Bitcoin Price Prediction: As Grayscale’s daily net outflows exceed $1 billion, inflows into this Bitcoin derivative pre-sale are rapidly climbing to nearly $10 million.

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.

The Bitcoin cloud mining industry has become a hotbed for scammers who defraud unsuspecting newbies by promising cloud mining space and then walk away with the funds.

It is becoming increasingly expensive to get started with Bitcoin cloud mining as large mining operations enter the market and enterprise-sized budgets begin to emerge.

Bitcoin Minetrix addresses these issues head on with its innovative Bitcoin cloud mining platform. Through decentralization, the project lowers the barrier to entry for anyone who wants to start cloud mining and offers decentralized ownership of its Bitcoin cloud mining space.

To get started, all investors need to do is buy BTCMTX on the project’s website. The tokens are currently trading at $0.013 and can be purchased using Ether (ETH), Tether (USDT), or a bank card.

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.

Bitcoin Minetrix cleverly combines staking and mining to provide investors with a unique passive income opportunity. Not only does it open up Bitcoin cloud mining to the masses, it also allows investors to earn passive income in the form of Bitcoin. This has led to the project's pre-sale quickly gaining traction in the market.

If you are interested in investing in BTCMTX, there is no time to lose with only 23 hours left until the price goes up.

Click here to access and purchase Bitcoin Minetrix.

Related articles:
The latest and best memecoins to buy on January 24, 2024 - dogwifhat, Shiba Predator, 4Chan
Tornado Cash developers raise $350K for legal battle, backed by whistleblower Edward Snowden
5 Top Crypto Presale Opportunities for 2024: Most Anticipated Opportunities Revealed!
New Cryptocurrency Mining Platform - Bitcoin Minetrix
Rating
Coinsult Audit
Decentralized and secure cloud mining
Get free Bitcoin every day
The native token BTCMTX is currently in presale
Staking Rewards - Annualized Rate of Return of More Than 100%
learn more
Join our Telegram channel to get the latest news coverage.