Bitcoin’s (BTC) price has risen over 4% in the past 24 hours, buoying the overall cryptocurrency market.
This price increase has led some investors to speculate that Bitcoin Minetrix (BTCMTX), the presale Stake-to-Mine project, could ride Bitcoin’s coattails as it gears up for exchange listings soon.
Bitcoin Breaks Crucial $40k Barrier Amid Growing Bullishness
Bitcoin is moving again, with the world’s top cryptocurrency pushing past the crucial $40,000 resistance level.
At the time of writing, Bitcoin is trading at around $41,050, the same level it was on Monday.
This latest surge has allowed Bitcoin to move past its 50-day exponential moving average (EMA) on the 4-hour chart, which could signal growing momentum behind the rally.
Additionally, Bitcoin has established strong support around $38,500 over the past few days, giving bulls confidence that any dips could find eager buyers.
This return of positive sentiment is also evident in Bitcoin’s trading volumes, which are up 14% across major spot exchanges in the last day.
The Crypto Fear & Greed Index has also seen a slight uptick to 49, although it remains stuck in “Neutral” territory.
If Bitcoin can continue building on these technical milestones and growing trading volumes, its price could be poised to challenge resistance around $43,500.
GBTC Outflows Slowing While Planned BTC Sale Seen as Minor
Two recent developments suggest growing bullishness around Bitcoin’s price prospects.
First, analysts from JPMorgan believe the majority of selling pressure from Grayscale’s Bitcoin Trust is likely complete.
The fund has seen over $4 billion in outflows since converting to a spot ETF on January 11, putting downward pressure on Bitcoin.
However, with competition from BlackRock and Fidelity’s spot ETFs, additional selloffs from GBTC seem unlikely.
Secondly, the US government’s planned sale of nearly $130 million worth of seized Silk Road Bitcoins has been viewed as relatively small – less than 2% of the estimated 194,000 BTC the government currently holds.
With the planned sale just a drop in the bucket, the coast looks clear for Bitcoin to continue pushing higher if positive momentum builds.
Prominent crypto analyst CryptoMocro on Twitter even said we are now in a “bull run” and will “print a lot more.”
Innovative Bitcoin Minetrix Poised to Ride Potential Bitcoin Bull Run
While Bitcoin’s price action has been grabbing headlines, new crypto projects like Bitcoin Minetrix stand to capitalize on any renewed retail interest in the space.
This fresh project offers a unique Stake-to-Mine structure whereby BTCMTX holders can stake their tokens to earn cloud mining credits.
These cloud mining credits can then be burned to obtain hash power for mining Bitcoin.
Bitcoin Minetrix seeks to tap into the booming cloud mining industry, allowing BTCMTX holders to passively earn BTC without needing expensive equipment.
Additionally, Bitcoin Minetrix offers its own native staking protocol with up to 70% APY.
As Bitcoin regains momentum, previously cautious retail investors may flock back to the crypto market – and to innovative new altcoins like BTCMTX.
The project has already raised over $9.4 million in its ongoing presale, offering BTCMTX tokens for $0.0131.
With sights set on exchange listings and a mobile app down the line, Bitcoin Minetrix seems primed to ride any bullish momentum coming from Bitcoin.
If Bitcoin resumes its push back to local highs (and potentially beyond), BTCMTX could indirectly benefit.
For this reason, investors have been clamoring to get involved in the Bitcoin Minetrix presale and join the project’s Telegram channel to stay on top of any vital updates.
Visit Bitcoin Minetrix Presale
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