Bitcoin Breaks Above $28k Psychological Level Again. Can It Find Support?

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Bitcoin (BTC) commenced the week surging above the $28,000 psychological resistance and attempting to breach the $28,500.

However, buyers faced a sharp rejection as bears emerged, asserting some control over the market and causing the BTC price to be corrected to $27.65k, a level that has now transitioned from resistance to support, resulting in a price rebound.

In a recent interview with YouTuber Tom Bilyeu, former BitMEX CEO Arthur Hayes shared an optimistic, bullish prediction, believing that if there is a significant shift towards BTC,it has the potential to revisit its all-time high (ATH) and exceed $70,000 by the close of 2024.

Additionally, Hayes believes that BTC can soar to anywhere between $750,000 and $1 million by 2026.

As of 8:27 a.m. EST, BTC is trading at $27,994, indicating a 1.1% increase over the past 24 hours.

BTC Price Could Find Support Above the 200-Day SMA

BTC/USD Chart Analysis. Source: Tradingview.com — BTCUSD Chart Analysis. Source: Tradingview.com

The BTC price is between the $30,000 resistance and the $25,000 support zone within the ascending triangle pattern.

The bulls display notable aggressiveness as they successfully break through the critical $27,500 resistance, inching closer to $28,500.

If this bullish momentum persists, it could propel BTC above the $28,500 level, potentially leading to an 18% surge toward the second resistance level at $31,200, coinciding with the upper boundary of the ascending triangle.

BTC’s Indicators Signal a Bull Rally to $31,200 Resistance

BTC has consistently maintained a bullish trend above the 50-day moving average while hovering around the 200-day moving average.

The 200-day moving average serves as immediate resistance for BTC. A breach above the 200 SMA could solidify the bull rally toward the $31,200 resistance level.

The relative strength index (RSI) unmistakably signals a bullish trend, sitting comfortably above the neutral 50 position at 62. This indicates intense buying pressure, with the potential for the RSI to venture into the overbought region of 70 and beyond.

In such a scenario, buyers would have the opportunity to drive the price past the $28,500 mark.

BTC maintains a bullish outlook, drawing substantial interest from buyers and traders. This sentiment is supported by the RSI and the 50-day moving average, potentially paving the way for a breakthrough beyond the critical $28,500 support and setting the stage for the bulls to target the $31,200 resistance.

BTC Indicator Analysis. Source Tradingview.com

Conversely, the bulls need to remain vigilant regarding the 200-day moving average, which could allow bears to push the price downward. If this scenario unfolds, the bulls may find refuge at the $26,200 support zone. However, if breached, they could seek support from the 200-day SMA.

Meanwhile, BTCMTX has emerged as an alternative investment to BTC, garnering substantial interest during its presale phase, which witnessed rapid uptake within hours of its launch.

Investors now have the opportunity to capitalize on high returns through its presale and the stake-to-mine feature.

Join the BTCMTX Presale, Experience the Exciting Stake-to-Mine Opportunity

Bitcoin Minetrix (BTCMTX) offers an innovative approach that redistributes mining profits from corporate entities to retail investors through a method known as stake-to-mine.

#BitcoinMinetrix aims to transform the #Bitcoin Cloud Mining landscape by introducing a Stake-to-Mine mechanism automated by smart contracts.

Envisioning a safe and efficient ecosystem between #Blockchains that combats the drawbacks of conventional cloud mining. 🌐 pic.twitter.com/NtNlMWROmx

— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023

Currently, the project generates 158.5 tokens for each Ethereum (ETH) block, resulting in an impressive annual percentage yield (APY) of 1,149%, with 36,278,677 tokens already staked.

The project’s presale has already attracted an impressive $686,644 in funding, showcasing strong investor interest in the platform’s offerings. Each token can be acquired for $0.011.

#BitcoinMinetrix has reached another vital achievement! 👏

Exceeding $600,000 raised. pic.twitter.com/flPGRolMBC

— Bitcoinminetrix (@bitcoinminetrix) October 6, 2023

As the presale progresses through each successive stage, the token’s price will increase by 10%, making it an opportune moment to participate.

Crypto Gains, a prominent YouTuber boasting over 108k subscribers, expresses excitement about how this project could disrupt the industry for the benefit of smaller investors.

The channel host believes that Bitcoin Minetrix’s approach can contribute to the decentralization of hash power, addressing the ongoing mining competition.

To further attract buyers, BTCMTX has announced a $30,000 Minedrop giveaway, offering six different entry methods.

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Get ready for your chance to win a share of $30,000 in $BTCMTX!

Follow the steps in the link below for the chance to win one of ten $3,000 $BTCMTX Prizes! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N

— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023

Join the presale and participate in stake-to-mine by acquiring Bitcoin Minetrix BTCMTX tokens with a minimum investment of just $10. Connect your Web3 wallet to the BTCMTX website and make your purchase using ETH, BNB, USDT, or bank cards.