Bitcoin prices have fallen more than 31% in the past 24 hours and are currently trading at $61,403.30 as of 1:50 a.m. ET as investors sell off their holdings ahead of the market leader.
Despite BTC’s recent fall below the crucial $60,000 mark, some traders remain optimistic about the king of cryptocurrencies. “Many expected a big drop in price, but I don’t think so,” a pseudonymous analyst named Moustache told his 114,500 followers on April 16. According to the analyst, BTC has already recaptured a key level.
When this happened in 2012, 2016, and 2020, the price of Bitcoin rose. However, there is a major difference that this year’s technical event occurred before the halving. In previous cases, BTC only recaptured this level after the historical event.
Bitcoin price forms a bearish channel
BTC/USDT 4-hour chart (Source: TradingView)
Over the past few days, bitcoin price has formed a medium-term descending price channel, printing a series of lower lows and lower highs. Recently, the market leader rebounded from the $60,325.83 support level in the past 24 hours and is currently attempting to flip the $61,860.81 resistance into support.
If BTC closes a 4-hour candlestick above this threshold within the next 12 hours, the cryptocurrency may have the necessary foundation to attempt to break out of the bearish channel it is currently trapped in.
The upper boundary of the channel also coincides with the main resistance level of $63,301.31. Therefore, if the 4-hour candlestick closes above $63,301.31, it could result in a bullish reversal in the negative trend for BTC.
If the buying pressure persists, bitcoin price might continue to climb higher to try to challenge the $65,104.05 barrier and if buying persists, it could rise to $66,263.84 in the near term.
This bullish view may be invalidated if BTC is rejected by the $61,860.81 resistance in the next 12 hours. Traders may continue to reduce their positions in the market leader, which may cause the Bitcoin price to lose the immediate support of $60,325.83. Sustained selling pressure may put the cryptocurrency at risk of falling to $58,382.47 in the coming days.
Sellers begin to regain control of Bitcoin prices
Technical indicators on BTC’s 4-hour chart are showing some mixed signals. On the one hand, BTC is trying to enter a new bullish trend. At the same time, buyers appear to be losing strength after they had the upper hand recently.
With the Moving Average Convergence Divergence (MACD) line rising above the MACD Signal Line, traders appear to be doing their best to push BTC into a more positive trend.
However, bears are beginning to reenter BTC’s chart, as evidenced by the relative strength index (RSI) breaking down towards its simple moving average (SMA) line. A bullish reversal would be confirmed if the MACD line crosses above the MACD signal line.
Conversely, if the RSI dips below the SMA, it could signal a continuation of the negative trend that has formed a descending price channel.
As the halving approaches, traders, investors, and major industry players are adjusting to the impact of the event. This could be one of the main reasons why the price of Bitcoin has fallen over the past few days as miners sold some of their holdings in response to the reduction in rewards.
Small mining operators will be hardest hit due to reduced revenue, which may force them to shut down their operations. However, they can still earn mining rewards through Bitcoin Minetrix and its innovative cloud mining platform.
Easily Earn Bitcoin After Halving
Through the holding mining model, Bitcoin Minetrix makes earning Bitcoin mining rewards as simple as holding ERC-20 tokens. All investors need to do is purchase the project's BTCMTX tokens and hold the newly purchased tokens to receive "gas" rewards.
Finally, investors need to burn gas rewards in order to gain a stake in Bitcoin Minetrix’s cloud mining power and start earning money.
Small mining operators who have had to shut down operations due to reduced revenue may seek out Bitcoin Minetrix as an alternative and more affordable source of income.
In addition, the platform’s team is responsible for the day-to-day operation and maintenance of the equipment, allowing investors to sit back and reap the benefits.
In addition, investors can hold BTCMTX tokens and obtain an annualized yield of 54%.
Investors rush to buy BTCMTX before presale ends
The successful pre-sale of Bitcoin Minetrix has raised over $13 million and is about to enter its final stages. Given the increasing demand from spot Bitcoin ETFs (Exchange Traded Funds) and the supply reduction brought about by the halving, analysts predict that Bitcoin will rise significantly in the coming months.
This is an almost perfect backdrop for Bitcoin derivatives like Bitcoin Minetrix. The price of BTCMTX tokens is $0.0147 per coin, but the price will rise in about two days.
Buy BTCMTX on the official website.
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