Bitcoin (BTC) price analysis: Bitcoin may fall after testing these levels!

As New Year's Eve approaches, the cryptocurrency market is under the influence of the decline in the price of Bitcoin. The prospect of a Christmas rally in cryptocurrencies at the end of the year has been weakened by this unexpected move in the price of BTC. Especially amid the bearish momentum recorded in the BTC price, questions have been raised about the near future of the leading cryptocurrency.

Famous analyst Ali Martinez analyzed the drop in the price of Bitcoin!

The recent drop in the price of Bitcoin has lowered cryptocurrency investors' expectation of the latest rally in the market over the past few weeks. Meanwhile, leading analyst Ali Martinez shared the underlying reasons for BTC price action, revealing that miners have recently drained a significant amount of BTC. According to Martinez, he shared a chart saying that Bitcoin miners drained 3,000 BTC, which totaled a staggering $129 million.


The crypto community has added a new trigger to the current market conditions after it was revealed that Bitcoin miners were conducting a mass sell-off. In his chart, Ali Martinez highlighted the potential impact of mining activities on Bitcoin's price trajectory, pointing to a significant shift in market sentiment.

Meanwhile, the sudden sell-off of BTC 3,000 is creating an element of uncertainty as the broader digital space bears a decline, causing investors to speculate on short-term outcomes. However, the wave of miners' sell-off was significantly absorbed by the purchase of MicroStrategy BTC.

How did MicroStrategy's new BTC move affect the price?

Bitcoin price started the day bullish and climbed above $43,000, but the bears soon pulled back the levels. The reason behind this rise is thought to be due to MicroStratergy's most recent purchase of a leading digital coin BTC of $614 million. Moreover, BTC price is poised for a latent bullish momentum that could trigger a healthy upside beyond the current consolidation.

The current trading pattern shows the price range within the well-regulated channel. Over the past few days, the BTC price has risen slightly but has struggled to maintain its gains as it has not been able to maintain a healthy rise. While the possibility of a bullish rebound looms over the BTC price rally, there is also the possibility that the bulls will lose their strength.


The chart above shows that the price is maintaining an upward trajectory as the OBV or equilibrium volume drops below the ascending trendline. The OBV is a technical indicator that uses volume changes to identify price trends, indicating that the price may enter a new downtrend. Although the trend is bullish, the OBV appears to be bearish and breaks to the downside. Moreover, the super trend is still influential, suggesting that the price will remain bullish until it continues to stay within the wedge.

Also, breaking the wedge before reaching the peak of consolidation can be considered a sign of strength. This could push price levels to levels close to previous highs, as it could result in a breakout from the bull flag. A breakout from the pattern is considered a sign that the BTC price is preparing for the next price move.

Current Bitcoin price analysis:

As the holiday season approaches, some market watchers believe that the holiday mood has led to a temporary slowdown in trading activity, with both whales and retail investors taking a break. At the time of writing, the price of Bitcoin is down 1.25 percentage points to $42,29.78, and its trading volume over the past 24 hours is down 12.48%. Along with this decline, the recent decline has been erased by about 4 percent from the weekly price, while it has increased by 12 percent in the last 30 days.

BTC-day price chart / Source: CoinMarketCapFrom a technical standpoint, Bitcoin is sandwiched between two levels, indicating that bulls are waiting for the right time to start a new uptrend. BTC price has risen slightly over the past few hours but has started to consolidate further as selling pressure begins to accumulate.

Conclusion

As a result, the recent decline in the price of BTC and the decline in mining reserves since the beginning of December have led investors to calmer and safer investment choices. One of them, Bitcoin Minetrix, has revived the demand for BTC mining, which has been declining recently. BTC Minetrix, which is preparing to start the 16th stage, gives the investor the opportunity to make a profit with minimum technical knowledge with its reliable and simple use, and it is a safe and low-risk choice, especially as it protects investors against risks by eliminating third-party mining risks.

Bitcoin Minetrix: Transparent and independent mining

The Bitcoin Minetrix project, which was basically developed for participation in BTC mining, offers safe and environmentally friendly solutions. By eliminating third-party mining risks, it paves the way for earning passive income, making it a green and simple alternative for investors. Because the BTCMTX token reduces the burdens of mining and allows you to make a profit without the problems of high-end machines and high temperatures.

Discover the #BTCMTX #Telegram Channel boasting more than 6K members.

📈 > Keep updated on cutting-edge mining developments.
🗣 > Engage in lively conversations with like-minded enthusiasts.
🔒 > Gain access to unique insights and invaluable advice.

🔗 > pic.twitter.com/hW8dcAbH1N

— Bitcoinminetrix (@bitcoinminetrix) December 29, 2023

The fast-growing token has announced that it has raised $6,657,839.54 in savings since presales opened The BTCMTX token, which has a current sale price of $0.0125, can be purchased with a card as well as ETH and USDT payment options on Bitcoin Minetrix's official site.

Visit Bitcoin Minetrix