Green Bitcoin prices surged 21% in the past 24 hours and were trading at $1.4011 at 8:35 a.m. ET as investors remain optimistic about the recently launched cryptocurrency.
The price increase occurred just five days after GBTC was listed on decentralized exchange Uniswap.
Bitcoin price in green may bounce off support
GBTC/USDT 1-hour chart (Source: TradingView)
Green Bitcoin price has broken above a short-term ascending trendline present on the 1-hour chart in the past few hours. However, the cryptocurrency still has a strong support at $1.3356 acting as a safety net. A break below this critical point could send GBTC down to $1.0399 in the next 12 hours.
This bearish view might be negated if the green bitcoin price manages to rise back above the mentioned uptrend line within the next 6 hours. In this alternative scenario, the altcoin is likely to try to flip the $1.6978 barrier into support. If the 1-hour candle chart closes above this threshold, it might pave the way for GBTC to rise to $2.2168 in the near term.
Technical indicators on GBTC’s 1-hour chart show that the altcoin has recently entered a short-term bearish cycle. In addition to this, sellers also appear to be gaining strength.
In the past few hours, the MACD line has crossed above the MACD signal line, which indicates that the green Bitcoin price has started a new negative cycle. Meanwhile, the Relative Strength Index (RSI) is crossing below its Simple Moving Average (SMA) line. Traders tend to view this as a sign that the strength of the bears is greater than that of the bulls.
Green Bitcoin Price May Soon Enter Another Upward Phase
The bearish signal from short-term technical indicators on the GBTC chart could simply be profit-taking activity by traders taking advantage of the altcoin’s recent rally. It could also be a move to increase liquidity in preparation for the cryptocurrency’s next leg up.
Green Bitcoin’s listing is a great example of a strong rebound that can occur after a steep correction. Within hours of listing, GBTC’s price plummeted from an opening price of $1.5548 to a low of $0.5233.
This drop in the value of altcoins is likely due to some speculative traders seeking quick profits. The sell-off of GBTC prompted these traders to take immediate profits, while value investors chose to stay and gradually and steadily push prices higher.
Traders and investors will be keeping a close eye on the RSI indicator on the hourly chart of GBTC as it approaches oversold territory. Considering that the upside potential for this altcoin is far greater than the downside potential, this could soon be seen as a buy signal. This would ignite a further rally in the green Bitcoin price to unprecedented heights.
The upcoming Bitcoin halving event could also lead investors toward derivatives of the leading cryptocurrency like GBTC, triggering a wave of buying activity.
Bitcoin Minetrix, with its innovative cloud mining platform, could be one of the beneficiaries of this potential capital inflow after the halving, which analysts say could lead to 10x gains in the coming months.
Miners will have to close up shop and find another way to mine the market leader, Bitcoin. With its decentralized staking mining platform, Bitcoin Minetrix could become the preferred choice for these small operators.
Investors may also flock to Bitcoin Minetrix to build a passive income stream paid in BTC. This will become very valuable after the halving when it will be difficult to acquire new coins, especially if there is high demand through spot Bitcoin ETFs (Exchange Traded Funds).
To start earning BTC, all investors need to do is buy the project’s BTCMTX tokens. Once purchased, these tokens will need to be staked in exchange for gas rewards.
These gas rewards must then be burned to claim a portion of Bitcoin Minetrix’s cloud mining power. Given BTCMTX’s central role in the entire ecosystem, investors flocking to Bitcoin Minetrix will have a strong positive impact on the token’s value.
Investors continue to pour money into BTCMTX’s presale
Bitcoin Minetrix just surpassed $13 million in funding in its presale, and investors have high hopes for the alternative coin’s prospects.
With Bitcoin halving around the corner, mining companies are preparing for changes!
From @MarathonDH to @RiotPlatforms, keep an eye on how they prepare for the transition.
Who do you think will thrive after the halving? ️
#BitcoinMinetrix has just successfully raised more than…
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– Bitcoinminetrix (@bitcoinminetrix)
April 10, 2024
BTCMTX is priced at just $0.0146 and can be purchased on the project’s website using ETH, USDT, BNB, MATIC or a bank card. Investors should hurry because in less than 5 days, the token’s price will rise.
Buy and stake BTCMTX here to earn 54% annualized yield
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