BTC to hit $100,000 amid market fluctuations, but is another pre-sale coin a better bet?

The price of bitcoin has seen a correction in the last 24 hours, causing it to drop around 2% at the time of writing. However, many are optimistic about the coin’s long-term price action.

Over the past seven days, btc has seen some volatility, but for the most part, it fluctuated between the $27.4k support and the $28k resistance, topping both levels multiple times.

The coin started rising on October 4, stopped after reaching $27.8 thousand and the price was rejected towards $27.6 thousand. After that, on October 5, bitcoin rose again, breaking the resistance and reaching the next one at $28,000. This was followed by a price rejection, which sent the coin back to $27.4k before the day was over.

btc then surged again on October 6, but was rejected after reaching the $27.8k mark, and this is the only time it fell below $27.4k in the last week apart from today. .

A sharp drop to $27.2k occurred on October 6, but bitcoin recovered immediately after reaching this level, shooting to its weekly high of $28,151 later that same day.

The price corrected slightly after that, sinking just below the $28,000 mark, where it remained throughout the weekend. However, on Monday, October 9, the price of bitcoin fell to $27.4 thousand.

Later on the same day, btc saw a slight recovery to $27,686, with support at $27.6k, preventing it from falling further.

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Many believed that the coin would make another attempt to break the $28k resistance, but this did not happen. Instead, later on Tuesday, October 10, the price of bitcoin fell back to $27.4 thousand once again. The support managed to hold out, but only briefly.

When October 11 arrived, the currency experienced another sharp drop, returning to $27,000. Since then, bitcoin has seen a slight recovery to $27,116, where it is at the time of writing.

As mentioned, it is down 2% in the last 24 hours, and even every week, its price is trading in the red, down around 1% compared to seven days ago.

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Why is the price of bitcoin going down?

After the end of September, historically the worst month for cryptocurrency prices, many expected the coin to rise with the arrival of October and the fourth quarter of 2023. However, btc is experiencing price drops and some suspect that the rally of the conflict between Hamas and Israel could be the reason. .

Some experts believe trader confidence has declined because they expect risk assets to fall if geopolitical tensions rise. In times of crisis, buyers tend to opt for safe assets, such as gold and oil, and abandon things like stocks and cryptocurrencies. However, some see this as an opportunity and welcome each price drop as an opportunity to buy low with the expectation of a long-term rise.

bitcoin Minetrix pre-sale is about to reach the first million

Speaking of bitcoin mining, a new crypto project called bitcoin Minetrix (BTCMTX) seeks to offer bitcoin fans the opportunity to mine the currency without purchasing any expensive equipment or paying huge electricity bills. The project provides its token, BTCMTX, which is currently in pre-sale.

Once traders purchase this token, they can stake it on the project’s platform and earn credits that they can use to mine bitcoin.

bitcoin Minetrix is ​​essentially a decentralized and transparent cloud mining platform. It is aware that many cloud miners have had negative experiences with fraudulent cloud mining platforms, so it is trying to do everything it can to assure cloud miners that its approach is different and safe.

Its pre-sale has raised $996.6k as of this writing, and will likely reach $1 million before the day is out. BTCMTX is currently offered for $0.011.

However, once the project raises $1.54 million, the price of the token will increase, so the window of opportunity to buy the token at the cheapest price is rapidly closing.

Related

New crypto mining platform: bitcoin Minetrix

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• Audited by Coinsult
• Secure and decentralized cloud mining
• Earn free bitcoin daily
• Native Token on Pre-Sale Now – BTCMTX
• Staking Rewards: Over 1000% APY

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