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The Bitcoin price started the new week with a bang, as its price again shot up after dropping for most of the last week and trading sideways over the last several days.
About seven days ago, BTC’s price was at $27.75k after dropping from the resistance at $28k, which it has been trying to breach for some time.
Last Monday, October 9, the coin dropped to $27.30k, only to try to return to $27.75k again. However, this resistance rejected the price on Tuesday, October 10, sending the coin down in a series of drops.
While the Bitcoin price fell, several supports attempted to stop its descent. Specifically, the one at $27.3k, followed by the one at $27k, and finally, at $26.75k.
This is where Bitcoin found its bottom, and between October 11 and October 15, its price fluctuated between this support and a resistance at $27,000.
The fluctuations decreased over the weekend, October 14 and 15, leaving the price at around $26.85k, but the situation started to change late Sunday.
Sunday afternoon, Bitcoin started to see another increase. It was slow and steady, but it led the coin from $26.8k to $27.2k, which became a new resistance it had to breach. This level stopped the progression, and even in the early hours of Monday, the price was still struggling against this level.
However, several hours into the new week, BTC price shot up, heading straight for $28k. In the last 24 hours, BTC saw a price increase of nearly 3%, and while the resistance at $28k has been successful at stopping it, the price made several more attempts to break this obstacle.
At the time of writing, BTC is seemingly being rejected, with its price currently at $27,712. However, the situation may yet turn around for the coin.
What Caused New Surge?
According to a report published by CoinDesk, the new jump to $28k was seemingly caused by the bulls betting on Bitcoin spot ETF approval. The report noted that the coin was able to reverse the losses seen over the past week.
The move seemingly came after the US SEC decided not to appeal to a recent Grayscale ruling, sparking bullish hopes among traders.
However, some have pointed out that the coin is not out of the woods yet, as BTC could see a dip to under $20,000 should the spot ETF not be approved.
In the end, experts seem to agree that the approval of an ETF would send Bitcoin further up, and some suggest that the approval is the only outlook strong enough to kickstart an uptrend for BTC by finally invalidating the bearish outlook.
But, while the SEC missed the opportunity to file an appeal to the Grayscale ruling, the regulator is still delaying its decision regarding the ETFs.
Bitcoin Minetrix Presale Raises $1.5 Million and Counting
As Bitcoin’s price continues to struggle against resistance at $28k, some traders have turned their gaze to Bitcoin Minetrix (BTCMTX), currently one of the hottest presales on the market.
Bitcoin Minetrix is a project that offers a fully decentralized and transparent cloud mining platform that allows users to mine BTC simply by staking the project’s native token, BTCMTX.
In other words, those who purchase BTCMTX can stake it, giving them credits for mining Bitcoin.
It is all done with no specialized equipment or a massive electricity bill, which has attracted many interested users.
The project has already raised over $1.57 million, and its token’s price is $0.111. Those interested can buy it with BNB, ETH, USDT, or via credit card.
However, they are recommended not to wait too long, as the project already saw one price increase, with another coming in around two weeks.
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