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bitcoin price has fallen 0.9% in the last 24 hours until bitcoin/”>trade at $37,700 at 6.20 a.m. EST, with the day's trading volume falling 18% to $20.14 billion.
The bitcoin market is back in the spotlight as Arthur Hayes, co-founder of BitMEX, predicts a possible rise in the price of bitcoin driven by an influx of cash from China. This prediction runs counter to the changing dynamics of the Chinese economy and changes in global credit markets.
Several regulated crypto brokers and exchanges are emerging in Hong Kong, providing a gateway for more Chinese capital to enter bitcoin.
bitcoin Price: Bulls Hover Around $38,000 Level Awaiting Breakout
bitcoin's recent price action reveals a positive trajectory, marked by a rebound from the consolidation phase coinciding with the 50-day simple moving average (SMA) and a solid support zone at $26,000. This rise has channeled into an ascending channel pattern, surpassing the resistance level of $30,500.
A recurring ascending triangle pattern is seen as bullish momentum pushes the cryptocurrency higher, although attempts to break above the $38,000 resistance level have been achieved. A decisive breakout above this point is crucial to confirm a possible rally towards $50,000.
The current bitcoin price is positioned above the 50-day and 200-day simple moving averages, adding weight to the prevailing bullish sentiment and establishing a solid long-term support base. Despite a minor drop, the Relative Strength Index (RSI) at 62 reflects a rebound, indicating increasing buying pressure.
A break above the ascending channel has the potential to catalyze the momentum of bullish moves in bitcoin, with an optimistic target of $48,000 in 2023.
Conversely, the bears can capitalize on the resistance at $38,000, putting downward pressure and potentially pushing the price back to around the support level at $34,500, aligning with the lower boundary of the ascending channel. A prolonged selling pressure scenario could trigger further declines, with a possible move lower targeting the critical support level at $32,900.
While the crypto community awaits the development of this narrative, capital is also flowing into a new altcoin called bitcoin ETF Token (BTCETF), and investors have so far bet more than $2 million on its prospects.
bitcoin ETF Token Secures $2M Funding, Nears $2.4M Goal
In its sixth pre-sale stage, the BTCETF token has successfully raised over $2 million and is approaching the $2.4 million funding milestone as more investors join the project.
As an ERC-20 token, BTCETF allows investors to engage in market speculation, particularly in anticipation of the approval of a bitcoin spot ETF. The opportunity to purchase BTCETF tokens at a discount rate of $0.006 is available, but this price will increase in just 39 hours.
There are only 48 hours left until the conclusion of Stage 6 to #BitcoinETF!
Stay tuned! pic.twitter.com/m3vDf44Lfm
– BTCETF_Token (@BTCETF_Token) November 30, 2023
The project also allows investors earn passive income through betting, offering a high annual percentage yield (APY) of 119%, with current rewards of 119 per eth block. Approximately 213 million tokens have been staked out of a total allocation of 525 million.
Jacob Bury, a YouTuber with over 24,000 subscribers, explores how to buy BTCETF and take advantage of the staking feature for potential profits. Having actively participated in the pre-sale, he predicts that early investors will get a tenfold return.
To get BTCETF tokens, go to bitcoin ETF Token Website, connect your digital wallet and exchange cryptocurrencies such as BNB, eth, USDT or MATIC for BTCETF tokens. You can also buy them directly with a bank card.
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