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Data from the on-chain tracking platform DEX Tools indicated that the price of Wrapped Bitcoin (WBTC) stood at $26,747.35 at press time. This was after the wrapped version of the market leader dropped 1.93%, which also coincided with the price movements of BTC during the same period.
The Connection Between BTC and WBTC
Despite the recent loss, the growing interest in Bitcoin (BTC) spot exchange-traded funds (ETFs) could lead to the leading cryptocurrency’s price soaring in the next few months. In turn, WBTC’s price may undergo the same strong price movement, given that WBTC is just a wrapped version of BTC minted on another blockchain, with a 1:1 backing of BTC.
Technical Overview
Daily chart for WBTC/USDT (Source: TradingView)
From a technical perspective, a symmetrical triangle has formed on the daily chart for WBTC/USDT after the cryptocurrency printed higher lows and lower highs throughout the past 3 weeks. This pattern suggests that WBTC’s price may enter a strong move soon.
Although the chart pattern suggests a potential price breakout in either direction, technical indicators on WBTC’s daily chart indicate that the cryptocurrency’s price may break out towards the downside. At press time, the daily Relative Strength Index (RSI) indicator and the daily Moving Average Convergence Divergence (MACD) indicator supported this bearish thesis.
Sellers Are Growing Stronger
The RSI on WBTC’s daily chart had crossed below the daily RSI Simple Moving Average (SMA) line. This suggests that sellers have gained a short-term upper hand on WBTC’s charts. Consequently, WBTC’s price may drop in the coming few days.
Adding credence to this bearish thesis is the fact that the daily MACD line crossed below the daily MACD Signal line over the past 48 hours. This noteworthy technical flag suggests that WBTC’s negative price movement may continue in the coming few days.
WBTC at Risk of Dropping to $25K
Should these technical flags be validated, WBTC’s price could drop to as low as $25,000 over the next 2 weeks. Given the breakout chart pattern that had formed on its daily chart, WBTC’s price may drop below this level if sell pressure persists. Should this be the case, the cryptocurrency’s value could drop to as low as $22,270 in the medium term.
The Possibility of a Bullish Reversal
On the other hand, if WBTC’s price is able to remain above the lower level of the symmetrical chart pattern for the next 48-72 hours, then the bearish thesis may be invalidated. In this more bullish scenario, WBTC may break out towards the upside. This could then lead to WBTC attempting a challenge at the next barrier, which was around $29.9K.
A daily candle close above this level could give the cryptocurrency the foundation needed to continue its ascent towards the subsequent resistance level. As a result, WBTC may rise to as high as $36,600 within the following fortnight.
Weekly chart for WBTC/USDT (Source: TradingView)
From a longer-term perspective, a medium-term positive trend line had formed on WBTC’s weekly chart. This was after the cryptocurrency’s price recorded a higher low of $24,200 on 21 August of this year. Should this positive momentum continue, WBTC may attempt to flip the resistance level at $29,900 into support in the coming 2 weeks.
If WBTC is able to break above this level, traders may identify this as a bullish sign. Subsequently, WBTC’s price may continue to rise to the aforementioned mark at $36,600 before continuing to climb to the $48,750 threshold through the course of the coming months.
In an extremely bullish scenario, WBTC may then attempt to overcome the $69K barrier. If it succeeds in this regard, then the cryptocurrency could soar to a new all-time high (ATH) of $90K in the following few months.
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Bitcoin Minetrix (BTCMTX) Surpasses $1 Million in Presale with 4 Days to Go
Bitcoin Minetrix (BTCMTX) maintains its strong appeal to global investors as its presale surpasses the $1 million milestone, having raised $1,103,707, where each token is available for purchase at a rate of $0.011.
With just 4 days remaining, the presale is rapidly approaching its conclusion, positioning itself as a cryptocurrency industry leader.
Big News 📢#BitcoinMinetrix has raised over $1,000,000! pic.twitter.com/LYmTgxfH51
— Bitcoinminetrix (@bitcoinminetrix) October 11, 2023
The project’s innovative stake-to-mine system has also caught the attention of investors, effectively reshaping the mining landscape.
Investors who buy $BTCMTX tokens can stake them in an Ethereum-powered smart contract in exchange for ERC-20 mining credits. These credits empower them to claim a share of the yield or cloud mining time, resulting in passive BTC rewards.
Only 4 days remaining of Stage 1! 🕒🚀 pic.twitter.com/3Ul2knHgoe
— Bitcoinminetrix (@bitcoinminetrix) October 11, 2023
The BTCMTX staking pool currently boasts a 535% APY, with 77 million tokens staked during the presale.
Last Chance, Buy BTCMTX, $30,000 Minedrop
The decentralized approach for BTCMTX helps mitigate common scams and centralization risks frequently encountered in the cloud mining sector.
It gives investors complete control over their tokens, allowing them to unstake and trade at any time without requiring long-term contracts or cash deposits.
The project has also introduced a ‘Minedrop Competition’ that includes a $30,000 airdrop, with 10 lucky participants having the chance to win $BTCMTX tokens, each valued at $3,000.
🎉 #BitcoinMinetrix $30,000 Minedrop Is Now Live! 🎉
Get ready for your chance to win a share of $30,000 in $BTCMTX!
Follow the steps in the link below for the chance to win one of ten $3,000 $BTCMTX Prizes! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
Jacob Crypto Bury, a prominent figure boasting over 22,000 YouTube subscribers, provides detailed explanations of the mining and BTCMTX acquisition processes on his YouTube channel. He has also bought $2,000 worth of BTCMTX, adding to his portfolio.
Bitcoin Minetrix ensures long-term sustainability by allocating 35% of the token supply for marketing initiatives. Furthermore, 42.5% of the tokens will support the development of the cloud mining operation, and 7.5% of the supply will provide staking rewards during the presale. The remaining 15% of tokens are earmarked for community rewards.
You can acquire the token using bank cards or swapping ETH, BNB, or USDT for $BTCMTX on its official website.
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