The price of Bitcoin dropped by a steep 9% this week after failing to break resistance at $44,750 and rolling over.
The cryptocurrency remains above $40,000, but many traders anticipate a dip beneath the level sometime during the week.
Meanwhile, the newly emerging $BTCMTX mining platform continues rising as it crosses the $5.25 million milestone.
Traders are rushing to get positioned in this stake-to-mine ecosystem ahead of the next block halving, believing it provides over 20x potential.
What you'll learn 👉
Bitcoin Price Rolls Over and Falls 9% After Failing to Break $44,750
Bitcoin is now down by a steep 9% from the highs set at $44,750 earlier this week. The rollover caused Bitcoin to drop as low as $40,170, where it found support at a .236 Fib Retracement level.
The cryptocurrency had been increasingly bullish since mid-September, surging from a low beneath $25,000 to reach the $44,750 resistance earlier this week – representing a whopping 80% price surge.
The February 2022 resistance provides the resistance at $44,750, and Bitcoin failed to overcome this level, leading to the current retracement.
Looking ahead, if the sellers push Bitcoin beneath the support at $40,170 and drive it under $40,000, the first level of strong support is expected at $39,500 (early-June highs).
This is then followed by support at $38,000 (March 22’ lows), $37,300 (.382 Fib Retracement), $36,000, and $35,000 (.5 Fib Retracement).
Alternatively, if Bitcoin can defend the $40,170 support and bounce, the first resistance is expected at $42,000 – which is the Jan 2021 high.
This is followed by resistance at $44,000 (1.414 Fib Extension), $44,750 (February 22’ resistance), and $46,735 (1.618 Fib Extension).
What Tokens Are Traders Trading Instead?
While Bitcoin pulls back, traders are looking for newly emerging opportunities capable of delivering above 20x returns.
Lower market-cap projects are where they place their attention as they have the ability to provide the considerable returns traders are hunting for.
In particular, Bitcoin Minetrix ($BTCMTX) is emerging as the number-one alternative to Bitcoin for traders after raising $5.25 million in its presale.
Traders are rushing to get positioned in this project before the next Bitcoin block halving as they believe it will transform the cloud mining industry through tokenization.
Bitcoin MInetrix Token Hits $5.25 Million in Impressive Fundraising.
Bitcoin Minetrix has officially reached the $5.25 million milestone in its fundraising, demonstrating the building momentum behind this stake-to-mine ecosystem.
The project continues turning heads as it introduces a novel stake-to-mine concept that allows users to gain access to a decentralized cloud mining infrastructure to mine Bitcoin.
Essentially, it allows everyday users to mine Bitcoin in a decentralized manner without worrying about centralized services scamming them.
The cloud mining sector continues to grow but is filled with prevalent scams that often leave miners locked into long-term contracts and leave them short on expected earnings.
Bitcoin Minetrix intends to change this dynamic through tokenizing the ecosystem.
Users would need to buy and stake $BTCMTX tokens to earn Mining Credits. In turn, these Mining Credits can be burnt for time on the decentralized cloud mining platform.
Tokenizing the sector removes the risk of third-party scams and puts control back in the hands of holders.
$BTCMTX holders have complete control over their funds at every step of the process and can unstake their $BTCMTX and sell it anytime.
Furthermore, audited smart contracts handle mining allocations for users, bringing complete transparency to their earnings.
Overall, with the Bitcoin block halving, incoming miners are looking for better solutions to mine $BTC in a fair way, and Bitcoin Minetrix provides all the answers.
Notable analysts like Zach Humphries and Michael Wrubel are extremely bullish on the Stake-to-Mine solution, adding extra intrigue and credibility to the project.
The platform has already raised $5.25 million in its presale, and given its impressive market entrance, it’s clear investors are backing this as a disruptive force in the cloud mining sector.
Investors can currently purchase the token for $0.0122.
However, the rising pricing strategy rewards early adopters more as they get positioned in the project at lower prices.
With the next price hike expected in four days, time is running out to secure this low price.
Visit the Bitcoin Minetrix presale today.
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.
