Bitcoin’s (BTC) surge to $72,000 has been all the chatter on social media today, with a drop in exchange reserves signaling investors are holding their coins long-term.
However, the real story may lie with the emerging Bitcoin Minetrix (BTCMTX) project, which looks set to shake up the crypto mining space once it is launched later this year.
Bitcoin Pushes Past $72K After Buying Pressure Ramps Up
Bitcoin is popping off, breaking key resistance levels to reach its highest value since mid-March.
The crypto king is up almost 4% in the past 24 hours amid massively increased buying pressure.
This pressure is clear to see when looking at the metrics.
Bitcoin’s market dominance has risen to 54%, around the same as it was just before the coin hit a new ATH last month.
Spot volumes have also reached $34.1 billion in the past 24 hours – a 74% increase from Sunday’s figure.
On-chain data shows heightened accumulation, too.
The percentage of the Bitcoin supply that was last active between 6-12 months is at 1.9 million BTC, up from 1.5 million BTC this time last year.
These investors are refusing to sell, creating the ideal conditions for Bitcoin’s price to soar higher.
Technical factors are also hinting at further upside.
According to Markus Thielen, founder of crypto research platform 10X Research, BTC just broke out of a multi-week symmetrical triangle pattern on the daily chart.
This continuation signal has Thielen eyeing a move to $80,000 for Bitcoin in the coming weeks if momentum persists.
Falling Exchange Reserves Signal Bitcoin’s Supply Squeeze
Another major catalyst for Bitcoin is the steadily dwindling Bitcoin balance across all major exchanges.
Based on data from the crypto analytics platform Glassnode, only around 2.2 million BTC is currently resting on trading platforms.
That may sound like a lot, but it’s a 12% decline from the nearly 2.5 million BTC on exchanges this time last year.
So, what exactly does this Bitcoin exodus from exchanges signify?
It means investors are withdrawing their crypto from these platforms and shifting to secure, non-custodial wallets where they control the private keys.
Unsurprisingly, most traders view this as a bullish sign because it suggests that more and more investors have no intention of selling their Bitcoin.
Quite the opposite – these investors seem to be doubling down and holding onto their Bitcoin for the long haul.
With more of the liquid BTC supply effectively being removed from circulation, a sort of “supply squeeze” is sending the coin’s price higher.
Can Bitcoin Minetrix Benefit From Bitcoin’s Rise as Halving Event Looms?
With Bitcoin’s momentum building, investor interest is also turning to innovative projects like Bitcoin Minetrix.
This platform allows everyday investors to gain exposure to Bitcoin mining rewards by simply staking BTCMTX, Bitcoin Minetrix’s native ERC-20 token.
The hype is rising, with Bitcoin Minetrix’s ongoing presale already raising almost $13 million.
And with less than two days before the presale advances to the next pricing stage, investors are scrambling to get in while the token price is low.
What has everyone excited about Bitcoin Minetrix’s Stake-to-Mine concept is the potential for it to become a hot commodity following Bitcoin’s upcoming halving event in less than two weeks.
Once the halving slashes new BTC rewards by 50%, mining revenues are expected to take a major hit.
This could make it harder for smaller operations to remain profitable while centralizing more hash power to large pools.
This is where Bitcoin Minetrix’s model shines, as it lets anyone gain exposure to BTC mining without the hassle of overhead or physical hardware.
Its model essentially “halving-proofs” mining returns – providing an appealing passive income stream.
No wonder over 55,000 people have entered Bitcoin Minetrix’s lucrative $30,000 “minedrop” giveaway campaign.
Between providing democratized crypto mining access and high staking yields, it’s easy to see why Bitcoin Minetrix is gaining the attention of retail investors right now.
If BTC’s price keeps rising alongside dwindling supply, gaining exposure to the Bitcoin mining game could prove lucrative – and Bitcoin Minetrix offers that opportunity in a seamless way.
