Bitcoin is starting the year on a solid front after surging by an impressive 7% over the past 24 hours.
The move higher allowed Bitcoin to set fresh highs above the 2023 peak as it looks to reclaim $50,000 next.
The primary driving force behind the breakout is the highly anticipated Bitcoin ETF approval, which is expected sometime next week.
Meanwhile, a newly emerging decentralized mining platform is also rising as investors rush to the stake-to-mine rewards ahead of the next Bitcoin block halving.
What you'll learn 👉
Bitcoin Kicks Off the New Year With Fireworks – $50K Incoming?
Bitcoin has started the year with fireworks after breaking the December 2023 consolidation phase and setting fresh highs above the 2023 peak.
Bitcoin had been trading inside an ascending triangle pattern, struggling to break the Feb 2022 resistance around $44,750.
The cryptocurrency has since pushed above the level today, allowing it to set fresh yearly highs.
The move has traders anticipating how quickly it will surge to $50K next.
Looking ahead, the first resistance is expected at $46,735 (1.618 Fib Extension). This is followed by resistance at the 2022 highs, around $48,280.
Beyond the 2022 highs, resistance is expected at $50,000, $51,550, and $52,900.
On the other side, the first level of strong support lies at $44,750. This is followed by support at $43,450, $42,000, and $40,000.
Why Is Bitcoin So Bullish?
The momentum behind Bitcoin remains incredibly bullish as traders prepare themselves for the highly anticipated Bitcoin ETF approval by the SEC.
The crypto markets have been waiting for the January 10th deadline as they anticipate introducing institutional-compliant Bitcoin spot trading vehicles on US markets.
The narrative has been driving markets higher since early October and is starting to reach its final stages as the deadline is approved.
Today’s sudden surge resulted from a report indicating that the companies filing for the Bitcoin spot ETFs would receive a notice of approval by Tuesday or Wednesday, ahead of the January 10th deadline.
Traders are now sitting on the edge of their seats as they wait for news surrounding the SEC’s approval.
What Other Tokens Are Also Rising?
While Bitcoin continues to rise, a handful of alternative projects are starting to emerge as attractive investments.
In particular, Bitcoin Minetrix ($BTCMTX) is one of the only newly emerging projects that continues to rise during the Bitcoin bull run.
Investors are rushing to this stake-to-mine ecosystem as they prepare themselves for the next Bitcoin block halving.
Bitcoin Minetrix Raises $7.2 Million As Presale Hype Grows With Bitcoin Block Halving Coming April 2024
Bitcoin Minetrix ($BTCMTX) has raised an impressive $7.2 million in its presale, demonstrating the overwhelming confidence of investors in the project.
Bitcoin MInetrix seeks to change the cloud mining landscape by introducing a novel stake-to-mine concept that allows everyday users to easily mine Bitcoin.
The project is growing in momentum, with the Bitcoin block halving scheduled for April 2024. Investors are now positioning themselves in the stake-to-mine ecosystem ahead of the event as they believe it provides the best opportunity to earn 50x returns by investing at the ground level.
The entire aim behind Bitcoin MInetrix is to clear up the cloud mining sector.
Cloud mining isn’t a new invention in the industry. It allows everyday users to easily mine crypto without having to buy or maintain expensive equipment.
Unfortunately, all cloud mining services today are centralized, leaving the industry susceptible to third-party scams that lock miners into long-term contracts or leave them short on expected earnings.
Bitcoin MInetrix intends to change this through tokenization.
Users must buy and stake $BTCMTX tokens to earn Mining Credits, which can be burnt in exchange for mining time on the Bitcoin Minetrix solution.
Tokenizing the process ensures that miners are always in control of their funds at each step. Furthermore, as smart contracts automatically allocate user allocations, there’s no risk of being short-changed on earnings.
With the presale quickly growing in popularity, it’s important to get positioned as soon as possible to take advantage of the lower pricing.
$BTCMTX can currently be purchased for $0.0126. However, the rising pricing strategy means that the cost of the token is expected to rise in 4 days.
Therefore, those positioned earlier benefit the most from the lower entry price.
Overall, the incredible rise to the $7.2 million milestone demonstrates investors are touting Bitcoin Minetrix as a disruptive force in 2024.