With Bitcoin Dominating the Market, How High Can Bitcoin Minetrix Soar?

Updated: 23 October 2023

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The Bitcoin price has soared for the second time in the last seven days, reaching the heights last seen in mid-July.

The coin initially saw a price surge last Monday, October 16, when the fake news said that the US Securities and Exchange Commission finally approved a Bitcoin spot ETF.

While it quickly became evident that this did not happen, the coin already started seeing increased activity, which allowed its price to surge past $28.2k and remain in the mid-$28k range.

Between October 17 and 20, the Bitcoin price stayed in this range, fluctuating from support at $28.2k to a resistance at $28.8k.

These two levels limited it during the mentioned period. Still, BTC kept going up and down until Friday, October 20, when it finally broke the resistance level, surging to $29,000 and then beyond, eventually reaching $30k.

Over several weekends, BTC prices mainly traded sideways without significant changes. This weekend saw a bit more activity. After hitting $30k on Friday, BTC dropped back down to a support at $29.5k, but late Saturday, the coin managed to reach $30k again.

The price was rejected again, although this time, only to $29.9k, from where it returned to $30k for the third time on early Sunday. Unfortunately, the resistance was strong enough to reject the coin for the third time, and BTC dropped to $29.75k.

As mentioned, the situation changed again with the arrival of early Monday, when the price surged once more. The resistance at $30,000 stopped its progression again, but after a few hours, the coin saw a new bullish wave that finally managed to break this level.

BTC continued until it encountered its next resistance at $30.5k, which stopped its progression for a few hours. Still, eventually, this level also broke, allowing BTC to hit $30.75k and then to move past this level as well, finally reaching $30,936 only a few hours ago.

While the coin did not reach $31,000, it came closer than ever since July 14.

But, this resistance seems to be the new main level BTC will have to beat, as it rejected the coin, sending it back down to support at $30.5k.

At the time of writing, however, BTC price is surging once more, as it currently sits at $30,650. Right now, its price is 10% higher than seven days ago and around 3% higher compared to 24 hours earlier.

Bitcoin Shorts are Piling Up Following Recent Surge

With BTC price hitting a three-month high, Bitcoin traders expect a solid correction to arrive in the next few days or hours.

Numerous reports suggest that most accounts dealing with BTC futures are opening short positions, expecting the coin to correct, as it usually does after a substantial price increase.

As #Bitcoin hovers around $30,000, roughly 60% of all accounts on #Binance with an open $BTC futures position are going short! pic.twitter.com/5RcTDu5sfo

— Ali (@ali_charts) October 22, 2023

On Binance alone, around 60% of accounts are going short on Bitcoin, while on Coinglass, the situation is slightly different, as traders are split roughly 50:50 between long and short positions.

What is the point in only looking into binance?

Coinglass gives another picture: pic.twitter.com/KVxaWDllMl

— Crypto_Veritas ⭐️⭐️⭐️⭐️⭐ (@CryptoeVeritas) October 22, 2023

While BTC price certainly surged due to continued ETF speculation, crypto traders urge caution, as BTC is likely to see a correction following this new development.

Bitcoin Minetrix Presale Exceeds $2 Million Raised

With interest in Bitcoin surging, a new project offering the ability to mine BTC via its new cloud platform also saw increased interest and engagement.

The project in question, Bitcoin Minetrix (BTCMTX), is currently holding a presale, selling its tokens at $0.0111.

The project will allow users to stake the token and receive credits, enabling stakers to mine BTC and receive mining rewards via its cloud platform.

The platform was made to be fully decentralized and transparent to remove any doubt about whether or not it is legitimate. It is aware that cloud miners are used to scammy platforms and seek to ensure everyone that Bitcoin Minetrix can be trusted.

Anyone interested in joining the platform can buy BTCMTX in exchange for ETH, USDT, BNB, or via credit card.

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