Bitcoin prices have risen slightly over the past 24 hours, trading at $39,940.67 as of 11:55 p.m. EST, as investors begin to gradually buy back into the cryptocurrency.
Investors are struggling to keep Bitcoin prices above $40,000 in the face of intense selling pressure from Grayscale Bitcoin Trust (GBTC), which moved 19,000 Bitcoins from its publicly known wallets on Wednesday morning, according to Arkham data.
GBTC’s total outflows have reached nearly 113,000 BTC since the ETF began trading on January 11. These rapid transfers have also impacted Grayscale’s AUM, which has fallen by more than $1 billion per day this week.
Bitcoin price has rebounded from the lower boundary of the descending channel in the past 24 hours. Therefore, the leading cryptocurrency is trading near the middle level of the channel and could break above the upper boundary in the next 24 hours.
Traders may view the close above the channel on the 4-hour candlestick chart as a bullish sign, which could lead to a surge in buying. This could push the price above the $42,450 resistance level and pave the way for Bitcoin to rise to highs of $44,430.
If the cryptocurrency fails to establish a position above $40,000 by the end of today, it may invalidate the bullish thesis. In this alternative scenario, Bitcoin price may face the risk of a retracement to the $38,000 support level.
Technical indicators on BTC’s 4-hour chart suggest that Bitcoin price is currently in a short-term bullish trend, but bulls are losing strength. The relative strength index (RSI) is approaching its simple moving average (SMA). Traders often view this technical phenomenon as an early sign of increasing seller power against buyers. If the RSI crosses below the SMA line, it could be further confirmation that bears have the upper hand.
Despite the weakening of buying power, Bitcoin price is still in a bullish cycle. This can be judged by the RSI indicator, which is above the SMA line. The Moving Average Convergence/Divergence (MACD) indicator also shows that BTC is in a positive cycle, as the MACD is above the MACD signal line. However, the MACD line is also approaching the MACD signal line. A crossover of these two lines in the next 24 hours could signal a bearish reversal of BTC's bullish trend.
As bulls battle it out with bears on Bitcoin’s price chart, Bitcoin Minetrix continues to maintain its positive momentum as its presale looks set to cross the $10 million threshold.
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After the purchase, investors need to stake their BTCMTX tokens in exchange for “gas” tokens. Finally, these tokens need to be destroyed before investors can obtain a share of ownership in Bitcoin Minetrix’s cloud mining power.
Until now, the main passive income opportunities in the cryptocurrency space have been staking and mining. However, the average staking annual return can fluctuate between 3% and 5%, and projects with higher staking rewards often contain uncomfortable risks.
On the other hand, cryptocurrency mining is gradually being phased out as the industry transitions from proof-of-work to more environmentally friendly alternatives.
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New Cryptocurrency Mining Platform - Bitcoin Minetrix
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The native token BTCMTX is currently in presale
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