Bitcoin Price Meets Crucial Support as Traders Transition Into Mining Projects Ahead of Block Halving In 95 Days
Bitcoin is now down by a considerable 8% this week as the number-one-ranked cryptocurrency crashes into support at $42,600.
The cryptocurrency is now trading at crucial support around $41,500 and would need to defend this level to prevent further declines beneath $40,000.
With the hype behind the Bitcoin spot ETF behind us, it seems traders are starting to turn their attention to the next event – the Bitcoin block halving.
With the halving just 100 days away, traders are looking for alpha within the market that can directly benefit from the event.
In particular, Bitcoin Minetrix ($BTCMTX) seems to be leading in the space as it seeks to revolutionize cloud mining.
What you'll learn 👉
Bitcoin Pullsback Following Spot ETF Approval – Will The Crucial Support Hold?
Bitcoin has pulled back by a steep 13% from its highs following the Bitcoin spot ETF approval from the SEC.
The cryptocurrency had been bullish since October as traders positioned themselves ahead of the monumental event, driving prices as high as $45,000 before the announcement.
Following the announcement, Bitcoin briefly spiked as high as $49,000 but quickly reversed its bullish move and started heading lower.
It has since landed in crucial support at $41,715 and must defend this level to prevent further declines toward $40,000;
Looking ahead, the first support lies at $42,050 – provided by the Jan 2021 highs. This is followed by support at $41,7151 and $41,000.
If the bears continue beneath $41,000, support is found at $40,000, $39,500 (early-June highs), $38,000, and $37,190 (March 2022 lows).
On the other side, resistance is first located at $43,450 (20-day MA). This is followed by $44,000, $4,750 (Feb 22’ resistance), and $46,000.
Traders Start to Transition Into the Mining Ecosystem Ahead of Block Halving
The narrative in the Bitcoin market is now shifting toward the Bitcoin block halving, estimated to be just 95 days away.
Every Bitcoin block halving has been the precursor to the next bullish cycle, and traders are now trying to get positioned ahead of time to benefit the most from the bullish sentiment.
The next block halving is scheduled to take place at a block height of 740,000. In this halving, the block reward will fall from 6.25 $BTC per block to 3.125 $BTC per block.
As a result, miners will earn 50% less income from their activities, and the inflow of newly minted Bitcoin will be reduced.
What Mining Projects Are Worth The Investment?
As the Bitcoin block halving directly impacts miners, traders are starting to turn their attention to mining-related projects that will be directly affected by the event.
In particular, Bitcoin MInetrix ($BTCMTX) is gaining momentum ahead of the block halving as it seeks to revolutionize the cloud mining sector to make it more competitive.
With a novel stake-to-mine concept and a brilliant mining facility, $BTXMTX could be one of the stand-out tokens in the coming bullish halving-related cycle.
Bitcoin MInetrix Impresses After Raising $8.7 Million in Building Presale
Bitcoin Minetrix ($BTCMTX) continues to impress after raising a whopping $8.7 million in its presale.
The project seeks to recolonize the cloud mining sector through its novel stake-to-mine concept, which makes it easier for everyday users to mine Bitcoin.
Cloud mining isn’t new to crypto. It allows users to mine Bitcoin without buying or maintaining expensive hardware. Instead, the hashing power can be rented from a dedicated mining center.
However, today’s cloud mining options are centralized, leading to long-term contract commitments with miners often short-changed on their earnings.
Bitcoin Minetrix seeks to change this by tokenizing the sector.
Users have to buy and stake $BTCMTX tokens to earn Mining Credits, which can be burnt in exchange for mining time.
As smart contracts handle all user allocations, miners can be sure they’re not left short on their expected earnings. Furthermore, tokenization means miners are in complete control of their funds throughout the entire process.
With the next bitcoin halving set to put many mining companies out of business, Bitcoin Minetrix is decentralizing the environment, creating a route for everybody to start mining crypto easily.
Those interested in becoming early adopters of $BTCMTX can purchase the token on presale for $0.0129.
Overall, given its impressive fundraising, it’s clear investors are touting $BTCMTX as a disruptive force in the space, with a potential 10x return on the table.
Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
