The Bitcoin price dropped 3.4% in the last 24 hours to trade at $41,475  as of 11:05 p.m. EST, with daily trading volume surging 43% to $27 billion.

This drop in BTC price comes as JPMorgan warns that Bitcoin’s value may continue to fall in coming weeks if investors in Grayscale Bitcoin Trust (GBTC) continue to sell their holdings.

Bitcoin price could face more pressure with GBTC profit-taking, says JPMorgan#bitcoin #BTC #tafouio #cryptonews pic.twitter.com/RiZ2oG84Gn

— tafou.io (@tafouio) January 18, 2024

Investors in GBTC have been cashing out since Bitcoin ETFs were approved last week, either to move into new funds with lower fees or just to hold BTC itself.

If JP Morgan’s estimate of Grayscale selling Bitcoin worth $3 billion turns out to be correct, another $1.5 billion might be ready to leave Bitcoin. 

Bitcoin Price Bulls Look For Rebound At $36,392 

The Bitcoin price bulls have received rejection at the $49,000 mark, allowing the bears to exert downward pressure, causing the price to decline and surpass the lower boundary of the rising channel. 

The price has also fallen below the 50-day simple moving average (SMA), coinciding with the lower boundary of the channel. However, it has managed to stay above the 200-day SMA, indicating the probability of rebound and supported by the SMA cross at $28,500, affirming the bullish momentum.

The relative strength index (RSI) is also trading downwards below the 50 neutral level, indicating intense selling pressure 

Bitcoin Price In A Downtrend

Bitcoin price is in a downtrend. If the momentum is sustained, the price could reach a $36,392 level, the distance X of the rising channel. This level indicates a double bottom pattern, allowing the bulls to drive the price up, anticipating reclaiming the previous high at $49,000.

The downtrend is a great opportunity for investors to add more BTC to their portfolios. However, some investors looking for other ways to play this tricky market are jumping into Bitcoin Minetrix. Its token, BTCMTX, looks primed to explode this year when listed on exchanges. 

Bitcoin Minetrix (BTCMTX) Presale Nears $9.5 Million Goal With Over $8.8 Million Already Secured 

The Bitcoin Minetrix (BTCMTX) presale has roared past $8. 8 million in funds raised as it races towards it $9.5 million target. But there’s only 47 hours left before the price, currently at $0.0129, is hiked.

Big accomplishment for #BitcoinMinetrix!

Surpassing the $8,600,000 milestone! 🌐 pic.twitter.com/r3i9wdtSbg

— Bitcoinminetrix (@bitcoinminetrix) January 17, 2024

Bitcoin Minetrix is a cloud mining platform allowing users to participate in decentralized Bitcoin mining through the stake-to-mine feature, giving users complete control over their mining activities. 

The platform helps users avoid being scammed by third-party cloud mining platforms.

To mine on the BTCMTX platform, you need an Ethereum-compatible wallet like MetaMask to purchase and stake BTCMTX tokens. 

Exploring the advantages of #BTC cloud mining!

🚀 Beginner-friendly experience: no need for technical expertise.
💸 Budget-friendly: avoid hefty electricity and hardware costs.
🌐 Bid farewell to space constraints, noise, and heat disturbances.
🔄 Forget about resale concerns! pic.twitter.com/MlwYKwoKLa

— Bitcoinminetrix (@bitcoinminetrix) January 13, 2024

Get BTCMTX Now, Win a $3000 Reward in the Minedrop Competition

The platform has been running a $30,000 minedrop airdrop competition since its inception. To participate in the airdrop, you need to buy BTCMTX tokens. You have the chance to be one of the ten lucky winners to receive a $3000 reward.

Moreover, when you stake your tokens, you could also earn rewards, with the payout being based on your stake’s proportion in the staking pool and an annual pay yield of 74%. Currently, over 560 million tokens have already been staked.

Zach Humphries, a crypto analyst on YouTube with over 123k subscribers, featured BTCMTX in a recent video. He explains the advantages of leveraging its staking-to-mine feature, emphasizing that the optimal way to reap benefits is by purchasing the presale early.

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To join the presale, visit the BTCMTX website, connect your digital wallet, and swap your ETH or USDT for BTCMTX tokens. You can also buy directly using your bank card.

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• Source: https://insidebitcoins.com/news/bitcoin-price-prediction-as-jpmorgan-warns-of-more-btc-price-pressure-on-grayscale-selling-bitcoin-this-cloud-mining-ico-looks-primed-to-explode