3 Reasons To Watch The Bitcoin Price This Week As Bitcoin Minetrix Token Raises $5 Million
The Bitcoin price hit a new yearly high of $44,700 earlier this week, amassing a market capitalization of $869 million. However, BTC has since depreciated below the $44k price point and has been consolidating below it. The BTC price today is trading at $43,800, with a market cap of $860 billion.
Bitcoin’s tepid price action over the past few days has allowed altcoins and meme coins to breakout. However, experts believe that BTC will be back in the driver’s seat over the next week, considering that the largest cryptocurrency still remains extremely volatile in the macro time frame.
Analysts reveal that the BTC price is currently in a crucial range and could display a strong move on either side. Meanwhile, a new BTC derivative – Bitcoin Minetrix – continues its impressive performance in the presale, having raised over $5 million in two months.
Bitcoin Price Prediction – Crucial Levels To Watch
All indications point to the US Securities and Exchange Commission approving all spot Bitcoin ETF applications between the 5th and 10th of January, next year. In such circumstances, it is highly unlikely that BTC continues to display the lack of volatility that it has shown over the past few days.
The question now becomes whether the SEC’s approval is already fully priced-in, in which case BTC could start to pull back or whether the largest cryptocurrency still has more upside.
Analysts believe that the Bitcoin price is currently on a knife’s edge, and its price action over the next week will determine its short-term direction. Doctor Profit, a popular crypto analyst, highlights that if BTC manages to grind-up and breach the $45,500 level, it paves the way for a strong rally to $48k.
On the other hand, a correction and daily close below the $42,100 level would likely pull BTC back towards its 20-day Simple Moving Average, which is currently hovering near the $39,800 price mark. The 20-day SMA has been a strong support line for Bitcoin this entire bull rally – consequently, a failure to hold this support could see BTC fall to the $35,000 price point.
Analyst @CryptoWizardd, who has over 550k followers on X, also believes that BTC needs to claim the $45,000 – $46,000 price range to kickstart a bullish continuation. Otherwise, he expects BTC to dip to the $36,000 mark.
BTC’s lack of volatility over the past few days could also be due to the upcoming CPI data release on Tuesday and the FOMC meeting on Wednesday next week. While the market expects the Federal Reserve to continue to pause its monetary tightening, investors are still being careful for any unexpected surprises. Once the FOMC meeting concludes, Bitcoin could resume its volatile price action.
Bitcoin Minetrix Hits $5 Million Milestone In Presale
While Bitcoin may be in the doldrums in the short term, experts are confident that the crypto market is on the cusp of its next bull cycle, which could see BTC reach a new all-time high next year. Consequently, the Bitcoin mining industry is also expected to become extremely profitable, as the value of their BTC rewards surge.
Therefore, Bitcoin Minetrix – a cloud mining project that helps retail investors mine BTC – is gaining strong traction over the past two months. The project’s native token – $BTCMTX – has already raised over $5 million in its presale.
Despite the profitability of the Bitcoin mining industry, retail investors have been phased out of the sector, due to the monopoly of wealthy corporations. The cost of investment and technical expertise required is simply too high.
With Bitcoin Minetrix, even ordinary investors can cloud mine BTC and earn rewards, simply by staking the $BTCMTX token. Investors can purchase their tokens and stake them to earn mining credits, which can be burned for cloud mining time or a percentage of the yields – both options leading to passive $BTC rewards.
Minetrix’s stake-to-mine dashboard makes the entire process intuitive and simple – all one needs is an Ethereum-based wallet such as MetaMask. Even before the project’s cloud mining operation is launched, investors can already start to earn staking rewards, currently at an APY of 118%.
Bitcoin Minetrix also offers key advantages of other cloud mining platforms. For instance, instead of the burden, long-term and cash-based contracts used by other platforms, Minetrix users can choose to unstake and sell their tokens at any time, which reduces the risks of scams or rug pulls.
