Bitcoin dropped by a small 5% this week, dragging the price back into the support provided by the January 2021 highs.
The short-term price drop is primarily attributed to low volume levels during the holiday season, with many experts anticipating the Bitcoin spot ETF approval narrative to push $BTC beyond $50,000.
Meanwhile, a newly emerging decentralized $BTC mining platform is turning heads as it seeks to overhaul cloud mining ahead of the next Bitcoin block halving.
The Bitcoin Minetrix ($BTCMTX) stake-to-mine ecosystem has raised a staggering $6.2 million in its presale, with investors continuing to pile in.
What you'll learn 👉
Bitcoin Falls 5% From Last Week’s High But Finds Support at Jan 2021 Highs.
Bitcoin dropped by a small 5% from the highs set at $44,400 last Friday to fall into the $42,050 support provided by the January 2021 high. The 20-day MA further strengthened the support in the area.
The cryptocurrency has now officially double-topped at the $44,000 level and has established a short-term range between $44,000 and $40,000.
The market would need to break out of this established range to dictate the next direction, with experts believing the most likely outcome is an upside break as the SEC Bitcoin spot ETF approval draws closer.
Looking ahead, the first level of support beneath $42,000 lies at $40,170 – provided by the 50-day EMA and a .236 Fib Retracement. This is immediately followed by support at $40,000.
Beneath $40,000, added support lies at $39,500, $38,000, $37,300 (.382 Fib), $36,000, and $35,000 (100-day EMA).
On the other side, the first level of strong resistance now lies at $44,000. This is followed by resistance at $44,750 (Feb 22′ resistance), $46,730 (1.618 Fib Extension), $48,280 (2022 highs), and $50,000.
It is important to note that the RSI is heading lower, indicating the bullish momentum is fading.
What Other Tokens Are Traders Expecting to Pump Next?
As Bitcoin starts its pullback, traders are beginning to turn their attention to alternative projects that can provide considerably higher returns.
In particular, Bitcoin Minetrix ($BTCMTX) continues to turn heads after raising an incredible $6.2 million in its presale.
The project seeks to transform Bitcoin cloud mining through a stake-to-mine ecosystem ahead of the next block halving, and investors are backing it as a potential 50x project for 2024.
Bitcoin Minetrix Raises $6.2 Million as Investors Rush to Stake-to-Mine.
Bitcoin Minetrix ($BTCMTX) has raised an impressive $6.2 million in its presale, demonstrating the building popularity behind the project.
Bitcoin Minetrix introduces a novel stake-to-mine concept that opens up Bitcoin cloud mining to everyday users.
Cloud mining isn’t a new concept in crypto. It allows users to rent hashing power from a mining center to mine Bitcoin without paying expensive hardware fees or equipment maintenance.
However, the premise that sets Bitcoin Minetrix apart from centralized services is that the stake-to-mine concept removes the prominent scams in traditional centralized cloud-based mining solutions.
Instead of locking users into long-term contracts, Bitcoin Minetrix uses a tokenized staking system that ensures users are in control of their funds throughout the entire process.
Miners simply have to buy and stake $BTCMTX to start earning Mining Credits, which can be burnt in exchange for mining time on the decentralized service.
Furthermore, as smart contracts automatically verify user allocations to provide mining rewards, miners can be sure that they’re not being short-changed on their earnings.
Stake-to-Mine Provides Double Earnings – Invest Today
The presale continues to quickly gather momentum as it sails through each stage.
One important thing to mention is that the stake-to-mine concept doubles holders’ earning potential as it combines staking and mining.
Therefore, participants earn $BTC mining rewards while earning an impressive 99% APY on their staking.
The presale provides a fantastic opportunity to invest in this newly emerging project at the lowest prices possible.
Many investors are anticipating 50x returns by the time of the next Bitcoin block halving event.
The presale uses a rising presale strategy, so those getting positioned earlier benefit the most from the lower entry cost.
The current price of $BTCMTX is set at $0.124. However, the price is expected to rise in the coming days.
Overall, $BTCMTX is the perfect way to set your portfolio up for explosive growth in 2024, with the Bitcoin block halving narrative expected to ignite markets following the SEC ETF approval.
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