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bitcoin (btc) started the week by surpassing the psychological resistance of $28,000 and attempting to break above $28,500.
However, buyers faced strong rejection as the bears emerged, asserting some control over the market and causing the btc price to correct to $27.65k, a level that has now moved from resistance to support, making which resulted in a price rally.
In a recent interview with YouTuber Tom Bilyeu, former BitMEX CEO Arthur Hayes shared an optimistic and bullish prediction, believing that if there is a significant shift towards btc, it has the potential to revisit its all-time high (ATH) and exceed $70,000 by the end of 2024.
Furthermore, Hayes believes that btc can skyrocket to between $750,000 and $1 million by 2026.
At 8:27 am EST, btc bitcoin“>It is listed at $27,994, indicating an increase of 1.1% in the last 24 hours.
btc price could find support above the 200-day SMA
btc price is located between the $30,000 resistance and $25,000 support zone within the ascending triangle pattern.
The bulls are showing notable aggressiveness as they successfully surpass the critical resistance of $27,500, inching closer to $28,500.
If this bullish momentum persists, it could push btc above the $28,500 level, which could lead to an 18% rise towards the second resistance level at $31,200, coinciding with the upper boundary of the ascending triangle.
btc Indicators Signal Bullish Rally Towards $31,200 Resistance
btc has consistently maintained an uptrend above the 50-day moving average while hovering around the 200-day moving average.
The 200-day moving average serves as immediate resistance for btc. A break above the 200 SMA could solidify the bullish rally towards the $31,200 resistance level.
The Relative Strength Index (RSI) unequivocally indicates an uptrend, sitting comfortably above the neutral 50 position at 62. This indicates intense buying pressure, with the potential for the RSI to venture into the overbought region of 70 and beyond.
In such a scenario, buyers would have the opportunity to push the price beyond the $28,500 mark.
btc maintains a bullish outlook, attracting substantial interest from buyers and traders. This sentiment is supported by the RSI and the 50-day moving average, potentially paving the way for an advance beyond the critical $28,500 support and setting the stage for bulls to target the $31,200 resistance.
<img decoding="async" class="alignnone size-full wp-image-446157" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin” width=”1433″ height=”626″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2023/10/1696770807_953_Bitcoin-breaks-above-the-psychological-level-of-28000-again-Can.png 1433w, https://insidebitcoins.com/wp-content/uploads/2023/10/image-18-300×131.png 300w, https://insidebitcoins.com/wp-content/uploads/2023/10/image-18-1024×447.png 1024w, https://insidebitcoins.com/wp-content/uploads/2023/10/image-18-768×335.png 768w” data-lazy-sizes=”(max-width: 1433px) 100vw, 1433px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2023/10/1696770807_953_Bitcoin-breaks-above-the-psychological-level-of-28000-again-Can.png”/><img decoding="async" class="alignnone size-full wp-image-446157" src="https://technicalterrence.com/wp-content/uploads/2023/10/1696770807_953_Bitcoin-breaks-above-the-psychological-level-of-28000-again-Can.png" alt="bitcoin” width=”1433″ height=”626″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/10/1696770807_953_Bitcoin-breaks-above-the-psychological-level-of-28000-again-Can.png 1433w, https://insidebitcoins.com/wp-content/uploads/2023/10/image-18-300×131.png 300w, https://insidebitcoins.com/wp-content/uploads/2023/10/image-18-1024×447.png 1024w, https://insidebitcoins.com/wp-content/uploads/2023/10/image-18-768×335.png 768w” sizes=”(max-width: 1433px) 100vw, 1433px”/>
Analysis of btc indicators. Source Tradingview.com
Conversely, bulls should keep an eye on the 200-day moving average, which could allow bears to push the price lower. If this scenario plays out, the bulls may find refuge in the $26,200 support zone. However, if it is breached, they could look for support at the 200-day SMA.
Meanwhile, BTCMTX emerged as an alternative investment to btc, generating substantial interest during its pre-sale phase, which witnessed rapid acceptance within hours of its launch.
Investors now have the opportunity to capitalize on high returns through its pre-sale and staking feature to mine.
Join the BTCMTX pre-sale and experience the exciting opportunity to participate in the mine
bitcoin Minetrix (BTCMTX) offers an innovative approach that redistributes mining profits from corporate entities to retail investors through a method known as mine staking.
#BitcoinMinetrix aims to transform the bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Cloud Mining Landscape by Introducing an Automated Stake-to-Mine Mechanism Using Smart Contracts.
Envision a safe and efficient ecosystem between #blockchains which combats the drawbacks of conventional cloud mining. pic.twitter.com/NtNlMWROmx
—Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
Currently, the project generates 158.5 tokens for every ethereum (eth) block, resulting in an impressive annual percentage yield (APY) of 1,149%, with 36,278,677 tokens already staked.
The pre-sale of the project. has already attracted an impressive $686,644 in funding, demonstrating strong investor interest in the platform’s offerings. Each token can be purchased for $0.011.
#BitcoinMinetrix You have achieved another vital achievement!
More than $600,000 was raised. pic.twitter.com/flPGRolMBC
—Bitcoinminetrix (@bitcoinminetrix) October 6, 2023
As the pre-sale progresses through each successive stage, the price of the token will increase by 10%, making it an opportune time to participate.
crypto Gains, a prominent YouTuber with over 108,000 subscribers, expresses his excitement about how this project could revolutionize the industry for the benefit of smaller investors.
The channel’s host believes that bitcoin Minetrix’s approach can contribute to the decentralization of hashing power, addressing the current mining competition.
To attract even more buyers, BTCMTX has announced a $30,000 Minedrop giveaway, offering six different entry methods.
#BitcoinMinetrix $30,000 Minedrop Now Available!
Get ready for your chance to win a share of $30,000 in $BTCMTX!
Follow the steps in the link below for your chance to win one of ten $3000 $BTCMTX Awards!
https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N—Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
Join the pre-sale and participate in Stake-to-mine by purchasing bitcoin Minetrix BTCMTX tokens with a minimum investment of just $10. Connect your Web3 wallet to the BTCMTX website and make your purchase using eth, BNB, USDT or bank cards.
Related news
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