Bitcoin dropped by a steep 4% over the weekend as the cryptocurrency fell from above $42,000 to drop below $41,000 and headed under the 20-day MA.
The cryptocurrency is in a short period of consolidation after topping out at $44,750 earlier in the month, and the bulls are eyeing the $40,000 level as major support.
While Bitcoin falls, investors are turning their attention to newly emerging projects capable of delivering exceptional returns for smaller sums of capital.
In particular, Bitcoin Minetrix ($BTCMTX) continues to impress after raising $5.4 million while Bitcoin starts to slide.
What you'll learn 👉
Bitcoin Sees Period of Turbulence as Bears Push Beneath $41,000
Bitcoin is undergoing a brief period of turbulence as the bears push the market beneath the $41,000 level today.
Bitcoin had been on an incredibly bullish run since September, allowing the number one-ranked crypto to reach as high as $44,750 earlier in the month.
Unfortunately, Bitcoin could not overcome the resistance provided by the February 2022 resistance and has since rolled over to enter a consolidation phase.
The consolidation ranges between $44,750 and support at $40,000. Traders are now waiting for a break of either level to allow the market to dictate the next direction moving forward.
Looking ahead, the first support lies at $40,170 (.236 Fib) and $40,000.
Beneath $40,000, additional support lies at $39,500, $38,000 (50-day MA), $37,300 (.382 Fib), and $36,000.
If the sellers continue to drag Bitcoin lower, further support lies at $35,000 (.5 Fib), $32,950 (Jan 22’ lows), $31,675 (June 21’ low-day close), and $30,000.
On the other side the first level of resistance lies at $42,000 (Jan 21’ highs). This is followed by $44,000, $44,750, and $46,740.
What Other Tokens Are Rising Instead?
While Bitcoin starts to slide, traders are turning their attention to newly emerging projects capable of delivering magnificent returns with smaller investments.
In particular, Bitcoin Minetrix continues to turn heads as it raises $5.4 million to bring its decentralized cloud mining infrastructure to the masses.
Traders are rushing to become early adopters of this project as its stake-to-earn concept is set to revolutionize cloud mining ahead of the next block halving, bringing two avenues of passive income.
Bitcoin Minetrix Raises $5.4 Million Ahead of Next Bitcoin Block Halving.
Bitcoin Minetrix ($BTCMTX) has raised $5.4 million in its presale, demonstrating the building confidence behind this stake-to-mine ecosystem.
The project introduces a novel staking concept allowing users to access a decentralized cloud mining platform to mine Bitcoin.
Essentially, Bitcoin Minetrix allows everyday users to mine Bitcoin without being locked into long-term contracts or being cheated of expected mining returns.
The project is tokenizing the cloud mining sector ahead of the next block halving, helping to remove third-party scams, and putting the control back into the hands of holders.
Judging by its impressive fundraising so far, it’s clear that investors are touting this project as a disruptive force in the Bitcoin mining space.
Prominent influencers are already on board, with the likes of Michael Wrubel stating that he’s incredibly bullish on the project’s future.
Stake-to-Mine Set to Provide Double Passive Income
Investors are keen to become early adopters in the project as the stake-to-mine concept doubles the passive income.
Bitcoin Minetrix combines two of the industry’s hottest trends in mining and staking.
Users simply buy and stake $BTCMTX tokens to earn Mining Credits, which can be burnt in exchange for mining time.
As a result, participants earn from staking and mining simultaneously.
Those currently staking their $BTCMTX tokens are earning an impressive 112% APY on their holdings.
Tokenizing the sector ensures miners retain full control of their funds when cloud mining. Furthermore, audited smart contracts automatically allocate mining rewards, so miners are never cheated on their earnings.
With the Bitcoin block halving scheduled for 2024, the mining industry is about to become highly competitive, and Bitcoin Minetrix is providing a solution to let everyday users compete.
The presale continues to go from strength to strength after crossing the $5.4 million milestone.
$BTCMTX is currently being sold for $0.0123. However, the rising pricing strategy means those getting positioned earlier benefit from the lower entry price.
Overall, the stake-to-mine concept is a novel approach to cloud mining, and the tokenization of the process is changing the dynamic for centralized cloud mining solutions.
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