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Bitcoin’s value has fallen 4% in the last 24 hours to $64,342 as of 2:38 a. m. EST, with trading volume up 37% to $32. 7 billion.
The drop coincides with a drop in the overall crypto market cap of about 4% in the last 24 hours, to around $2. 34 trillion, led by BTC.
The cryptocurrency market is experiencing a sudden crypto crash due to several factors. The arrest yesterday of the CEO and CTO of Samourai Wallet via the U. S. Department of JusticeThe U. S. invasion caused a ripple effect in the market, leading to a significant decline in primary cryptocurrencies, adding Bitcoin and Ethereum. within one hour of announcement.
– Will Foxley (@wsfoxley) April 24, 2024
In addition, market volatility has been exacerbated by geopolitical tensions in the Middle East, by Israeli military moves opposed to Hezbollah-linked sites in southern Lebanon.
These points combined to create an environment of uncertainty, causing unease for investors and triggering a sell-off of long positions.
There was also a decline in BTC ETF (exchange-traded fund) spot fund inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) registering 0 for the first time since its inception.
Bitcoin’s value has been emerging since November last year as bulls pulled the value towards resistance at around $49,000. This resistance allowed the bears to fuel the value’s decline with a slight pullback to $40,000.
BTC bulls then took the price, pushing Bitcoin through a surge phase to an all-time high (ATH) of $73,737 in March. Since then, BTC has been in a consolidation channel, eventually forming a bullish pennant.
BTC is trading above the undeniable 200-day moving average (SMA), confirming the bullish rally. If bulls build on this momentum, BTC could break above the 50-day SMA at $67,479, reinforcing the bullish sentiment.
Moreover, the Relative Strength Index (RSI) is also recovering from the oversold point of 30 to 45, a sign that buying tension is increasing. If the momentum continues, the RSI will manage to reach the overbought zone of 70, demonstrating the continued optimism of investors. .
Bitcoin price analysis shows a long-term bullish bias, with the price aiming to break out of the consolidation channel as bulls target $85,000.
The performance of the RSI and Golden Cross at $67,669 indicates a positive outlook for investors.
However, if the bears exert more pressure at this level, BTC could pull back to the next zone at $48,268, coinciding with the 200-day SMA.
Meanwhile, as Bitcoin prepares for a trend reversal, investors continue to buy Bitcoin Minetrix, a Bitcoin derivative that has raised more than $13 million.
Investors have only 3 days to purchase the Bitcoin Minetrix (BTCMTX) crypto token before its presale ends at 12:00 UTC on Sunday, April 28, with an upcoming claim on April 30 at 10:00 UTC.
The final level of #BitcoinMinetrix will end on April 28 at 12 p. m. UTC!⏰
Follow-up to the claim event scheduled for April at 10 p. m. UTC!?
Mark your calendars to make sure you don’t miss those dates!?️ pic. twitter. com/s8RSTqlj6I
– Bitcoinminetrix (@bitcoinminetrix) April 22, 2024
Typically, Bitcoin cloud mining has high hardware prices and deceptive scams. Bitcoin Minetrix solves those disruptions by providing a reliable cloud mining platform for cryptocurrency users, allowing them to avoid the complexity and resource-intensive nature of the business.
Cloud mining allows Americans to interact in #Bitcoin mining without having to own or care for the hardware themselves.
Explore the benefits:
?No upfront hardware costs. Requires ?only technical knowledge fundamentales. pic. twitter. com/0rke3tRJ5l
– Bitcoinminetrix (@bitcoinminetrix) April 25, 2024
Bitcoin Minetrix implements Ethereum smart contracts to provide net investors with higher returns through a staking protocol that mines genuine Bitcoin. All you have to do is buy and stake on BTCMTX, which has an impressive annual percentage return (APY) of 53%.
Users who stake will get cloud mining credits when Bitcoin Minetrix launches, which will constitute hashing power.
According to Cryptonews, a crypto YouTube channel, BTCMTX has the ability to rise up to 20 times after its launch.
The token has a constant value of $0. 0148 until the ICO closes. If you’re interested, buy now before time runs out.
To participate in the presale, go to the official BTCMTX online page here and exchange your ETH or USDT for BTCMTX. You can also make your purchases directly through a credit card.
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Evans Karanja is a content editor and screen editor specializing in cryptography, blockchain, and video games. He has worked with startups in the past, helping them create engaging, high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in. . .
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