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The Bitcoin price has plunged 5% in the last 24 hours to trade at $38.9K as of 8:19 a.m. EST.

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.

Update: BlackRock’s numbers are in for the #Bitcoin ETF Cointucky derby. Third biggest inflow day for $IBIT yet at $272 million. Only -$76 million in net outflows for the day. https://t.co/ySE0edbz4c pic.twitter.com/RzgH6qn5Md
— James Seyffart (@JSeyff) January 23, 2024

Bitcoin Price Prediction

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.

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.

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.

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.

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.

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.

2-hour BTC/USD charts | Source: TradingView

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.

#Bitcoin whales have sold around 70,000 $BTC over the past two weeks, worth around $3 billion! pic.twitter.com/1yaeIrmkRc
— Ali (@ali_charts) January 23, 2024

As the Bitcoin price struggles, Bitcoin Minetrix 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 best presales of 2024.

A Strong Alternative

The Bitcoin Minetrix project brings forth tokenized cloud mining. This method allows community members to participate in decentralized Bitcoin mining.

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.

#BitcoinMinetrix revitalizes the landscape of cloud mining by merging stakeholding and cloud mining.
Pioneering tokenized cloud mining focusing on transparency, autonomy, and security, #BTCMTX is dedicated to providing a reliable pathway for $BTC mining enthusiasts. 🌐⚒️ pic.twitter.com/Mrxv0Hnrst
— Bitcoinminetrix (@bitcoinminetrix) January 22, 2024

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.

Analysts expect the Bitcoin price to perform well in coming months because of the impending halving event scheduled for early April. And according to expert Jacob Bury, that might help BTCMTX record a 10x increase upon debut.

Visit Bitcoin Minetrix here.