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The Bitcoin price retested the support at $26.6k yesterday, and the level managed to keep it from going further down. However, the coin is still relatively low compared to the performance in the last seven days.
Last Friday, October 6, BTC’s price dropped to $27.34k, surging to $28,000. Over the weekend, the price was primarily flat on October 7 and 8, trading sideways under this resistance. However, it did not manage to breach it.
With the arrival of Monday, October 9, crypto traders expected to finally see Bitcoin make its move and go beyond $28k. Instead, the coin dropped to $27.4k, only slightly recovering to $27.6k later in the day.
The coin even managed to climb slightly above this level on October 10, but later that day, its price saw another drop that took it down to $27.3k. On October 11, the price fell again, this time hitting $27,000, only to bounce back up to $27.2k, which rejected it, sending it to $26.6k for the first time.
This was the coin’s weekly low, and from there, Bitcoin saw another slight growth to $26.9k. This was yesterday, October 12, but the resistance rejected the coin right back to where it started — $26.6k.
Fortunately, this support managed to hold, and BTC started growing again. It hit several resistances along the way, including the one at $26.75k and the one at $26.8k. Both held it off briefly, but the coin eventually moved past them.
Earlier today, October 13, BTC even managed to surge up to $26,900, but this time, the resistance did not give in, and its price was rejected back to $26.8k, which now started acting as a support. When writing, BTC sits at $26,813 — around 3% lower than a week ago.
Bitcoin spot ETF approval partially priced in, according to Coinbase
Bitcoin ETF discussions again started dominating the headlines after several applicants amended their proposals to the SEC, seeking to address some comments the regulator had provided.
According to Coinbase, spot-based ETFs are widely expected to unlock floodgates for mainstream money. However, the exchange believes that the flows will materialize over time. In other words, the business doesn’t have a massive flood of cash when the gates open.
Some have questioned what will happen if the SEC doesn’t appeal the spot Bitcoin ETF ruling. According to the ruling, the regulator must appeal to Grayscale’s DC Appeals Court today, October 13, or it will have to approve the company’s bid or try to delay it.
Not officially. SEC could attempt to deny on new grounds but as @EricBalchunas, myself, @NYCStein, @SGJohnsson, @NateGeraci and many others have said. It would be a very difficult needle to thread and we view as unlikely. They can find ways to keep delaying though IMO.
— James Seyffart (@JSeyff) October 12, 2023
Whether the ETF is approved or not, there is no denying massive institutional interest in Bitcoin-related products, and it will likely only grow in time. Some speculate that BTC might even hit $100,000 before the next bull run thanks to an ETF approval, but Coinbase suggests this might not be true.
Bitcoin Minetrix steals the spotlight
While traders continue to speculate about the future of Bitcoin’s priBitcoin’ss are turning to a new rising star — Bitcoin Minetrix (BTCMTX). The new project allows users to buy its tokens, stake them, and receive credits that can be used for mining Bitcoin on the project’s cloproject’s platform.
So far, the project’s pre-project has raised $1.2 million while selling BTCMTX for $0.011 per piece. However, in only three days, the token’s price will increase, so anyone wishing to buy it at the current price has to do it before the end of the weekend. While the project is another BTC cloud mining platform, it is fully decentralized and transparent, seeking to show traders that not all cloud mining platforms are scams.
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