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The Bitcoin price motivated up more than 4% in the past 24 hours to trade at $70,350.63 as of 2:25 a.m. EST as investors rush to snap up BTC ahead of Bitcoin’s halving.
Bitcoin price managed to reverse a major resistance
4-hour chart for BTC/USDT (Source: Trading view)
The Bitcoin The price managed to break above the resistance level at $68,863.99 over the past 24 hours after printing a series of higher highs and lower lows on the 4-hour chart. If buyers continue to increase the price of the leading crypto in the coming days, BTC could attempt to turn the $72,564.10 barrier into support as well. After that, Bitcoin price could have the foundation needed to rise above its previous all-time high to record a new peak in the following days.
This bullish statement could be invalidated if the crypto king falls below $68,863.99 in the next 24 to 48 hours. There could then be a wave of panic selling, which could pull sales away Bitcoin price down to as low as the next major support level at $65,847.29. In an extremely bearish scenario, BTC could fall to $61,481.65 if sellers continue to offload their holdings in the market leader.
Bitcoin price may soon undergo a correction
Technical indicators on BTC’s 4-hour chart are bullish, but warn of a possible bearish reversal in Bitcoin’s trend as buying activity begins to cool.
The Moving Average Convergence Divergence (MACD) line is bullishly above the MACD signal line, indicating that BTC is in a positive cycle.
Similarly, the Relative Strength Index (RSI) is above the Simple Moving Average (SMA) line. Traders generally identify this technical event as a sign that buyers have the upper hand over sellers.
Although both the MACD and RSI indicators are bullish, they warn of a possible correction. The MACD line has started to collapse towards the MACD signal line, which could indicate that BTC’s bullish momentum has peaked and will soon start to decline.
Buyers also appear to be losing some of their advantage over sellers, as evidenced by the RSI line sloping negatively towards the SMA line. A crossing between the RSI and SMA lines, or between the MACD and MACD signal lines, could confirm that Bitcoin price has entered a bearish phase.
As the Bitcoin price tries to reach a new all-time high, the price of Bitcoin is on the rise Bitcoin Minetrix pre-sale costs $13 million.
Simplifying BTC mining for everyone
Mining cryptocurrencies can be a rather complex task. In addition to setting up special machines, anyone wanting to run a mining business will need to constantly monitor miners for potential problems to ensure maximum uptime.
Bitcoin Minetrix is on a mission to simplify cloud mining for everyone through its innovative cloud mining platform.
#BTCMTX offers a reliable cloud mining solution tailored to everyone #Crypto lover.
Hardware problems and scams of the past have deterred many.
This decentralized method ensures a transparent and protected mining process. 🔒 pic.twitter.com/4bi8D97oKb
— Bitcoinminetrix (@bitcoinminetrix) March 25, 2024
Through the stake-to-mine model, investors can make profits from BTC mining by simply staking an ERC-20 token, without having to worry about the ongoing maintenance of the machine.
All investors need to do is purchase the project’s BTCMTX token on the Bitcoin Minetrix official website.
Once purchased, the tokens must be staked in exchange for ‘gas’ tokens.
The final step is to burn these gas tokens, allowing token holders to claim a share of Bitcoin Minetrix’s cloud mining power.
BTCMTX could rise 10x after the halving
The Bitcoin halving event will take place in 24 days. This will cut mining rewards in half, which many believe will lead to the closure of several smaller mining operations.
The affected mining companies can turn to Bitcoin Minetrix as an alternative, considering its affordability. Since BTC will become scarcer after the historic event, retail investors can also turn to Bitcoin Minetrix to earn passive income paid in the leading cryptocurrency.
BTCMTX, Bitcoin Minetrix’s native token, will benefit from this potential increase in interest given its central role in the project’s cloud mining operations. Investors who buy into BCMTX before the halving can therefore enjoy a 10x return on their investments.
@MarathonDH increases infrastructure as #Bitcoin‘s code update is looming, with the aim of staying competitive amid revenue declines. 🔧
How do you think miners will navigate the changing landscape after the halving? 🤔#BitcoinMinetrix has also reached a new milestone and surpassed $12,400,000! pic.twitter.com/vDDa2zgGXa
— Bitcoinminetrix (@bitcoinminetrix) March 18, 2024
BTCMTX is currently selling for $0.0142 and can be purchased with ETH, BNB, MATIC, USDT or bank card.
Bitcoin Minetrix now also offers investors who stake their tokens an APY of 55%. However, investors will want to hurry as BCMTX’s price is expected to rise in just over an hour.
BCMTX can be purchased here.
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- Foreplay to Earn – Featured in Cointelegraph
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