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The Bitcoin price has dropped 0.9% in the last 24 hours to trade at $37,700 as of 6.20 a.m. EST with trading volume for the day plunging 18% plunge to $20.14 billion.
The Bitcoin market is again under the spotlight as Arthur Hayes, co-founder of BitMEX, predicts a potential surge in Bitcoin’s price driven by an influx of cash from China. This prediction comes against evolving dynamics in the Chinese economy and shifts in global credit markets.
Several regulated crypto exchanges and brokers in Hong Kong are emerging, providing a gateway for more Chinese capital to enter Bitcoin.
Bitcoin Price: Bulls Hover Around $38,000 Level Awaiting Breakout
The recent price action of Bitcoin reveals a positive trajectory, marked by a rebound from the consolidation phase coinciding with the 50-day Simple Moving Average (SMA) and a robust support zone at $26,000. This ascent has been channeled within an ascending channel pattern, breaching the resistance level at $30,500.
A recurrent pattern of an ascending triangle is observable as bullish momentum propels the cryptocurrency upwards, though attempts to breach the $38,000 resistance level have been met. A decisive breakthrough above this point is crucial to confirming a potential rally towards $50,000.
The current Bitcoin price is positioned above the 50-day and 200-day simple moving averages, adding weight to the prevailing bullish sentiment and establishing a robust long-term support foundation. Despite a minor decline, the Relative Strength Index (RSI) at 62 reflects a rebound, indicating mounting buying pressure.
A breach above the ascending channel holds the potential to catalyze momentum for bullish movements in Bitcoin, with an optimistic target of $48,000 in 2023.
On the contrary, bears may capitalize on the $38,000 resistance, exerting downward pressure and potentially retracing the price to around the $34,500 support level, aligning with the lower boundary of the ascending channel. A prolonged selling pressure scenario could trigger further declines, with a potential downward movement targeting the critical support level at $32,900.
As the crypto community awaits this narrative’s unfolding, capital also is flowing into a new altcoin called Bitcoin ETF token (BTCETF), with investors so far betting more than $2 million on its prospects.
Bitcoin ETF Token Secures $2 Million Funding, Nears $2.4 Million Goal
In its 6th presale stage, the BTCETF token has successfully raised over $2 million and is nearing the $2.4 million funding milestone as more investors join the project.
As an ERC-20 token, BTCETF allows investors to engage in market speculation, particularly in anticipation of approving a spot Bitcoin ETF. The opportunity to purchase BTCETF tokens at a discounted rate of $0.006 is available, but this price is set to increase in just 39 hours.
Only 48 hours till the conclusion of Stage 6 for #BitcoinETF! ⏳
Stay tuned! 🔍 pic.twitter.com/m3vDf44Lfm
— BTCETF_Token (@BTCETF_Token) November 30, 2023
The project also allows investors to earn passive income through staking, offering a high annual percentage yield (APY) of 119%, with current rewards at 119 per ETH block. Approximately 213 million tokens have been staked out of the total allocation of 525 million.
Jacob Bury, a YouTuber boasting over 24,000 subscribers, explores how to purchase BTCETF and leverage the staking feature for potential benefits. Having actively engaged in the presale, he foresees early investors gaining a 10X return.
To get BTCETF tokens, go to the Bitcoin ETF Token website, connect your digital wallet, and trade cryptocurrencies like BNB, ETH, USDT, or MATIC for BTCETF tokens. You can also buy them directly using a bank card.
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