may occur, which traders often regard as a signal of a bull trend reversal and expect to recapture the previous high of $49,102.
The Bitcoin Minetrix (BTCMTX) presale has raised over $9.1 million, close to its $9.9 million goal. You can join other investors and buy BTCMTX tokens at $0.013, with about 41 hours left before the price goes up.
Bitcoin Minetrix is a cloud mining platform that gives users full control over their mining activities. Through the staking feature, it enables you to participate in decentralized Bitcoin mining and protect yourself from third-party cloud mining platform scams.
You can get rewards through the equity mining pool and get an annual yield of 72%. Currently, more than 581 million tokens have been pledged.
To purchase BTCMTX tokens, visit the BTCMTX website, connect your digital wallet, and exchange ETH or USDT for BTCMTX tokens. You can also purchase directly with a bank card.
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