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bitcoin price fell 2% in the last 24 hours to trade at bitcoin/”>$36.3 thousand starting at 2:30 am EST.
Renowned analyst @IncomeSharks speculates minor corrections in bitcoin price in the near term.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin – I don’t see how we can’t swing here a bit as we punish traders with leverage and cause impatient traders to sell prematurely. Some mecha out of range will probably be traps. pic.twitter.com/65DC60YQc4
– IncomeSharks (@IncomeSharks) November 17, 2023
bitcoin price prediction
Looking at the 2-hour btc/USD charts, bitcoin price is currently in bearish momentum, as shown by the various candlestick patterns formed. This shows a reversal trend in the king of cryptocurrencies as a downtrend looms. The relative strength indicator is also on a downward trajectory as it now crosses below the average line. This shows selling pressure on bitcoin as holders look to capitalize on gains made amid bitcoin‘s recent price surge.
The MACD is also approaching a move towards the red zone as the downtrend begins. Regarding volatility, bitcoin price is currently facing low volatility, as shown by the Bollinger Bands, which are currently moving in a short distance. This is attributed to the decline in trading activities that have decreased trading volume by 25% in the last 24 hours.
Meanwhile, as the entire world watches the price of bitcoin, the new bitcoin ETF Token (BTCETF), currently in pre-sale, is poised for even massive gains due to its direct link to ETF-related events.
What is bitcoin ETF?
An Initial Coin Offering (ICO) has been started to introduce a new bitcoin exchange-traded fund token (BTCETF). This development coincides with growing speculation that BlackRock’s application for a bitcoin exchange-traded fund (ETF) is close to being approved. As a result, the long-awaited introduction of a spot bitcoin ETF in the United States could soon become a reality.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Continues to Rise as Potential SEC Approval of Multiple Spots #BitcoinETF fuels market optimism.
With $btc crossing $36,700, all eyes are on the SEC’s decision within the next window.
Exciting times lie ahead for everyone. crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto world! #ETF #CryptoNews
– BTCETF_Token (@BTCETF_Token) November 9, 2023
Amid the fervor surrounding the possible approval of a bitcoin ETF, the BTCETF token, a novel cryptocurrency initiative, has made its debut. Its main purpose is to allow investors to speculate on the market response to the approval of an ETF. As major asset management firms await the Securities and Exchange Commission’s (SEC) decision on their ETF applications, the BTCETF initiative offers an alternative means to capitalize on the current market enthusiasm. With bitcoin Price Near-Term, This bitcoin ETF Token Outlook
Innovative Features of BTCETF Token
He BTCETF Token Offers innovative features to encourage long-term investment. A deflationary process rewards long-term token holders, and critical stages in the bitcoin ETF approval process are built into the token design. During important events, such as the announcement of an ETF approval date or the start of ETF trading, a portion of the BTCETF supply is burned. This deflationary mechanism aims to reduce the total token supply from 2.1 billion BTCETF to 1.57 billion BTCETF.
In addition to deflationary incentives, BTCETF offers staking payouts that grow in proportion to the time the tokens are locked. The project whitepaper describes that 25% of the total supply will be allocated for staking. This staking mechanism improves network reliability and security as more BTCETF tokens are staked, although current staking returns, which initially exceed 1000%, will decrease.
Early BTCETF backers can access exclusive discounts and early access to products. The pre-sale of the bitcoin ETF token is open, allowing early adopters to participate before the potential market frenzy resulting from the first bitcoin ETF approvals. The pre-sale involves the issuance of 840,000,000 tokens at a pre-sale price of $0.005. The pre-sale structure consists of 10 distinct phases, with each subsequent phase having higher token prices. So while you’re keeping an eye on the price of bitcoin, remember to participate in the pre-sale.
Get your bitcoin ETF token here.
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