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The Bitcoin price surged 11% in the last 24 hours to trade at $41,351 as of 2:45 a.m EST as the king of crypto left the $40,000 psychological level trailing in its wake
Trading volume soared 55% with BTC market dominance now at 52%.
Among the most prominent evidence of increasing buying pressure is the inverse correlation between Bitcoin and Tether (USDT) stablecoin dominance. As indicated in the chart below, there is an inverse correlation between USDT dominance and BTC.
Dominance recently broke down from a triangle after 500 days of consolidation, putting the upwards-sloping trendline as the next major support. A continued decline of dominance could see Bitcoin price extend a leg up, with a potential target of $43,000 to $48,000.
With Bitcoin pumping hard, the massive potential of Bitcoin Minetrix, a BTC mining platform, becomes apparent. This is because it makes Bitcoin ownership a reality even for the ordinary folk through its stake-to-mine initiative.
Meanwhile, one analyst says Bitcoin is currently in the accumulation phase as bulls buy from the $40,000 seller. With this, they anticipate more price surges even as sellers become more exhausted.
bitcoin is currently in heavy accumulation
the bulls are buying from the $40k sellers
when the sellers are exhausted, my guess is we move higher with $42k and $46k as next resistance levels
— Alex Thorn (@intangiblecoins) December 3, 2023
However, renowned trader and investor, Crypto Tony, anticipates a correction even as Bitcoin price confronts a weekly supply barrier.
$11,000 NEXT .. SORRY LEGENDS #Bitcoin pic.twitter.com/BlxZslK98f
— Crypto Tony (@CryptoTony__) December 3, 2023
Why Bitcoin Price Is On A Tear
With approval of spot Bitcoin ETFs (exchange-traded funds) not expected until January, and the halving event in April, the likely driver for Bitcoin price is FOMO, or the fear of missing out. This comes as investors continue to front-run approvals and the halving event that is widely anticipated to kickstart the next bull cycle.
To my crypto friends. History repeated with the break out on the daily chart.
FOMO could get Bitcoin to 42K, but I think we consolidate here for a bit, pending external forces bringing us home.
Eyes on the Daily 9EMA. $BTC pic.twitter.com/wXLh9UrlOJ
— Ryan Rozbiani (@RyanRozbiani) December 4, 2023
Bitcoin Price Outlook As FOMO and Greed Drive BTC Market
The trajectory of the Relative Strength Index (RSI) is northbound, showing momentum continues to rise.
Despite BTC being overbought, evidenced by the RSI above 70, as long as this momentum indicator remains, northbound, the Bitcoin price is bound to continue rising. Traders with open positions should therefore consider leaving them open until such a time when the RSI threatens to cross below the 70 level.
Meanwhile, with the RSI still inclined north and the histogram bars of the Awesome Oscillator (AO) showing green histogram bars whose volumes continue to rise, the bulls are leading the BTC market and Bitcoin price may still have some upside potential.
Increased buying pressure above current levels has eyes turning to the $50,000 psychological level.
However, should traders give in to their profit appetite, the ensuing selling pressure could send Bitcoin price south. This could see the $38,467 support level lost, or worse, the confluence buyer congestion level between the 50-day Simple Moving Average (SMA) and the horizontal line at $35,343 lost.
Enhanced seller momentum could send Bitcoin price spiraling to the $33,641 support or in the dire case, extend to tag the $31,501 critical support. A decisive candlestick close below this level would invalidate the current bullish outlook, with BTC likely to test the $30,000 psychological level.
In the worst-case scenario, Bitcoin price could dwindle extensively, shattering past the 200-day SMA at $29,739 as it draws towards the $25,133 support floor, or lower, collecting the buy-side liquidity residing underneath.
Meanwhile, Bitcoin’s bullishness has many investors turning to Bitcoin derivatives like Bitcoin Minetrix, which as leveraged plays on BTC’s bull market have even more upside potential.
Exploring the #Crypto world with #BitcoinMinetrix!
Cloud mining = Cost-effective!
Saying goodbye to soaring electricity expenses and hardware demands.
Simplified mining. pic.twitter.com/mYQ0KjVSE0
— Bitcoinminetrix (@bitcoinminetrix) December 1, 2023
Promising Alternative To Bitcoin
Bitcoin Minetrix provides a promising alternative to Bitcoin by way of its powering token, BTCMTX. This token is selling for just $0.012, with massive buyer interest, so much that sales have now reached over $4.705 million, out of a target objective of $5.466 million.
@X co-founder Jack Dorsey supports a new $BTC pool for miner control.
How do you envision the impact of @ocean_mining on Bitcoin’s journey toward decentralization amidst the upcoming halving event in 2024?#BTCMTX also triumphs with another milestone, passing $4,600,000! pic.twitter.com/46uLFV2QPL
— Bitcoinminetrix (@bitcoinminetrix) December 1, 2023
The $0.012 price tag only holds for the current stage, 11, set to end in three days. Once the next stage commences, the price will increase, which means now is the time to buy BTCMTX at early entrant rates.
#BitcoinMinetrix Stage 11 is in full swing!
What approaches do you anticipate will steer future progress in #Bitcoin mining tech? pic.twitter.com/OWepvJ6Dc1
— Bitcoinminetrix (@bitcoinminetrix) December 2, 2023
The Bitcoin Minetrix project employs cloud mining as opposed to the traditional BTC mining method. This is an upscale, with investors only having to stake their tokens for mining, hence stake to mine. Specifically, investors stake their BTCMTX token for credits, and then redeem these credits for mining hash power.
Effortless Mining Experience! #BitcoinMinetrix aims for serene and tidy mining setups.
No bulky installations, no disruptions, no overheating – just smooth and straightforward $BTC cloud mining!#BitcoinMining pic.twitter.com/r8sXYRxNjM
— Bitcoinminetrix (@bitcoinminetrix) December 3, 2023
The cost of entry into this cloud-mining scheme is by far lower than in the traditional alternative.
#BitcoinMinetrix vs Traditional Cloud Mining
Cost of Entry Evaluation: #BTCMTX = Cost-Effective Entry with a Lock-in Period.#ConventionalCloudMining = Demands High Initial Deposits. pic.twitter.com/4L8n2xkJVc
— Bitcoinminetrix (@bitcoinminetrix) December 2, 2023
Visit Bitcoin Minetrix website to buy BTCMTX in the presale here.
Also Read:
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
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