Bitcoin (BTC) started the year 2024 by printing new green candles. This made a lot of people go home with huge profits.
On January 02, the price of BTC reached a high of $45,000, a level not tested since April 2022. Many believe this pump is tied to the anticipated approval of spot Bitcoin exchange-traded funds (ETFs).
Unfortunately, this ride to the moon was short-lived as more people took out profit, which affected the price. According to CoinMarketCap, in the last 24 hours, BTC is down by more than 8%.
As of 6:20 a.m. EST, it traded for around $42,000, meaning it has lost approximately $3,000 in just one day.
It’s too bad for other digital assets; this drop in value affected the general market, which is down by over 3%. However, several other factors show that the Bitcoin rally might resume soon.
MicroStartegy’s boss, Micheal Saylor, is selling $216 million of his company’s shares. Notably, one of his reasons for the sale is to buy more BTC. He already started on January 2 by selling 5,000 shares out of the 315,000 he got in 2014. These shares will expire in April 2024.
Further, the CEO plans to sell 5,000 shares daily for four months. Also, he said,
Exercising this option will allow me to address personal obligations as well as acquire additional Bitcoin to my personal account.
If Saylor uses all the money from selling shares to buy Bitcoin, it could affect the price significantly. More people buying Bitcoin usually makes its price go up. So, if he puts a lot of money into Bitcoin, it might push up the price.
It’s important you know that based on a November 01 filing with the U.S. SEC, Saylor might sell a total of 400,000 shares. That’s between January 2 and April 26, 2024.
Bitcoin Price Analysis: Fluctuating Signals Amidst Bullish Optimism and Bearish Pressures
Earlier today, Bitcoin’s price dropped below its upward trendline, indicating a break in the recent bullish optimism. This key support break often foreshadows further declines ahead.
Yet, Bitcoin currently shows signs of rebounding back toward the breached trendline, implying that bulls are actively buying the dip and trying to sustain the previous uptrend.
Bitcoin also hovers around the midpoint of its Bollinger Bands. Closing today back above the band’s middle line would strengthen the bull case in the short term. However, strong red histogram bars on the MACD reveal bearish momentum is increasing today.
This bearish divergence means downside risks remain elevated.
Importantly, if selling pressure persists, notable support zones lie around $40,200 and $35,000. Bulls want to avoid a close below those areas. Otherwise, a retest of 2022 lows near $30,000 could occur amidst weakened buyer confidence. In essence, Bitcoin currently exhibits conflicting signals.
Remaining above key supports and recovering upward momentum would indicate the bull run steadily resumes. But failure to reclaim the broken trendline and hold support risks a bearish breakdown as negative sentiment broadly spreads across crypto markets.
If Bitcoin consolidates above $40,000 convincingly, its technical position strengthens again for retesting upper resistance zones ($45,000). Yet, with indicators flashing warnings, it is wise for traders and investors to manage risks properly. The next few days will be crucial for Bitcoin.
Should Investors Consider this New Mining Project Bitcoin Minetrix as Bitcoin Potential Alternative
In the world of cryptocurrency, diversification is the number one priority for many investors. That’s because they want to profit more and reduce risk.
This new mining project known as Bitcoin Minetrix can be a potential investment for investors who want to enrich their pockets with 10x gains.
Bitcoin Minetrix has caught much of investors’ attention, but the big question is: Is it any different from preceding projects?
Bitcoin Minetrix Gaining Steam in Presale
>>>Visit Bitcoin Minetrix Presale
The new crypto project Bitcoin Minetrix already raised over $7.3 million in its presale, nearing its $7.9 million goal fast. One BTCMTX currently sells for 1.26 cents. With demand surging, the chance to join is closing quickly.
According to the site, the presale will likely be in the next couple of days. Analysts forecast the price of BTCMTX could surge after it goes live on notable exchanges.
What sets it apart is the fact that it provides a decentralized cloud mining solution.
This gives crypto users an easy way to earn Bitcoin mining rewards without expensive hardware or scam risks. It works by staking the BTCMTX token and receiving coins to redeem for transparent cloud mining. The model aims to make secure mining accessible for everyone.
BTCMTX Price Could Skyrocket After Listing
Given Bitcoin Minetrix’s popularity and real-world utility, BTCMTX may gain big once everyone can start trading it. The presale’s huge $7.3 million in funding shows massive investor demand already exists.
By solving cloud mining challenges, Bitcoin Minetrix seems positioned as an attractive emerging crypto project. Its staking model allows everyone to participate in Bitcoin mining’s upside.
Innovations like this capture investor attention fast. So, the chance to buy BTCMTX early could pay off down the road.