The bitcoin price has risen nearly 1% in the past 24 hours, but has fallen 5% in the past week and is currently trading at $66,409 as of 05:22 am EST.
Analyst Ari Martinez told his 56K followers in one of his posts on X that the 200-day exponential moving average (EMA) continues to hold, providing strong support for the Bitcoin price. If it breaks, the downward momentum in the Bitcoin price could be extended, as happened in mid-January.
The 200EMA on the four-hour Bitcoin chart has been a strong support, preventing Bitcoin from falling further since early February.
So I'm very concerned about this level because if it holds, it will guarantee a rebound, but if it's like...
Tweet by Ali (@ali_charts) on April 2, 2014
The price of Bitcoin fell, and the BTC relative strength index (RSI) was below the "50" moving average, showing that the upward momentum of the price of Bitcoin was almost zero.
The last time this happened was in the last week of January, when inflows into the spot HTC exchange-traded fund (ETF) started to surge. At the time, the price of Bitcoin was around $41,800.
NEW: Bitcoin RSI is below 50 again, having returned to levels seen before Bitcoin hit $41,800, just before ETF inflows really took off! Get ready for the next wave up!
Bitcoin Archive (@BTC_Archive) tweeted on April 2, 2024.
Meanwhile, all eyes remain on the Bitcoin halving, which is now more than two weeks away. Amid this optimism, BTC ETF inflows have started to show positive momentum again after a long period of slowdown, contributing to the decline in Bitcoin prices.
Latest News: Weekly ETF inflows are positive again!
This is a very promising sign after last week's outflows.
Don't be fooled by small shocks, the overall situation remains the same.
Six Figures in Bitcoin are Coming!!!
Kyle Chassé (@kyle_chasse) tweeted on April 2, 2024.
Amid the positive impact of ETF inflows, it has been reported that a Bitcoin ETF may be integrated onto the UBS platform. The company manages up to $3.5 trillion in assets.
Update: Sources say the Bitcoin ETF will be added to the UBS platform and made widely available next week.
– Removed from PWM isolation.
– Removed 'no request' order restriction.
– UBS manages $3.5 trillion in global wealth management assets.
Andrew (@AP_Abacus) tweeted on April 2, 2024.
The integration of a Bitcoin ETF would mark a major shift in traditional finance as it points to greater adoption of Bitcoin and cryptocurrencies among the wealthy.
Since the approval of multiple spot Bitcoin ETFs in January, the cryptocurrency adoption curve has steepened, with large investors gravitating toward the appeal of cryptocurrencies.
@CryptoMichNL, an analyst on X, said that the consolidation of Bitcoin price and reaching a high before the halving are "two important factors. I don't think we will see new all-time highs before the halving."
Bitcoin consolidation and Bitcoin halving.
Two important factors, I don’t think we will see new all-time highs before the halving.
If Bitcoin drops further during the summer, I will be happy to buy at $56,000-60,000.
Now is the time for alternative coins.
Michaël van de Poppe (@CryptoMichNL) tweeted on April 3, 2024.
In the context of Bitcoin price growth, there are conflicting views on the next few days for BTC price. However, history and experience tell us that sentiment is usually the best indicator. In volatile markets, the best signal for sentiment is a retracement.
With the 200EMA supporting Bitcoin price, the latest retracement could be setting the stage for a pre-halving rally. But there is a caveat! Bitcoin price must first flip the $69,000 barrier into support on the daily timeframe and remain stable above it. This would be the first sign that new all-time highs are imminent.
Such a move will encourage more buy orders, especially from risk-averse traders who are waiting for a safer entry point.
Not buying yet...
Ran Neuner (@cryptomanran) tweeted on April 2, 2024.
The subsequent buying pressure could push the Bitcoin price higher further, enough to recapture the high of $73,777. In an extremely bullish scenario, the Bitcoin price could continue to climb higher, setting new highs above $74,000.
TradingView: BTC/USDT 1-day chart
On the other hand, the RSI is making lower lows while Bitcoin price is making higher lows. Analysts interpret this as a hidden bearish divergence. If it executes, Bitcoin price could confirm the loss of the 200-day EMA support at $65,570, breaking out of the upper boundary of the ruling chart pattern.
Such a move could allow Bitcoin price to offer another buying opportunity around $60,800.
Meanwhile, experts are also keeping an eye on BTCMTX, a bitcoin derivative that analysts say has the potential to yield 10x gains when it launches.
Analysts also rank it as one of the low-priced cryptocurrencies with great potential.
Before the Bitcoin halving, BTCMTX was seen as the most promising Bitcoin alternative. It is the power token of the Bitcoin Minetrix ecosystem, a cloud mining project that enables ordinary people to own Bitcoin.
#BitcoinMinetrix introduces a tokenized cloud mining platform that allows ordinary people to participate in decentralized $BTC mining.
Effectively eliminate the risk of third-party cloud mining scams and gain full control over operations.
Bitcoinminetrix (@bitcoinminetrix) tweeted on April 2, 2024.
The project operates as a tokenized cloud mining platform where community members can mine Bitcoin in a decentralized manner.
#BTCMTX provides a reliable cloud mining solution designed for all # cryptocurrency enthusiasts.
Concerns about hardware and scams have put many people off in the past.
This decentralized approach guarantees a clear and secure mining experience.
Bitcoinminetrix (@bitcoinminetrix) tweeted on April 1, 2024.
Bitcoin Minetrix is currently in its pre-sale phase, allowing interested investors to purchase BTCMTX tokens at a price of $0.0144.
Only 3 days left until the end of Phase 35 of the #BitcoinMinetrix! ⏳
Do you think government regulation has a significant impact on # Bitcoin mining? ️
Bitcoinminetrix (@bitcoinminetrix) tweeted on April 2, 2024.
Pre-sale sales have reached $12.8 million so far, with a goal of $13.7 million.
# Iceland faces a unique dilemma: balancing Bitcoin mining while maintaining food sustainability.
PM @katrinjak highlights the crossroads this country is at.
How Iceland is using renewable energy for mining while ensuring food self-sufficiency
#BitcoinMinetrix has achieved…
Bitcoinminetrix (@bitcoinminetrix) tweeted on March 26, 2024.
Token holders can stake their holdings to earn mining points, which can then be redeemed for mining power.
Visit and buy BTCMTX here.
besides:
How to Buy Bitcoin Minetrix During Presale - Alessandro De Crypto Video Review
Only a few hours left in Bitcoin Minetrix presale: last chance before price surges
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New Cryptocurrency Mining Platform - Bitcoin Minetrix
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