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The price of Bitcoin fell a fraction over the past 24 hours to trade at $42,930 as of 4:30 a.m. EST, with trading volume falling 7% to $16.58 billion.
Bitcoin could soon see stronger activity with data showing BlackRock’s Bitcoin ETF (exchange-traded fund) inflows have already become the fifth-highest among all ETFs in the US at $3.2k million this year.
Our first owner was reported by $ VAis a Canadian asset manager called Redwood, it appears he sold the local Purpose Bitcoin ETF, which has a >1% fee, and bought the US-based one. $ VA which is free up to the first $5 billion and 25 basis points thereafter. Large cost migration hits crypto funds. pic.twitter.com/d0OC5vHkWn
– Eric Balchunas (@EricBalchunas) February 6, 2024
With IBIT reaching this huge milestone just weeks after its launch, it’s clear that demand is as high as expected.
The only funds that have managed to outperform it include Vanguard and iShares’ massive, long-standing index ETFs, which offer exposure to the S&P 500 or the total stock market.
Bitcoin Price Forecast
Bitcoin has been trading sideways for almost a full week, with only a few significant fluctuations. That shows that the coin has strong resistance to breakout at $43.5k.
The latest positive news on the spot ETF, coupled with the hype surrounding the upcoming halving, will likely trigger a sharp rally over the next two months, just before the halving occurs.
Historically, the coin will experience a price rise and then a correction after the halving, which will turn into a massive bull run six to twelve months later.
However, in the short term, the coin is still struggling to move away from the lower $40,000, although several technical indicators suggest that its price could rise in the near future, possibly in the next 24 hours.
One such indicator is the Relative Strength Index (RSI) score of the coin, which has just broken out of the oversold zone and reached the neutral area, as can be seen in the chart above. This suggests that the bulls have swooped in to buy the dip and could push the price back up.
Meanwhile, the Bollinger bands are also widening and the price is getting closer and closer to the upper band, which is also a bullish signal.
BTC is most likely about to see a sharp rise that will take it towards $43.5K, although buying pressure will decide whether it will manage to reach and go beyond this resistance in the short term.
A promising alternative
Bitcoin Minetrix (BTCMTX) It is currently one of the most promising alternatives to Bitcoin itself. The project has developed a cloud mining platform that allows you to mine Bitcoin without having to buy expensive equipment or pay huge electricity bills.
Best of all, it is completely decentralized and completely transparent, which is what sets it apart from all the weak or fraudulent platforms that have discouraged cryptocurrency users from choosing cloud mining over the past few years.
The way Bitcoin Minetrix works is simple: all you need to do is buy your BTCMTX token and stake it. In exchange, you receive credits that allow you to mine Bitcoin on their platform. And that is.
#BitcoinMinetrix Stage 23 will end in just 4 days!
Can you explain the role of hash in $BTC mining? 🤔💻 pic.twitter.com/zRpeBVcg1O
—Bitcoinminetrix (@bitcoinminetrix) February 1, 2024
With Bitcoin expected to see a massive price surge caused by the upcoming block reward halving and the popularity of its new spot ETFs, the time to get it is now.
But since it is too expensive for most people to buy, mining it is the best option. With Bitcoin Minetrix, you can do this indefinitely by simply keeping your BTCMTX tokens staked.
So far, the pre-sale of the project has managed to raise $10.38 million and is approaching the goal of $11.2 million.
If you decide to join the pre-sale, you can get the token in exchange for ETH and USDT, or buy it directly with your credit/debit card. Note that it currently costs $0.0133 and the price will increase in less than three days.
Visit BTCMTX here.
Related news:
New crypto mining platform: Bitcoin Minetrix
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free Bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 50% APY
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