Bitcoin has found stiff resistance around $52.8K after immense bullish momentum last week.
However, a handful of altcoins continue to show strength. One of those is Bitcoin Minetrix, which recently exploded past $11 million in its presale.
Bitcoin Price Falls Amid ETF Inflow Pause and Funding Rate Wash
The recent Bitcoin rally was pushed forth by unprecedented demand for spot ETFs. However, a halt in ETF inflows and alarmingly high funding rates have ignited a weekend selloff, plunging Bitcoin’s price to $51.1K, down 1.58% today.
As the price chart below shows, the recent move pushed Bitcoin below its lower-time-frame trading range, a signal that more downside may be imminent.
Meanwhile, its technical indicators display mixed signals, with a tumble below the 21-day EMA illustrating bearish momentum, but the RSI in the oversold region.
Although an oversold RSI alone does not indicate a reversal, it would be bullish if Bitcoin reclaim its previous trading range and 21-day EMA.
There are two overarching reasons for the recent pullback. Firstly, Bitcoin spot ETF inflows are halted as the stock market shuts shop for the weekend.
This was highlighted by Mister Crypto, who explained that the ETFs will not be trading and suggested that “the buying pressure we’ve had throughout this whole week will disappear.”
The analyst concluded that “Volatility will be a lot lower.”
Bitcoin’s high funding rate is another factor attributing to the selloff. Funding rate measures the premium traders pay to long an asset rather than short it, so a high funding rate indicates market confidence but increases liquidation risk.
Crypto Patel says, “BTC’s high funding rate signals market confidence, with heavy longs outweighing shorts. This sets the stage for periodic squeezes that liquidate overleveraged longs.”
Responding to Bitcoin’s recent struggle, renowned analyst Ali Martinez fears that Bitcoin could be poised for a deeper retracement toward $48K-$46.5K.
“If Bitcoin fails to quickly reclaim the $52,000 level, it might face an 8% correction, potentially dropping to between $48,000 and $46,500. At this price range, over 1 million addresses hold more than 544,870 BTC, indicating significant support,” he wrote.
But while Bitcoin’s momentum is slowing down, new cloud mining protocol Bitcoin Minetrix is gathering pace as its presale surges past the $11 million mark.
Stake-to-Mine Bitcoin Minetrix Raises $11M and Offers 61% APY
Bitcoin Minetrix enables users to cloud mine Bitcoin effortlessly and securely through its proprietary Stake-to-Mine model.
It works by users staking $BTCMTX tokens in exchange for Bitcoin mining credits. They can then burn these credits for cloud mining power, translating to free Bitcoin.
The compelling use case has drawn massive attention among investors, analysts, and media outlets alike.
Aswell as hitting the notable $11 million milestone, Bitcoin Minetrix has been backed by leading influencers, with Jacob Bury speculating it could 10x.
Meanwhile, heavyweight media outlets like Bitcoin Magazine, Cointelegraph, BeInCrypto, and Business Insider have all featured the presale. This illustrates the project’s mass market appeal, hinting at significant price potential following its IEO.
Another factor pointing to a bright future is its Bitcoin rewards. With the looming Bitcoin halving, BTC will become more scarce, making Bitcoin Minetrix’s staking rewards even more valuable.
However, Bitcoin Minetrix also offers supplementary rewards in $BTCMTX tokens.
While its cloud mining operation is not yet live, presale investors can stake their tokens for $BTCMTX. Currently, staking offers a 61% APY, but this will decrease as more tokens are deposited.
In a bid to further reward early adopters, the Bitcoin Minetrix presale price will incrementally increase as the campaign advances. The current price is $0.0135, but will rise in two days.
Visit Bitcoin Minetrix Presale
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