3 reasons to watch Bitcoin this week
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Bitcoin is at a crucial point as numerous factors align for a big potential move. However, it remains to be seen which direction the move will swing. Let’s take a look at how the Bitcoin price could swing this week.
Bitcoin price at mid-term tipping pointÂ
Investors are closely watching Bitcoin this week to gauge the impact of the recent approval of Bitcoin ETFs.
BlackRock’s ETF has seen significant trading volume and is approaching $4 billion in assets under management (AUM), highlighting the growing interest in Bitcoin among institutional investors.
However, Bitcoin is down 12% since the ETFs got approved, currently trading at $40,965. This suggests that the near-term impact of the ETFs on Bitcoin’s price remains uncertain.
Investors are also monitoring Bitcoin’s price as it is currently trading near a crucial support level. A break below this level could lead to a more significant retracement.
If Bitcoin falls below $40K, there are no prominent structural levels until $35K.
This is also a perspective held by analyst Ali Martinez, who believes Bitcoin recently rejected a parallel channel resistance and is now poised for $34K.
Investors are also keeping an eye on the upcoming Bitcoin halving, which is scheduled to occur in approximately 99 days.
Historically, Bitcoin halvings have been followed by significant price increases and the start of new bull markets.
Analyst Rekt Capital recently suggested that the period leading up to a halving can be an opportune time to purchase Bitcoin.
The analyst noted that any deeper price dips during this period tend to lead to substantial returns for investors in the months following the halving.
They also explained that the current market conditions suggest that Bitcoin is likely to experience a brief retracement within the next 30 days, which could be followed by a sustained rally in the 60 days leading up to the halving.
These factors ultimately align to show that while Bitcoin may be struggling, the forthcoming weeks could represent a solid entry point for Bitcoin buyers.
That said, investors searching for opportunities can consider Bitcoin Minetrix. It is a new presale that has raised over $9 million.
Bitcoin Minetrix presale hits $9 million
Bitcoin Minetrix leverages a stake-to-mine model, enabling users to cloud mine BTC.
It works by users staking BTCMTX in exchange for BTC mining credits. They can then burn these credits for cloud mining power, mining BTC.
The Bitcoin Minetrix project offers a unique approach to Bitcoin mining, eliminating the need for upfront investments and utilizing a transparent and decentralized token, BTCMTX.
This innovation has attracted significant investor interest, with its presale already generating over $9 million in commitments.
The project’s success can be attributed to several factors, including its user-friendly approach that allows anyone to participate in Bitcoin mining without technical expertise or expensive hardware.
Additionally, the central role of BTCMTX in the ecosystem has created a strong demand for the token, potentially driving its price upward.
Users will require BTCMTX for staking, and many tokens will be locked up for staking purposes.
Rewards will be distributed in the form of mining credits rather than BTCMTX, potentially creating a situation of high demand and low supply, which could support prices.
In the ongoing presale, BTCMTX is available for $0.013.
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