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Bitcoin managed to maintain its position above $28.2k, even though it is closer to this support than in previous days.
The coin is still slightly over 6% higher than last week when its price was $26.76k. The cash spent the first half of the previous seven-day period trading sideways, with its price subtly increasing. It only went up by around $150 over four days. For BTC, this is almost flat. However, there is a good explanation for it.
The coin stabilized on October 12 and 13 after nearly a week of constant price drops. After that, October 14 and 15 were the weekends, and BTC has seen a considerable lack of activity over the past several weekends, hence the four days of calmness.
However, with the arrival of Monday, the coin shot up, first to $28k and then to $29.3k, only for its price to correct to under $28,800. Over the last four days, the coin’s price has fluctuated between this resistance and support at around $28.2k.
BTC would often find a sweet spot somewhere between these two levels, where it would try to stabilize. However, this usually doesn’t last very long, and the price would suddenly increase or decrease.
It is also worth noting that, as of mid-Wednesday, October 18, Bitcoin has dropped closer to the support at $28.2k, dropping to this very level several times in the last 24 hours.
But, the coin’s price also started seeing a beginning of a new surge with the start of Thursday, October 19, which took it back up to $28,493 as of the time of writing. Despite the price increase, the coin’s daily trading volume is around 27% lower than yesterday.
Still No Word on the Future of Bitcoin ETF
One of the more notable recent developments is the SEC Chair Gary Gensler’s interview with Bloomberg TV, during which he was asked about Bitcoin spot ETFs.
However, the SEC chair did not discuss the regulator’s plans. He only noted that the agency’s staff is “doing work” on multiple ETF proposals, stating that all such products must go through several approvals before the SEC decides.
The expectations regarding the ETF approval continue to build up, to the point where even fake news of the SEC approving one was enough to launch BTC up by $2,000 earlier this week.
CryptoQuant’s recent prediction is that a spot Bitcoin ETF could trigger a 155% BTC explosion.
Tesla is Still Holding on to BTC
Another notable development is that Tesla, Elon Musk’s electric car maker, recently released an earnings report, revealing that it still holds all the BTC it accumulated in the past, making this the fifth consecutive quarter during which the firm’s BTC holdings had not changed.
In 2021, Tesla acquired 43,000 BTC, making the total worth of its Bitcoin treasury around $1.5 billion at the time of purchase.
While the company stopped accepting BTC payments for its vehicles over concerns regarding the coin’s environmental impact, it still decided to hold onto the coins it bought or received.
Bitcoin Minetrix Presale Inching Closer to $2 Million Raised
While Bitcoin is still in a neutral zone, another project carrying its name is seeing incredible popularity. Bitcoin Minetrix (BTCMTX) is a new project currently holding a presale, selling BTCMTX for $0.0111.
This decentralized, transparent cloud mining platform allows users to buy BTCMTX, stake it, and receive credits, which are then used for mining Bitcoin.
The project understands that many in the industry are skeptical of cloud mining platforms due to numerous scams, so it ensured total decentralization.
Users are in charge at all times, and they now have the opportunity to mine BTC without expensive equipment.
Those who wish to purchase BTCMTX can do so in exchange for ETH, BNB, and USDT or buy it directly with their debit or credit card.
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