The cryptocurrency market is green today, with Bitcoin’s (BTC) price rallying over 5% in the past 24 hours.

Ethereum (ETH) and XRP (XRP) are also in positive territory, helping the total crypto market cap reach $1.43 trillion.

Also benefiting from this uptrend is Bitcoin Minetrix (BTCMTX), a new mining token that has already raised $4 million in its ongoing presale.

Bitcoin Price Soars to $38,000 as Bulls Look Even Higher

Yesterday, Bitcoin’s rebound brought it just below $38,000, marking its highest value since May 2022.

This uptrend seems to be driven by growing demand and rising trading volumes.

In the past day, over $28.5 billion worth of BTC has been traded, representing a 16% increase from the previous day.

From a technical standpoint, Bitcoin is attempting to flip $38,000 into support after a failed attempt last week.

Traders believe the price needs to hold above this psychologically important round number to confirm the trend’s continuation, potentially towards $40,000.

However, if a retest of $38,000 fails, it could lead to a drop back to $35,000, which would position Bitcoin in a tight trading range.

Overall, the fact that Bitcoin is still well above its 200-day exponential moving average (EMA) on the daily chart suggests that buyers are still in control.

Additionally, the Crypto Fear and Greed Index, which measures market sentiment based on various sources, has pushed further into “Greed” territory – indicating increased investor optimism.

Institutional Inflows and Tightening Supply Bolster Bitcoin Fundamentals

Bitcoin’s reversal is partly driven by improving fundamentals that are tightening supply dynamics.

For one, institutional investor inflows have significantly increased over the past year despite the crypto bear market.

According to data from CoinShares, over $1.1 billion has flowed into crypto from institutional investors in the past 12 months.

Over $1.08 billion went specifically into Bitcoin, showing continued demand from “whales.”

At the same time, Bitcoin’s supply on exchanges has declined markedly since May.

Exchanges now hold around 200,000 fewer BTC compared to six months ago, continuing a multi-year downtrend.

This is often viewed as a positive sign since it indicates that traders are opting to hold their BTC long-term in cold wallets.

The combination of increased institutional demand and tightened exchange balances is showing signs of a market squeeze in Bitcoin, contributing to the recent upward price pressure.

Bitcoin Minetrix Presale Rides Investor Hype as Stake-to-Mine Model Draws Attention

Building on the theme of Bitcoin’s positive market dynamics, there’s also growing interest in a new presale platform called Bitcoin Minetrix (BTCMTX), which is capitalizing on the current market sentiment.

Bitcoin Minetrix is a stake-to-mine platform seeking to disrupt cloud mining.

Its innovative staking protocol allows users to earn mining credits by staking BTCMTX tokens, which can then be exchanged for Bitcoin cloud mining power.

Additionally, stakers can earn up to 146% per year by pledging their tokens to the staking pool.

The project’s ongoing presale has been a resounding success, raising over $4 million so far.

Through this presale, early investors can purchase BTCMTX tokens for $0.0116.

Following the presale, Bitcoin Minetrix’s team plans to list on major exchanges, significantly increasing accessibility for retail investors.

Members of the are eagerly anticipating these listings, viewing them as a potential major milestone for the project.

With the highly anticipated Bitcoin halving approaching in 2024, Bitcoin Minetrix’s timely launch helps users capitalize on the growth of potential mining rewards.

By tokenizing and decentralizing the mining process, Bitcoin Minetrix makes BTC rewards achievable for regular crypto enthusiasts worldwide.

Visit Bitcoin Minetrix Presale

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The post BTC Pumps 5% as Crypto Prices Turn Green and This Bitcoin Mining Token Also Looks Bullish appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 16, 2023 8:16 pm