The Volatility of the Bitcoin Market
The Bitcoin market has been experiencing some considerable fluctuations. In the past 24 hours, the price of Bitcoin has dropped by 3.4% and has now settled at $41,475, with its daily trading volume reaching a high of $27 billion. This decline is being attributed to the activities of investors in the Grayscale Bitcoin Trust (GBTC), a situation that JPMorgan has predicted could result in further decline to the price of Bitcoin.
According to JPMorgan’s forecast, selling pressure from Grayscale could potentially lead to more downward pressure on the price of Bitcoin. After Bitcoin ETFs were recently endorsed, investors have been cashing out from GBTC, with over $3 billion worth of Bitcoin already on the market, and potentially another $1.5 billion ready to follow suit. The approval of these ETFs has given investors either the opportunity to move into new funds with lower fees or to hold BTC itself.
Bitcoin Price Bulls Look For Rebound At $36,392
The Bitcoin market has been a seesaw for investors and traders in recent times. The bears seem to be ruling the market now, with downward pressure causing the price to drop and surpass the lower boundary of the rising channel, but also falling below the 50-day simple moving average (SMA). However, while the 200-day SMA has provided some form of stability and support, the relative strength index (RSI) is trading downwards below 50, which indicates a more significant selling pressure on the cryptocurrency.
Bitcoin Price In A Downtrend
Currently, Bitcoin is experiencing a downtrend in its price. If the current momentum is maintained, it is highly probable that in the short term, the price of Bitcoin could reach a level of $36,392. In fact, stakeholders in the market believe that this downtrend offers an opportunity for investors who are interested in adding more BTC to their portfolios. Others exploring the market are looking at the Bitcoin Minetrix platform, a cloud mining platform that offers them a chance to grab BTCMTX tokens, which are expected to perform well when listed on exchanges.
Bitcoin Minetrix (BTCMTX) Presale Nears $9.5 Million Goal With Over $8.8 Million Already Secured
Despite the decline in the price of Bitcoin, the presale of BTCMTX has managed to raise over $8.8 million, near its $9.5 million target. This presale has become quite popular with investors seeking ways to play the current cryptocurrency market and to not miss the boat on the significant returns expected once listed on exchanges. The discount on the current token price, $0.0129, is a big draw for investors considering the presale.
No more scams with Bitcoin Minetrix on the rise. The platform has rolled out security features that help users maximize their earnings from mining and also to stay away from scams. It doesn’t come as a surprise that over 560 million BTCMTX tokens have already been staked. If you haven’t yet participated in the presale, you should consider it since the future seems bright for this new coin.
Get BTCMTX Now, Win a $3000 Reward in the Minedrop Competition
Aside from the presale, there’s also a competition known as Minedrop whose $30,000 reward will be shared among selected winners. To be a part of the competition, you need to possess BTCMTX tokens. By staking your tokens, you have the chance of earning rewards that are directly proportional to your stake’s proportion in the staking pool. The annual pay yield for these stakings is up to 74%.
Zach Humphries, a crypto analyst, has also spoken highly of this platform. He believes that individuals looking to capitalize on staking should consider jumping into the presale now for maximum benefits. Furthermore, the process required to buy BTCMTX tokens has been simplified. Investors can either purchase directly with their bank cards or swap their ETH or USDT using a digital wallet on the BTCMTX website.
Hot Take
The future of Bitcoin remains uncertain. However, the current downtrend has given investors the upper hand to be strategic in their decision-making. The rise of Bitcoin Minetrix (BTCMTX) looks promising as its presale secures tens of millions in funding. The platform also carries security features that eliminate the possibility of scams, paving the way for profitable returns in your crypto investment journey.
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