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The price of bitcoin (btc) is rising steadily as part of a recovery rally that began on September 12. The cryptocurrency king is up almost 8% since the northward movement began, establishing a platform for btc above the $26,800 level. At the time of writing, the price of bitcoin is $26,929, recording a daily drop of 0.5% after breaking above the psychological level of $27,000.
The outlook for the Relative Strength Index (RSI), a momentum indicator, suggests a decline could be underway as buying pressure eases. However, the Moving Average Convergence Divergence (MACD) indicator hints at a bullish crossover, which is likely to trigger a northward move. With fading momentum ahead of a bullish crossover, a recovery rally at this time could be a bullish trap in disguise.
bitcoin Suffers as ethereum Price Surpasses
The price of bitcoin has not caught up with the hype of exchange-traded funds (ETFs), and all capital is flowing into ethereum. The US Securities and Exchange Commission (SEC) has shown more inclination towards the eth futures ETF than the btc spot alternative.
Bloomberg Intelligence ETF specialists Eric Balchunas and James Seyffart have listed nine Ether futures ETF products that are likely to enjoy accelerated approval for launch before October 2.
This list assumes that the named issuers or companies are all operationally ready to launch. It is also based on the assumption that no last-minute companies will enter between now and Monday. In particular, Hashdex should have been among the nine, except for the fact that its collaboration with Kelly has been invalidated.
context: https://t.co/FUKzADbBlV
-James Seyffart (@JSeyff) September 29, 2023
However, experts anticipate that a combined asset under management (AUM) for the nine eth futures ETF products will range between 100 and 200 million. This depends on the logic that btc futures recorded $1 billion, while eth funds globally record 20% of the AUM of btc funds. It’s also safe to assume that businesses will look to leverage their customer list to get as much flow as possible, as quickly as possible.
I’m setting the over/under for the total increase for all of them at the end of the week at $200 million. The logic is that bitcoin futures made a billion dollars and eth funds globally have 20% of the total bitcoin funds. Also, think that issuers will leverage your customer list to get as much volume/flow as they can from the start.
– Eric Balchunas (@EricBalchunas) September 29, 2023
bitcoin Price Surges to Catch Bulls at $28,000
There is speculation that a bitcoin rally could be a trap for long buyers, catching them off guard around the $28,000 level. Therefore, early bulls should trade cautiously. However, the odds favor the upside, and btc could head north, surpassing the 50-day and 200-day exponential moving averages (EMA) at $26,890 and $26,848 levels.
In a highly bullish case, gains could send bitcoin price beyond the 100-day EMA at $27,310 or, in very ambitious cases, extend a higher neck to the psychological level of $28,000 to mark $28,113. Such a measure would constitute a 5% increase from current levels.
Note that the MACD histogram bars remain green and positioned in positive territory. This means that the bulls have the advantage.
Conversely, if short-term traders give in to their appetite for profits, bitcoin price could quickly correct, potentially reaching the $25,856 level, which marks the demand zone. In a very bearish case, the drop could send btc to the middle threshold of the order block at $25,394. A break and close below this level would invalidate the bullish outlook, possibly starting a new downtrend.
Meanwhile, another token gives you entry into the bitcoin ballgame, BTCMTX. This pre-sale token has analysts very optimistic, with some anticipating 10x growth potential.
bitcoin Alternative
BTCMTX is the native cryptocurrency of the bitcoin Minetrix ecosystem, a new project that gives you the opportunity to become a btc holder. It is a staking mining project, where the credits you earn can be used to mine bitcoin, thus revolutionizing cloud mining.
The bitcoin Minetrix mining staking mechanism is run by smart contracts based on the ethereum network. This is an added value, considering the security benefits of the eth blockchain. Buy, stake and burn your BTCMTX tokens for mining hash power.
The project is still in the pre-sale stage, with more than $226,000 already in the bank. This is no small feat, considering the project debuted recently. At the current pre-sale stage, one BTCMTX is selling for just $0.011, and the value is expected to increase in later stages. Now is your chance.
Visit bitcoin Minetrix here
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 10,000% APY
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