The Bitcoin price climbed 1.1% in the last 24 hours to trade at $47,712 as of 8:15 p.m. EST on trading volume that plunged 71% to $11 billion.
The rise coincides with a Grayscale report that says the Bitcoin halving in April will be different this time due to ongoing on-chain activity and positive updates to the market structure.
One of the key factors is the arrival in the US of Bitcoin ETFs, which Grayscale says “could significantly absorb sell pressure, potentially reshaping Bitcoin’s market structure by providing a new, steady demand source, which is positive to price.”
NEW REPORT: fundamental onchain activity and positive market structure updates could make the spring 2024 $BTC halving fundamentally different from the ones that came before. pic.twitter.com/SIjBg11cpV
— Grayscale (@Grayscale) February 9, 2024
Among other factors that make this time ”different” is the arrival of ordinal inscriptions, which Grayscale says has revitalized onchain activity. More than 59 million Non-Fungible-Token-like (NFT) collectibles have already been inscribed, generating more than $200 million in transaction fees for miners as of February 2024, it said.
“This trend is expected to persist, bolstered by renewed developer interest and ongoing innovations on the Bitcoin blockchain,” it added.
Bitcoin Price Ready To Explode, Trading The Cup And Handle Pattern
BTC/USDT Analysis by Tradingview.com
Bitcoin price is ready to surge, indicating signs of a bullish rally with the formation of the cup and handle pattern, which signals a continuation of the bullish trend.
After a dip that saw the bears drive the price to $16,381 support, coinciding with the lower part of the cup, causing a quick rebound resulting in a price push upward, reaching the neckline of the cup.
However, the bulls have shown resilience, pushing the price back up again to the $48000 level and forming the handle part of the pattern after a short correction by the bears.
The technical indicators have a bullish bias that’s supporting the bull rally ahead. The price has surpassed the 50-day and 200-day simple moving averages (SMAs), which now support the Bitcoin price.
The Relative Strength Index (RSI) indicates a rebound from the 30 oversold region, surging past the midline level 50 into the overbought region at 72. This indicates intense buying pressure that could push the RSI further into the overbought zone, sustaining the bullish outlook for BTC.
The MACD trades above the neutral position, with the blue line crossing the orange signal line at 624. The positive histogram, trading above the neutral position, confirms the bull rally ahead.
Bitcoin Price Bulls Aim For New ATH
With the presence of the cup and handle pattern signalling a bullish trend continuation, bulls might be aiming for a new all-time high (ATH) at $79,512, a 63% increase from its current price. This increase is equivalent to the distance X (the depth of the cup).
As BTC traders get ready to add more positions, BTC cloud mining token BTCMTX offers a lucrative opportunity for investors.
BTCMTX Presale Nearly Sold Out, Closes In On $11.5 Million Goal
The Bitcoin Minetrix (BTCMTX) presale has already secured over $10.6 million as investors race to buy the token amid FOMO as it surges towards its $11.5 million target and a likely early sellout.
#BitcoinMinetrix attains another remarkable milestone!
Surpassing $10,400,000. 💰 pic.twitter.com/6WaHtJCB4m
— Bitcoinminetrix (@bitcoinminetrix) February 9, 2024
Mine Bitcoin Through Stake-To-Mine, Earn Passive Income
The BTCMTX platform’s Stake-to-mine feature offers the chance to earn passive income using the BTCMTX tokens, which give you complete control over your mining activities.
In addition, this functionality allows you to earn cloud mining credits by staking your BTCMTX tokens. It also allows you to participate in decentralized Bitcoin mining, providing you protection against potential scams from third-party cloud mining platforms.
Exploring the advantages of #BitcoinMinetrix:
🌐 Convenient access made easy.
💲 Enhanced efficiency with a streamlined cost structure.
🔄 Enjoy peace of mind, free from concerns about resale value.
— Bitcoinminetrix (@bitcoinminetrix) January 25, 2024
Furthermore, the platform allows you to earn rewards in the staking pool and an annual pay yield of 63%. Over 659 million tokens have already been staked.
Chance to Win In The Minedrop Airdrop Competition
The BTCMTX tokens you buy open up a chance for you to participate in the Minedrop Airdrop Competition. You get to compete with other participants for a $30,000 prize pool, where you could be one of the lucky ten winners to receive a $3,000 reward.
Jacob Bury, a crypto analyst on YouTube with over 27k subscribers, says BTCMTX could 10X on launch for early entrants and says he has invested substantially in the presale, anticipating lucrative returns. In one of his videos, he explains how you can buy and benefit from its stake-to-mine feature.
Each token is currently selling at $0.0134, but a price hike is coming in less than four days so grab the opportunity to buy now for the lowest possible price. Any tokens you buy will be up for grabs once the last stage of BTCMTX wraps up. The claiming option will be on the BTCMTX website within seven days after the final stage.
Join the presale to buy BTCMTX tokens on the BTCMTX website by connecting your digital wallet to swap your ETH or USDT for BTCMTX tokens. You also can buy directly using your bank card.
New Crypto Mining Platform – Bitcoin Minetrix
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