The Bitcoin Price Continues Its Bullish Streak
This could then give it the foundation needed to potentially rise to as high as $52,115 in the following couple of days.
Continued selling pressure at this mark may then put BTC at risk of falling to the next major support level at $44,430 in the short term. The Bitcoin price could even fall to as low as $42,450 in an extremely bearish scenario.
Bitcoin Price Shows No Signs Of Slowing Down
Technical indicators on BTC’s 4-hour chart suggest short-term momentum is in favor of buyers. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish.
The MACD line positioned above the MACD Signal line could be taken as a sign that BTC is currently in a bullish cycle. With the prior also breaking away above the latter, this positive momentum seems to be growing stronger as well.
A significant bullish technical flag is also on the verge of being triggered by the RSI indicator on BTC’s 4-hour chart. Currently, the RSI is attempting to break away above its Simple Moving Average (SMA) line. A cross between these two lines could be a strong signal that buyers have gained a short-term upper hand against sellers.
As a result, it may be easier for bulls to boost the Bitcoin price in the 48 hours after this possible intersection than it will be for bears to pull it down during the same period. Should this technical flag be confirmed and validated, BTC may soon overcome the $50,000 barrier again and attempt a challenge at the $52,115 resistance shortly thereafter.
To get started, investors will need to purchase BTCMTX on the project’s website. The token is currently selling for $0.0134, and can be bought using ether (ETH), Tether (USDT) or bank card.
Once purchased, the tokens will need to be staked for gas rewards, which will then need to be burned in order to claim a share of Bitcoin Minetrix’s cloud mining power.
Investors Are Bullish On BTC Mining
The recent introduction of spot Bitcoin ETFs (exchange-traded funds) in the U.S. has propelled the market leader’s price in the past few weeks. As a result, investors are actively seeking opportunities to earn a passive income that pays in BTC. This is evident in Bitcoin Minetrix’s presale, which has hurtled past the $10.7 million mark.
In addition to this, legendary tech entrepreneur Jack Dorsey is backing a new BTC mining venture called Ocean. Ocean is a new type of Bitcoin mining pool that launched in November 2023 with the tagline, “Bitcoin mining as it was supposed to be.”
The main objective of the pool is to tackle the centralization threat posed by large mining pools to the Bitcoin network.
The introduction of Ocean highlights the growing demand for more Bitcoin mining initiatives to join the space, which sets Bitcoin Minetrix up perfectly to 10X in the near future. Adding to the project’s potential is the upcoming halving scheduled for some time in April this year, which will make it harder to come by new BTC.
This reduction in supply matched with the increased demand brought on by spot Bitcoin ETFs will likely result in a skewed supply and demand ratio, which is hugely positive for any Bitcoin-linked projects.