Bitcoin price not necessary? If the price falls below $40, losses can grow by 14 percent.
The leading digital asset Bitcoin price fell below $41,000, losing 3.45 percent at $42.77, and the selling pressure on the price still continues. However, Bitcoin extended its double-digit weekly losses to over 10 percent. At the time of writing, BTC price is trading at $41,177 with a market cap of 805 billion.
The remarkable bull run in Bitcoin, starting from 26 thousand dollars in September 2023, triggered a significant upward wave, reaching 49 thousand dollars. It is currently thought that a pullback has begun in the BTC price. This is a good example, BTC will have a trend in this edition in the future in 2024.
Source: Tradingview
Can Bitcoin bulls break the selling pressure?
BTC, the cryptocurrency that went through a very turbulent process after the ETF approvals, faced versatile sales pressure. BTC stop ETFs have had difficulties in their business, especially for the leading coin that had $1 billion in AUM delivered in a week. However, alternative ETFs are witnessing an increase in inflows and the likelihood of a rebound is increasing, contrary to this trend. Additionally, Grayscale BTC Trust (GBTC) has been converted into a spot BTC ETF with a value of $2.2 million and a minimum price of 100%. These villages of Grayscale raise cryptocurrency concerns. There are concerns about further outflows that could put further downward pressure on the Bitcoin price.
Jim Cramer issued a harsh warning for the BTC price!
Why is Bitcoin falling? Comments on the sell-off were noted while CNBC’s Jim Cramer was on the nature of crypto analysts. Cramer;
Revamping a recent program schedule, Cramer said Bitcoin may be “peaking,” predicting a decline in value
Will Bitcoin be able to maintain its support level?
With the BTC price falling by 3.40 percent last night, the downtrend attempted to join its defense at the 50 percent Fibonacci level located at psychological resistance at $40,000. Because the 41 thousand file support level combined with the 50 percent Fibonacci level on the daily chart is of great importance. However, with increasing sales, sellers continue to prepare for a second consecutive downward curve.
The drop caused a liquidation of 63 million flights in bullish positions, according to a report from Coinglass. Recent increases in bullish liquidations warn of continuation of declines and attempts to absorb increased supply. However, the possibility of a turnaround in the S&P500 as events across ETF news approach all-time high temperatures could have a negative on BTC price.
Following the decline on the daily chart, the MACD and signal lines are preparing a trend reversal signal on the weekly chart. But you have momentum and it is important to keep a good eye on the trend and watch the results.
Will grayscale villages change the trend?
Grayscale is turning to Coinbase with a $420 million BTC investment. According to BITCOINLFG’s latest tweet, Grayscale is returning to Coinbase with a large amount of BTC deposits. The ETF is worth $420 million, which is a lot of money.
While interpreting this move as providing liquidity, the fundamentals of the overall market see this as an increase in selling pressure. Extra sales features 40 thousand dollars support remains under pressure. It is teasing a breakdown to the 200D EMA that could result in a rapid decline from $35,200. A sustained rise could help BTC price return to the overhead resistance of 46,758 on the way back.
In Bitcoin analysis, the price draws attention to the BTC Minetrix token with the upcoming Bitcoin halving in the fight against the bears. Mining costs have increased in Minetrix, which provides easy access to news, developments and technical information about BTC mining, and has become a good alternative for investors in this period. In addition, the token, which continues to grow with pre-sales, announced on the X account that it has passed another important milestone.
10x free coins: Bitcoin Minetrix
Providing an advanced and environmentally friendly perspective on BTC mining with advanced hardware, Bitcoin Minetrix ensures that minimum salvation is required for the ordinary investor, thus allowing the knowledge to earn profits by participating in mining. Introduced as an advanced project with particularly practical solutions, Minetrix can appeal to anyone who can eliminate fraud risks. A safe investment option also eliminates permanent solutions. Eliminating the problem of high energy-consuming technical equipment offers environmentally friendly, practical and basic solutions for investors.
This is a great opportunity for Minetrix to pay Elde and me $8,809,000, and you will have to pay $8,809,000. You can also buy Bitcoin Minetrix, but at the same time the planned halving event will continue to grow. However, the tokens, which are on their way to becoming one of the 10x profitable tokens, provide full control over mining functions. Finally, the current sales price, 0.0129 Bitcoin Minetrix’s token (BTCMTX), which has reached the target, is offered for sale on the official website. Among the purchasing options, there are common distributions such as ETH, USDT and card.#BitcoinMinetrix is a cutting-edge cloud mining platform that allows users to participate in decentralized activities $BTC mining.
It gives users complete control over their mining activities, eliminating the risks associated with third-party cloud mining scams.pic.twitter.com/MWZnuafYih
— Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
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