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The Bitcoin (BTC) price maintains relative stability under the resistance of $28.8k, currently over 5% higher than a week ago.
Last week, on October 11, BTC price was at $27.1k after days of price drops. Eventually, the coin hit bottom at $26.6k by the end of the day, only to spend the next four days just above this support.
The coin did see some minor price growth around this time, but the resistance at $26.8k kept it from moving further up. The coin did breach this level once or twice, heading up to $27,000 during the four days, but its price would quickly be rejected back to the previous level.
Things changed late Sunday, October 15, when BTC seemingly started another attempt to reach the $27k level, but the price managed to breach it this time. Initially, it did not go too far, hitting another barrier at $27.2k, but this also changed on Monday, October 16.
However, Monday brought a massive change to the market as the price suddenly skyrocketed — first to $28,000 and then to $29.3k only hours later.
The spike was caused by the news of the US SEC approving a Bitcoin spot ETF — which later appeared to be a fake report. BTC responded to the original news with a significant spike, only for its price to crash back down after the truth emerged.
Even so, the price remained above $28k following the report, and it even returned to a resistance at $28.8k in the day’s final hours.
Throughout Tuesday, October 17, Bitcoin saw fluctuations as its price attempted to stabilize after a significant surge seen the day before. For the most part, the coin was between $28.2k and $28.6k, with solid fluctuations taking it up and down throughout the day.
On early Wednesday, October 18, BTC managed to surge again to the resistance at $28.8k, but it was rejected back to $28.5k after touching this level. At the time of writing, the coin’s price is $28,567, but it shows signs of growth again.
Interest in Bitcoin Spot ETF
While the report of the SEC approving a Bitcoin spot ETF was fake, it did show the potential of such a product. CryptoQuant, a blockchain analytics company, said that its models predicted that $155 billion would flow into the Bitcoin market cap if the ETF gets approval.
However, that is just Bitcoin. The approval of the ETF would bring even more people and money into crypto, launching its total market cap up by $1 trillion, as CryptoQuant wrote.
Larry Fink, the CEO of BlackRock, also commented on the recent rally, pointing out that it is an example of pent-up interest in cryptocurrencies. “We are hearing from clients worldwide about the need for crypto,” he added.
Bitcoin Minetrix Presale Picks Up Pace After the Price Increase
Bitcoin Minetrix (BTCMTX) is one of the industry’s newest and hottest crypto presales. It has already managed to raise over $1.7 million, now closing in at $2m.
The presale recently saw the price of its token increase from $0.011 to $0.0111, and in about 11 days, the price will increase once more, so the opportunity to buy the token while it is still at the current price is slowly closing.
Bitcoin Minetrix is a decentralized, transparent, and safe cloud mining platform that allows users to stake its token, BTCMTX, and receive credits, which are then used for mining BTC.
Since it is all done via the cloud, you don’t need expensive equipment or massive electricity. The project seeks to offer its users the opportunity to join a legitimate cloud mining platform and help them overcome doubts caused by many other fake or fraudulent cloud miners that have emerged over the years.
To achieve this, it ensured it was entirely decentralized and fully transparent so that users would always feel safe and in control.
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