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The price of bitcoin (btc) fell below $27,000 this week, changing the bullish trajectory and introducing a significant risk of falling to $25,000 or lower.
bitcoin bitcoin/”>price is down 3.6% to $26,915 on Sunday as bulls strive to put a floor on the bearish sentiment that followed the release of US Consumer Price Index (CPI) data. Trading volume is down 33% in the last 24 hours to $5.2 billion.
There is short term support at $26,500 but as analyst and trader Rest Capital opined in his post on
btc?src=hash&ref_src=twsrc%5Etfw”>#btc
It needs to gather a little more upside to be in a position to potentially reclaim the black monthly level (~$27150) as support.
At the moment – still resistance
Of course, since we are in mid-October…
Many things can still change, many times$btc crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin https://t.co/9hFj0f2LtH pic.twitter.com/mPSA53bk1m
-Rekt Capital (@rektcapital) October 13, 2023
The uncertainty over that outcome indicates that some investors may want to look for a more promising alternative with huge growth potential.
bitcoin Minetrix Pre-Sale Promises 10x ROI
In its last review, experts at InsideBitcoins have peeled the onion of what will likely be the best-performing cryptocurrency pre-sale of the fourth quarter of 2023: bitcoin Minetrix.
Unlike the many meme coins entering the market during the crypto winter, bitcoin Minetrix is gaining attention across the digital space for attempting to solve a real problem facing most cryptocurrency enthusiasts: bitcoin (btc) mining. ).
The idea of betting on mine is really clever!
Opening bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining to each crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto enthusiastic, and here’s why it’s so attractive.
Participate in #BitcoinMinetrixUsers simply need an ethereum-compatible wallet, such as #MetaMask. It couldn’t be simpler! pic.twitter.com/onLu7PHq4U
—Bitcoinminetrix (@bitcoinminetrix) October 14, 2023
bitcoin mining has long been the exclusive domain of a few who can invest huge amounts of money in cutting-edge equipment and pay high electricity bills to add blocks to the network and reap rewards.
While third-party cloud mining pools do exist, they gobble up investors’ profits due to the high fees they charge, and that’s if you’re lucky not to have lost your hard-earned money to the numerous scams they pose as by legitimate mining platforms.
However, the bitcoin Minetrix team has presented a real opportunity, allowing investors to stake to mine btc.
BTCMTX is the native token used in the staking process to earn credits which are then exchanged for hash power to mine btc.
More on bitcoin Minetrix later.
Can bitcoin Price Recover to $29,000?
bitcoin is holding below all major moving averages, including the 21-day exponential moving average (EMA), 100-day EMA, and 200-day EMA, which could mean that the bulls are slightly overwhelmed.
A signal from the Moving Average Convergence Divergence (MACD) indicator confirms the bearish outlook. Therefore, short-term speculators may want to stay away from long positions until btc has confirmed a move above at least one of the moving averages.
Blockchain analytics platform Santiment has recently revealed a notable increase in the number of whale and shark wallets containing at least 10 btc.
“Over the last 20 months, since this accumulation of new large wallets began, 11,806 more addresses have reached this threshold, a total increase of 8.12%,” Santiment said via X.
The growing number of whale and shark addresses shows that investors have a long-term outlook for bitcoin and are not bothered by short-term market stagnations.
The upcoming bitcoin halving event in 2024 could be the force behind this massive accumulation, as investors anticipate a bull run to occur quickly that will peak in 2025.
Since February 2022, there has been a historic increase in shark and whale portfolios with at least 10 $btc. In the last 20 months, since this accumulation of new large wallets began, 11,806 more addresses have reached this threshold, a total increase of 8.12%. https://t.co/I24TAbTB97 pic.twitter.com/AShQvlRg8n
– Sentiment (@santimentfeed) October 13, 2023
Another factor that could be driving investors to buy and hold bitcoin is the possible approval of a btc spot exchange-traded fund (ETF) in the next six months.
A spot ETF would allow Institutional investors will seek exposure to bitcoin.thus giving the digital asset the validation that the industry has long desired.
Research and data analyst James Straten believes short-term holders (STH) “sold the second-largest amount of bitcoin at a loss this year with a record divergence from long-term holders (LTH) on Wednesday.”
Meanwhile, speculation is at an all-time low and this can be seen by the drop in trading volume and volatility. At the same time, STH supply is currently at an all-time low, in line with search interest on Google.
To summarize this week for bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
Spot ETF will most likely be approved (next 6 months). #GBTC closed higher.
Maximum fear: soil-transmitted helminthiasis sold the second most bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin with losses this year with a record divergence with LTH (Wednesday).
Speculation is near all-time lows, STH supply at all…
—James V. Straten (@jimmyvs24) October 14, 2023
The silver lining is that the bitcoin network’s hash rate is at an all-time high, while mining difficulty is “increasing another 6% this weekend, as miners double their efforts,” Straten added.
That said, bitcoin price is fundamentally strong enough to resume the uptrend, but is slowed by external factors such as inflation, geopolitics, and regulatory pressure. Once some of these factors align, the next rally could go beyond $29,000 and begin a bullish phase above $30,000.
bitcoin Minetrix Pre-Sale Is Selling Out Fast
Investors can’t ignore BTCMTX innovations presale for a vehicle that solves one of the industry’s main challenges by reducing the barriers to entry in bitcoin (btc) mining. The pre-sale is closing with $1.5 million raised in the current round likely to end imminently at $1.54 million.
One BTCMTX token is selling for $0.011, but interested investors should hurry before the price skyrockets in the next leg.
Buy BTCMTX It’s simple as long as you have a crypto wallet loaded with USDT or eth on the ethereum network or BNB on Binance Smart Chain (BSC). Investors can also use select cards to purchase the token.
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