Bitcoin’s (BTC) price has risen 10% in the past week, reaching its highest level since January 12. This renewed momentum has also lifted the altcoin market, with the likes of Ethereum (ETH) and Solana (SOL) also posting gains.
Meanwhile, the Bitcoin Minetrix (BTCMTX) ICO continues to go from strength to strength – and is now nearing the $10 million funding milestone ahead of its official launch.
Bitcoin Surges Past $42k as Bulls Take Control
After two days of rangebound trading around the $42,000 level, Bitcoin has finally broken out to the upside – with the coin currently trading at $43,520.
The bullish momentum comes as the crypto market shakes off recent uncertainties and negative sentiment, which has been pervasive since the launch of spot BTC ETFs in the US.
BTC is now well above its 50-day exponential moving average (EMA) on the daily chart, which briefly acted as resistance earlier in the month.
Yet, bulls will need to be wary of the $44,500 level, which capped the price numerous times throughout December. If Bitcoin can break above this level, there could be a path back to the 52-week high of $49,018.
Ultimately, the bulls remain firmly in control of the current price action, as seen from the $74 million in speculative shorts liquidated in the crypto market overnight.
The Crypto Fear & Greed Index has also ticked into “Greed” territory, contrasting with last week’s “Neutral” rating.
Institutional Inflows Provide Fuel for Bitcoin’s Resurgence
On the back of its decisive breakout past $43,000, Bitcoin’s resurgence appears to have legs thanks to growing institutional adoption. A key factor providing tailwinds is the rising inflows into the recently launched spot BTC ETFs from giants like Fidelity and BlackRock.
Fidelity’s FBTC saw inflows of $208 million yesterday, offsetting outflows from the Grayscale Bitcoin Trust (GBTC) for the first time since both funds launched.
Meanwhile, BlackRock’s spot ETF has amassed over $2 billion in assets under management (AUM) just weeks after its debut.
The ETF now holds more than 52,000 BTC and is providing new demand that helps absorb much of the selling pressure seen from GBTC. If this dynamic persists, it paints a bullish picture for Bitcoin’s long-term outlook.
More big money is entering the arena, and the built-in scarcity of BTC could drive further value increases. Markus Thielen, an analyst at 10x Research, even speculated that Bitcoin might hit $50,000 by the end of the first quarter.
Under-the-Radar Bitcoin Minetrix Gains Traction Amid Huge Presale Success
While Bitcoin continues its surge, lesser-known cryptos are also gaining traction among investors. One example is Bitcoin Minetrix (BTCMTX), an innovative project nearing the $10 million mark in its ongoing presale.
Bitcoin Minetrix aims to transform cloud mining by introducing a “Stake-to-Mine” mechanism on Ethereum powered by smart contracts.
The platform offers a secure way for users to stake BTCMTX tokens in exchange for mining credits. Users can redeem these credits to access cloud mining power without requiring specialized hardware or technical skills.
This makes Bitcoin mining accessible – even for complete beginners. Bitcoin Minetrix’s presale has raised over $9.8 million so far, with 77.5% of the total BTCMTX supply made available to early buyers.