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The Bitcoin price has hit a weekly low in the past 24 hours after continuing the bearish run that started earlier this week.
In the past seven days, the coin spent most of its time trying to reach and breach the resistance at $28k. On October 5, it saw a surge to this level but was rejected to support at $27.4k. It returned to the $28k mark late on October 6, then spent the next three days trying to go beyond it.
BTC managed to breach the resistance twice, although only briefly, and its price was rejected both times. It mostly traded sideways for the remaining period, just under the $28,000 price mark, with several weaker attempts to get near or beyond it.
Since this occurred mainly over the weekend when the activity tends to be lower, price stability is not a significant surprise.
However, with the start of the new week on October 9, Bitcoin suddenly saw the arrival of a new bearish wave that continued throughout the week. Its price initially dripped to $27.4k again mid-Monday, only to see a recovery to $27.6k later on the same day.
On Tuesday, October 10, the price spent half the day trying to breach the resistance at $27.6k, but in the second half, it was rejected to $27,350 — a minor support that managed to break its fall.
Unfortunately, this level was also broken on Wednesday, when BTC dropped to $27k for the first time in over a week, eventually breaking it and hitting bottom at $25,560.
After dropping to this level, BTC started seeing a slight recovery, which took it back to $26.9k — a new resistance for the coin to breach. BTC has been trying to go beyond it for several hours but has not succeeded.
At the time of writing, the coin sits at $26.82k — around 1% lower than 24 hours ago and nearly 3% lower than where it was seven days earlier.
ARK and 21Shares Amended Bitcoin Spot ETF Filings, Bringing New Talk of ETFs
One notable development occurring lately came from ARK Invest and 21Shares, both of which amended their Bitcoin spot ETF filings per the SEC’s comments and criticisms.
Many in the industry have taken this as a good sign of progress, hinting that this might bring them one step closer to getting a green light from the regulator.
With the talks about Bitcoin ETFs once again dominating the titles, the coin’s price might turn around again, and it may very well be why BTC stopped the drop, recovering to $26.9k again.
Bitcoin Minetrix Presale Reached Major Milestone
While the situation surrounding BTC itself keeps traders questioning what is next, a new project called Bitcoin Minetrix (BTCMTX) managed to launch a presale, and it has already reached its first significant milestone — raising $1 million.
The project is offering BTCMTX tokens, which, when purchased and staked, grant the holder credits that can be used for mining BTC on its cloud mining platform.
Unlike most other cloud mining sites, this project offers an entirely decentralized and transparent approach to encourage cloud miners to give the process another chance, as many were discouraged by scams and failed mining firms in the past.
The presale has raised $1.09 million, selling the token for $0.011. In four days, however, the price will increase, so this is the last chance for buyers to purchase it at a lower price.
Those interested can buy the token with a credit card or via ETH, USDT, and BNB.
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