Bitcoin breached the $73K mark for the first time in history on Wednesday, peaking at highs of $73.6K.
Meanwhile, presale crypto Bitcoin Minetrix is also seeing success as it surpasses the $12.2 million total raised mark.
Bitcoin Exceeds $73K, but Analysts Anticipate Consolidation
Following a meteoric rise in recent weeks, prominent market analysts believe that Bitcoin will consolidate around its current price for some time.
Currently trading at $73,013, Bitcoin is up 1% today, 10% this week, and 47% this month.
However, its 24-hour trading volume has slumped, down 21% today at $48 billion.
Meanwhile, Coinglass data shows Bitcoin’s options volume has fallen by 39%.
Its falling volume may reflect a stabilizing market interest after the recent euphoria.
However, this could also suggest that Bitcoin’s local top is in, providing a runway for altcoins to take over, says EmerorBTC.
Nevertheless, the analyst sees this as “very bullish,” with Bitcoin establishing a trading range above its previous ATH.
EmperorBTC notes that Bitcoin has broken its previous ATH while its funding rate remained low.
“Funding was much lower than previous attempts, there was no spike in funding even after moving past $70,000. This is very bullish, the basis is narrower, and spot is catching up to demand.”
He also noted that “apes have calmed down,” alluding to leveraged traders placing less longs, which could help BTC’s price settle.
“Very likely for BTC to range here while alts continue to pump. Minimal liquidations since yesterday after the largest long liquidations in 3 years at ATH on March 5th. Apes have now calmed down post that.”
Meanwhile, renowned trader CrediBULL Crypto anticipates a similar trajectory for Bitcoin.
He explained, “I’m not expecting any major dips/corrections as all metrics are still relatively cool and not overheated. I’m simply expecting some further consolidation, which should set the stage nicely for the continuation of this near vertical advance.”
Based on the analyst’s accompanying price chart, Bitcoin’s next move could propel it toward $95K following a consolidation period lasting around ten days.
However, as noted by EmperorBTC, this could set the stage for altcoins to rally.
One such crypto that is showing potential is a Bitcoin-related token, Bitcoin Minetrix. Currently undergoing a presale, the project has raised over $12.2 million, illustrating impressive momentum and community support.
Stake-to-Mine Bitcoin Minetrix Raises $12.2M and Offers 57% Staking APY
Bitcoin Minetrix offers a groundbreaking alternative to existing mining and cloud mining solutions through its flagship Stake-to-Mine mechanism.
Offering widespread, beginner-friendly access to Bitcoin mining, Bitcoin Minetrix breaks down the barriers to entry while ensuring a secure and transparent user experience.
The project works by users staking $BTCMTX tokens for Bitcoin mining credits, which they can burn for cloud mining power. This then translates to free BTC.
As per the Bitcoin Minetrix whitepaper, previous cloud mining solutions involved a significant degree of trust and were often criticized for their poor security practices.
But aligning cloud mining with core crypto values, Bitcoin Minetrix is trustless and secured by the Ethereum blockchain. Users have full control over their funds, and the $BTCMTX token ensures decentralization and transparency.
Its compelling use case has drawn tremendous interest, pushing its presale total raise past $12.2 million so far.
The $BTCMTX token’s central role ensures utility-driven demand, enabling its price to benefit as platform adoption grows.
Since its presale is ongoing, the cloud mining mechanism has yet to launch. Nevertheless, investors can compound their purchase through Bitcoin Minetrix’s supplementary staking feature, currently offering a 57% APY.
The Bitcoin Minetrix presale price will rise as the campaign advances, so those seeking the most upside potential should not wait around.
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