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<p><span style="font-weight: 400;">The Bitcoin price has plunged 5% in the last 24 hours to trade at</span><a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;"> $38.9K</span></a><span style="font-weight: 400;"> as of 8:19 a.m. EST.&nbsp;</span></p>
<p><span style="font-weight: 400;">This comes amid much turbulence for the Bitcoin market with the Grayscale Bitcoin Trust (GBTC) witnessing a massive outflow of over $640 million yesterday, the largest single-day outflow for the trust. This event has contributed to total outflows from GBTC of $3.45 billion since BTC ETFs were approved almost two weeks ago.&nbsp;</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Update: BlackRock's numbers are in for the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ETF Cointucky derby. Third biggest inflow day for <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$IBIT</a> yet at $272 million. Only -$76 million in net outflows for the day. <a href="https://t.co/ySE0edbz4c" rel="noopener noreferrer nofollow">https://t.co/ySE0edbz4c</a> <a href="https://t.co/RzgH6qn5Md" rel="noopener noreferrer nofollow">pic.twitter.com/RzgH6qn5Md</a></p>
 <p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1749655808638419361?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 23, 2024</a></p>
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<h2 id="span-style-font-weight-400-bitcoin-price-prediction-span"><span style="font-weight: 400;">Bitcoin Price Prediction</span></h2>
<p><span style="font-weight: 400;">Looking at an in-depth analysis of 2-hour BTC/USD charts, the Bitcoin price is on a downward trend, as indicated by the recent series of red candles.</span></p>
<p><span style="font-weight: 400;">The moving averages (the orange and blue lines on the MACD) are trending downwards, which usually confirms a bearish trend. The chart shows a near-term support level at approximately $38.62K, testing the price. The next resistance level is near the $40.2K line, where the price had previously consolidated.</span></p>
<p><span style="font-weight: 400;">The 20-SMA (Simple Moving Average) line between the Bollinger Bands is above the current price, indicating bearish momentum. The price below a key moving average suggests a lack of bullish strength in the near term.</span></p>
<p><span style="font-weight: 400;">Analyzing other indicators, the price is moving towards the lower Bollinger Band, indicating that the asset might be oversold in the short term. Traders might watch for a potential bounce if the price hits the lower band.&nbsp;</span></p>
<p><span style="font-weight: 400;">Looking at the Relative Strength Index (RSI), we see it moving around 26, which is close to the oversold territory (below 30). This could suggest that the market is oversold, and there may be a potential for a reversal or pullback.</span></p>
<p><span style="font-weight: 400;">However, the Moving Average Convergence Divergence(MACD) line is below the signal line and below the baseline, which is a bearish signal. The histogram shows increased bearish momentum as its size increases in the negative area. To back this up, the Awesome Oscillator (AO) also shows red bars below the zero line, indicating selling pressure in the market. This decreases the pullback prospects.&nbsp;</span></p>
<p><img decoding="async" class="alignnone size-full wp-image-474511" src="https://insidebitcoins.com/wp-content/uploads/2024/01/Apex_1706018493390.png" alt="" width="2534" height="1270" srcset="https://insidebitcoins.com/wp-content/uploads/2024/01/Apex_1706018493390.png 2534w, https://insidebitcoins.com/wp-content/uploads/2024/01/Apex_1706018493390-300x150.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/01/Apex_1706018493390-1024x513.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/01/Apex_1706018493390-768x385.png 768w, https://insidebitcoins.com/wp-content/uploads/2024/01/Apex_1706018493390-1536x770.png 1536w, https://insidebitcoins.com/wp-content/uploads/2024/01/Apex_1706018493390-2048x1026.png 2048w" sizes="(max-width: 2534px) 100vw, 2534px"></p>
<p style="text-align: center;">2-hour BTC/USD charts | Source: <a href="https://www.tradingview.com/chart/mBPnB4WJ/?symbol=CRYPTO%3ABTCUSD" rel="noopener noreferrer nofollow">TradingView</a></p>
<p><span style="font-weight: 400;">Although volume isn’t directly visible, large bodies on the red candles may suggest that the downward moves were accompanied by significant volume. This is seen from the recent sell-offs by whales that have seen around 70,000 Bitcoins sold in the last two weeks.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> whales have sold around 70,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> over the past two weeks, worth around $3 billion! <a href="https://t.co/1yaeIrmkRc" rel="noopener noreferrer nofollow">pic.twitter.com/1yaeIrmkRc</a></p>
 <p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1749714711447224419?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 23, 2024</a></p>
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<p><span style="font-weight: 400;">As the Bitcoin price struggles, </span><a href="https://insidebitcoins.com/visit/bitcoinminetrix" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Bitcoin Minetrix</span></a><span style="font-weight: 400;"> is emerging as a compelling alternative for investors seeking substantial gains. Selling for just $0.013 per token, the Bitcoin Minetrix ICO has surpassed $9.1 million and is approaching its $9.9 million goal, with experts ranking it among the </span><a href="https://www.linkedin.com/pulse/best-crypto-watch-2024-top-5-cryptocurrencies-high-calsona-f8pve" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">best presales of 2024</span></a><span style="font-weight: 400;">.</span></p>
<h2 id="span-style-font-weight-400-a-strong-alternative-span"><span style="font-weight: 400;">A Strong Alternative</span></h2>
<p><span style="font-weight: 400;">The </span><a href="https://insidebitcoins.com/visit/bitcoinminetrix" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Bitcoin Minetrix</span></a><span style="font-weight: 400;"> project brings forth tokenized cloud mining. This method allows community members to participate in decentralized Bitcoin mining.&nbsp;</span></p>
<p><span style="font-weight: 400;">Many would-be miners have been put off by the high hardware prices and abundance of scams connected with traditional Bitcoin mining. Bitcoin Minetrix solves these problems by protecting investors and reducing the difficulties of traditional mining, such as high power costs and the need for a lot of space.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BitcoinMinetrix?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BitcoinMinetrix</a> revitalizes the landscape of cloud mining by merging stakeholding and cloud mining.</p>
 <p>Pioneering tokenized cloud mining focusing on transparency, autonomy, and security, <a href="https://twitter.com/hashtag/BTCMTX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTCMTX</a> is dedicated to providing a reliable pathway for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> mining enthusiasts. 🌐⚒️ <a href="https://t.co/Mrxv0Hnrst" rel="noopener noreferrer nofollow">pic.twitter.com/Mrxv0Hnrst</a></p>
 <p>— Bitcoinminetrix (@bitcoinminetrix) <a href="https://twitter.com/bitcoinminetrix/status/1749356290420203535?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 22, 2024</a></p>
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<p><span style="font-weight: 400;">Bitcoin Minetrix’s Stake-to-Mine architecture enables users to stake BTCMTX, the project’s native token, on the Ethereum network to participate in Bitcoin mining and receive Bitcoin (BTC) incentives. </span></p>
<p><span style="font-weight: 400;">Analysts expect the Bitcoin price to </span><a href="https://www.linkedin.com/pulse/bitcoin-price-prediction-experts-forecast-bullish-trends-calsona-o1vue" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">perform </span></a>well in coming months <span style="font-weight: 400;">because of the impending halving event scheduled for early April. And a</span><span style="font-weight: 400;">ccording to expert Jacob Bury, that might help BTCMTX record a 10x increase upon debut.</span></p>
<p><iframe title="YouTube video player" src="https://www.youtube.com/embed/WB_5wNEXtQc?si=JGiL7klPxtlwXKDz" width="560" height="315" frameborder="0" allowfullscreen></iframe><br> <a href="https://insidebitcoins.com/visit/bitcoinminetrix" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Visit Bitcoin Minetrix here</span></a><span style="font-weight: 400;">.</span></p>
<h2 id="span-style-font-weight-400-related-news-span"><span style="font-weight: 400;">Related News</span></h2>
<ul>
 <li style="font-weight: 400;" aria-level="1"><a href="https://insidebitcoins.com/news/bitcoin-price-prediction-btc-drops-more-than-2-as-bitcoin-minetrix-surges-towards-10-million-funds-raised" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Bitcoin Price Prediction: BTC Drops More Than 2% As Bitcoin Minetrix Surges Towards $10 Million Funds Raised</span></a></li>
 <li style="font-weight: 400;" aria-level="1"><a href="https://insidebitcoins.com/news/how-to-buy-bitcoin-minetrix-on-presale-alessandro-de-crypto-video-review" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">How To Buy Bitcoin Minetrix On Presale – Alessandro De Crypto Video Review</span></a></li>
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Bitcoin Price Prediction: BTC Plummets 5%, But This Bitcoin Cloud Mining Presale Is Soaring Towards $10 Million Raised

Table of Contents

Inside Bitcoins

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