Bitcoin is now down by a steep 16% from the highs set following the Bitcoin spot ETF approval from the SEC last week.
The market reaction wasn’t quite what traders expected as Bitcoin’s price briefly spiked higher but then quickly reversed and started heading lower.
The cryptocurrency is now battling to defend the support established in December as it attempts to prevent further declines.
With the market falling, trades are now turning to the Bitcoin block halving for gains, with Bitcoin Minetrix ($BTCMTX) touted to provide exponential returns through this new narrative.
Bitcoin Falls 16% From ETF Highs – Can It Hold $40K?
Bitcoin is down by a steep 11% this week and a further 16% off of the $49.050 highs set following the SEC’s approval of the Bitcoin spot ETF last week.
The cryptocurrency witnessed an incredible run from October through January as traders bought in ahead of the SEC’s ruling to capitalize on the event.
Unfortunately, the momentum has dwindled, and Bitcoin is starting to retrace the bullish move as it sinks beneath the 20-day and 50-day MA levels.
It is now attempting to defend the support at $41,200, which supported the market through December 2023.
Looking ahead, if the sellers break the $41,200 support, the first lower level of support lies at $40,000.
This is followed by $39,500 (early-June Highs), $38,700 (100-day MA), $38,000, and $37,200 (March 2022 lows).
If the bears continue to drag prices lower, added support is expected at $36,000, $33,300 (200-day MA), and $32,050 (June 2021 low-day closing price).
On the other side, resistance lies at $42,000 (Jan 2021 highs), $43,130 (20-day and 50-day MA confluence), $44,750 (Feb 22’ resistance), and $47,000.
Traders Turn Focus Toward Block Halving Gains
With Bitcoin starting to slide, traders are now focusing on the next bullish narrative, the Bitcoin block halving event.
The block halving event is expected within the next 100 days as it’s scheduled to occur at a block height of 740,000. The upcoming halving event will see the block reward fall from 6.25 $BTC per block to 3.125 $BTC per block.
Miners will be greatly affected by the halving as they will see their $BTC mined slashed by 50%. As a result, many experts believe that a large proportion of miners will start to turn off their machines as it will become unaffordable to continue.
Traders are seeing this as an opportunity as they look for mining-related projects that have the potential to survive the event.
What Mining Projects Are Worth Buying?
A handful of mining projects are popular, but Bitcoin Minetrix ($BTCMTX) is standing out as it turns heads due to its impact on the cloud mining sector.
Bitcoin Minetrix has raised an incredible $8.8 million in its presale, demonstrating the confidence it has from investors.
The project introduces a novel stake-to-mine mechanism that will decentralize cloud mining ahead of the block halving to help everyday users mine Bitcoin.
Bitcoin Minetrix Wows Investors After Raising Astonishing $8.8 Million
Bitcoin Minetrix ($BTCMTX) continues to wow investors after raising an astonishing $8.8 million in fundraising.
The project is on a mission to use tokenization to make the cloud mining sector decentralized, helping to remove the prevalent scams within the industry.
Cloud mining isn’t a new invention in crypto. It allows everyday users to rent hashing power from a mining center to mine Bitcoin without buying expensive equipment.
However, today’s centralized services often lock miners into long-term contracts and leave them short on expected payouts.
Bitcoin Minetrix aims to change this with its $BTCMTX token.
Miners simply stake their $BTCMTX to earn Mining Credits, which can be burnt for time on the Bitcoin Minetrix mining solution.
The tokenization of the sector means that miners aren’t locked into long-term contracts and are always in control of their funds. Furthermore, as audited smart contracts allocate mining returns, miners can be sure they earn all their expected mining returns.
Given its extraordinary backing, it’s clear investors are touting Bitcoin Minetrix as a disruptive force in the mining sector ahead of the next Bitcoin block halving.
$BTCMTX can be purchased at presale for $0.0129. Those who buy earlier benefit from lower entry prices as the presale utilizes a rising price strategy.
Overall, with the ETF narrative behind, traders are now looking to the Bitcoin block halving for bullish momentum, and $BTCMTX is a 10x return option.