It’s been a wild ride for crypto traders in the past 24 hours, with Bitcoin (BTC) and Bitcoin Cash (BCH) both seeing significant price pullbacks.
The sell-off has many scratching their heads as profit-taking kicks into high gear.
However, one project appears to be bucking the trend – Bitcoin Minetrix (BTCMTX) and its ambitious presale phase, which continues to gain traction.
Bitcoin Faces Turbulence Ahead Of Halving Event
Bitcoin’s rally has hit a speed bump, with the crypto king down 3% over the past 24 hours to trade at $66,800.
The sell-off has seen BTC break below its 20-day exponential moving average (EMA) on the 4-hour and daily price charts – a bearish signal that could hint at further downside.
While pinpointing the exact reason is tricky, the choppy price action likely stems from traders taking some risk off the table ahead of Bitcoin’s highly anticipated halving event in just two weeks’ time.
With BTC’s issuance set to be cut in half on April 20, the volatility leading up to the event looks set to intensify as the bulls and bears battle for supremacy.
As such, Bitcoin’s near-term direction may hinge more on technicals than fundamentals.
The next major support level is around $61,000, and if Bitcoin breaks below that level, it could trigger a deeper correction.
Bitcoin Cash Retraces After Halving-Fueled Price Rally
Bitcoin Cash is also feeling the pressure, down over 6% in the past eight hours as traders cash out some gains.
The bearish price action for BCH comes just a day after the token went on a tear following its latest halving event.
Bitcoin Cash’s reduced mining rewards seem to have been primarily priced in though, with traders now cashing out some of their winnings.
This latest pullback has seen BCH surrender the $700 level that provided stiff resistance on April 1.
While still up over 100% in the past month, the token will need to find some fresh buy-side momentum to keep its rally going.
Some analysts are watching for a retest of the $600 area, which acted as an inflection point last weekend.
If BCH holds above this level, the uptrend could resume – if not, a deeper pullback is likely.
Stake-to-Mine Sensation Bitcoin Minetrix Powers Ahead Despite Bearish Conditions
While Bitcoin and Bitcoin Cash face headwinds, the presale for Bitcoin Minetrix continues to defy the bearish sentiment.
Despite wider crypto market choppiness, Bitcoin Minetrix has now raised an impressive $12.9 million – and counting.
This strong demand highlights the buzz around Bitcoin Minetrix’s feature set, which focuses on allowing users to mine Bitcoin simply by staking BTCMTX tokens.
Rather than purchasing expensive rigs or navigating complex cloud mining contracts, BTCMTX holders can earn BTC through the new Stake-to-Mine mechanism.
The more BTCMTX staked, the greater the share of Bitcoin Minetrix’s mining output.
Even better, Bitcoin Minetrix is targeting annual yields of up to 54% for those who participate in the Stake-to-Mine feature.
With such lucrative earning potential and hassle-free Bitcoin exposure, it’s no wonder traders have been piling into the BTCMTX presale.
The presale’s success bodes well for Bitcoin Minetrix’s roadmap, too.
With the funding period soon ending, the development team is set to release the Stake-to-Mine app and begin obtaining cloud mining partnerships in the coming months.
Plus, despite still being in the early stages of its life cycle, Bitcoin Minetrix has begun to create a loyal social media following.
Over 24,000 people follow the project’s Twitter page – and BTCMTX has even been featured in major crypto outlets like Cointelegraph and BeInCrypto.
All in all, with its unique approach to crypto mining, Bitcoin Minetrix looks poised to keep riding this hype wave.
