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Bitcoin price has recovered in the last 24 hours, bringing it back to a resistance level of $27.20. The recovery did not get the coin to the monthly high yet, although some in the industry have not ruled it out, as it may still happen.
The past seven days have seen Bitcoin price change its behavior quite often. The coin was almost flat between September 22 and 25, trading under $26.65k resistance. Given that this took place over the last weekend, it is understandable why there was a lack of action on Bitcoin’s end.
However, on Monday, Bitcoin’s price dropped just above the support at $26,000, provoking speculations of further drops. Between September 25 and 27, Bitcoin price saw a slight recovery, making several attempts at growth. All of them were stopped before the coin reached a resistance at $26.4k, but the coin seemingly found a new support at $26.15k, which made it a bit easier for the traders who now had a support above $26k itself to rely on.
Late on September 27, however, BTC surprised the market participants by surging past $26.75k, although this was only a temporary boost that ended within hours, still during the same day. The price returned to where it started from — $26.25k. However, at this point, it also created a steadier recovery.
The new recovery started at $26.25k, taking the coin up to $26.55k, where it encountered resistance. While many speculated that this was the highest price it would go, BTC then made a surprising leap, leading it to $27.20k before the day ended.
Since then, the coin’s price has been trying to breach the resistance at $27.20k, while it found a support at $27k that mainly had held it above this level over the last 24 hours. The coin saw a 2.2% increase on a daily chart.
As for what will happen next, there are speculations and predictions, although, as always, none of them offer absolute certainty.
One positive thing to note is that September is about to end, which many consider positive news for the prices. September has historically been the worst month for crypto prices, so its conclusion is a positive signal.
However, there has also been an event that could strongly impact the prices later today.
Prominent Bitcoin options expiry happens today
Today, September 29, around 118,000 Bitcoin options contracts worth $3.2 billion are set to expire. The max pain point for the expiry is $26,500, significantly lower than the current BTC price.
Coincidentally, the expiration will happen on a rare day when the market is in the green, so a big question is whether it will impact the prices and how.
Analysts have noted that this is a quarterly delivery, adding that Q3 2023 has been as flat as it was during previous years. Q3 is also the least active period, generally speaking, so stronger price activity is expected to follow.
However, while some speculate that the expiration might add to the bullish momentum, others say that liquidity has deteriorated lately, so prominent position shifting has been the main trading driver.
Bitcoin Minetrix emerges as the new hot Bitcoin-branded presale
Another cryptocurrency carrying Bitcoin’s name recently appeared with a presale, and this time, the project is calling itself Bitcoin Minetrix (BTCMTX).
This project seeks to allow users to mine BTC by staking BTCMTX tokens. The idea is similar to online mining pools, and users must purchase BTCMTX, stake it, and receive rewards when the company mines BTC.
With Bitcoin mining still being prevalent and extremely expensive to do personally, this project is likely to attract more of those seeking opportunities in the mining sector.
The presale barely started days ago, and it has already raised $198.78k, suggesting that there is quite a demand for its service.
Those interested can buy BTCMTX — valued at $0.011 — in exchange for ETH, BNB, and USDT.
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