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bitcoin price retested the $26.6K support yesterday, and the level managed to prevent it from falling further. However, the coin remains relatively low compared to the performance of the last seven days.
Last Friday, October 6, the price of btc fell to $27.34 thousand, rising to $28,000. Over the weekend, the price remained mostly flat on October 7th and 8th, trading sideways under this resistance. However, he failed to comply.
With the arrival of Monday, October 9, cryptocurrency traders were hoping to finally see bitcoin make its move and surpass $28,000. Instead, the currency fell to $27.4 thousand, recovering only slightly to $27.6 thousand later in the day.
The coin even managed to rise slightly above this level on October 10, but later that day, its price saw another drop that took it to $27.3 thousand. On October 11, the price fell again, this time reaching $27,000, only to bounce back to $27.2k, which rejected it, sending it to $26.6k for the first time.
<img decoding="async" class="aligncenter size-full wp-image-447586" alt="Chart 1 bitcoin October 13″ width=”1787″ height=”694″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/10/Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13.png 1787w, https://technicalterrence.com/wp-content/uploads/2023/10/Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-300×117.png 300w, https://technicalterrence.com/wp-content/uploads/2023/10/Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-1024×398.png 1024w, https://technicalterrence.com/wp-content/uploads/2023/10/Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-768×298.png 768w, https://technicalterrence.com/wp-content/uploads/2023/10/Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-1536×597.png 1536w” data-lazy-sizes=”(max-width: 1787px) 100vw, 1787px” src=”https://technicalterrence.com/wp-content/uploads/2023/10/Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13.png”/>bitcoin-Oct-13.png” alt=”Chart 1 bitcoin October 13″ width=”1787″ height=”694″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/10/Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13.png 1787w, https://technicalterrence.com/wp-content/uploads/2023/10/Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-300×117.png 300w, https://technicalterrence.com/wp-content/uploads/2023/10/Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-1024×398.png 1024w, https://technicalterrence.com/wp-content/uploads/2023/10/Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-768×298.png 768w, https://technicalterrence.com/wp-content/uploads/2023/10/Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-1536×597.png 1536w” sizes=”(max-width: 1787px) 100vw, 1787px”/>
This was the weekly low for the coin and from there, bitcoin saw another slight growth to $26.9k. This was yesterday, October 12, but resistance rejected the coin back to where it started: $26.6k.
Fortunately, this support managed to hold and btc started growing again. He encountered several resistances along the way, including $26.75k and $26.8k. They both stopped him briefly, but the coin eventually passed them by.
Earlier today, October 13, btc even managed to rise up to $26,900, but this time, the resistance did not give way, and its price was rejected again at $26.8k, which now started acting as support. At the time of writing, btc sits at $26,813, down around 3% from a week ago.
<img decoding="async" class="aligncenter size-full wp-image-447585" alt="Chart 2 bitcoin October 13″ width=”1787″ height=”697″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/10/1697318439_736_Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13.png 1787w, https://technicalterrence.com/wp-content/uploads/2023/10/1697318439_736_Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-300×117.png 300w, https://technicalterrence.com/wp-content/uploads/2023/10/1697318439_736_Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-1024×399.png 1024w, https://technicalterrence.com/wp-content/uploads/2023/10/1697318439_736_Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-768×300.png 768w, https://technicalterrence.com/wp-content/uploads/2023/10/1697318439_736_Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-1536×599.png 1536w” data-lazy-sizes=”(max-width: 1787px) 100vw, 1787px” src=”https://technicalterrence.com/wp-content/uploads/2023/10/1697318439_736_Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13.png”/>bitcoin-Oct-13.png” alt=”Chart 2 bitcoin October 13″ width=”1787″ height=”697″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/10/1697318439_736_Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13.png 1787w, https://technicalterrence.com/wp-content/uploads/2023/10/1697318439_736_Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-300×117.png 300w, https://technicalterrence.com/wp-content/uploads/2023/10/1697318439_736_Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-1024×399.png 1024w, https://technicalterrence.com/wp-content/uploads/2023/10/1697318439_736_Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-768×300.png 768w, https://technicalterrence.com/wp-content/uploads/2023/10/1697318439_736_Will-BTC-reach-100000-amid-growing-institutional-interest-as-a”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Oct-13-1536×599.png 1536w” sizes=”(max-width: 1787px) 100vw, 1787px”/>
bitcoin Spot ETF Approval Partially Discounted, Coinbase Says
Discussions over the bitcoin ETF once again dominated the headlines after several applicants amended their proposals to the SEC, seeking to address some feedback the regulator had provided.
According to Coinbase, spot ETFs are expected to open the floodgates for conventional money. However, the exchange believes that the flows will materialize over time. In other words, the business doesn’t have a huge rush of cash when the doors open.
Some have questioned what will happen if the SEC does not appeal the bitcoin ETF ruling. Under the ruling, the regulator must appeal to Grayscale’s D.C. Court of Appeals today, Oct. 13, or it will have to approve the company’s offer or try to delay it.
Not officially. The SEC could try to deny it on new grounds, but as @EricBalchunasmyself, @NYCStein, @SGJohnsson, @NateGeraci and many others have said it. It would be a very difficult needle to thread and we find it unlikely. They can find ways to keep delaying though in my opinion.
-James Seyffart (@JSeyff) October 12, 2023
Whether the ETF is approved or not, the huge institutional interest in bitcoin-related products cannot be denied, and will likely only grow over time. Some speculate that btc could even reach $100,000 before the next bull run thanks to the approval of an ETF, but Coinbase suggests this might not be true.
bitcoin Minetrix steals the show
As traders continue to speculate on the future of bitcoin price, Bitcoiners are turning to a new rising star: bitcoin Minetrix (BTCMTX). The new project allows users to purchase its tokens, stake them, and receive credits that can be used to mine bitcoin on the project’s cloproject platform.
So far, the project blueprint has raised $1.2 million and sold BTCMTX at $0.011 a piece. However, in just three days, the price of the token will increase, so anyone looking to buy it at the current price will need to do so before the end of the weekend. While the project is another btc cloud mining platform, it is completely decentralized and transparent, and seeks to show traders that not all cloud mining platforms are scams.
Related news
- Audited by Coinsult
- Secure and decentralized cloud mining
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- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 1000% APY
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