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Chain tracking platform data DEX Tools indicated that the price of Wrapped bitcoin (WBTC) stood at $26,747.35 at press time. This was after the wrapped version of the market leader fell 1.93%, which also coincided with btc‘s price movements during the same period.
The connection between btc and WBTC
Despite the recent loss, growing interest in bitcoin (btc) spot exchange-traded funds (ETFs) could see the price of the leading cryptocurrency soar in the coming months. In turn, the price of WBTC may suffer from the same strong price movement, since WBTC is just a wrapped version of btc minted on another blockchain, with a 1:1 backing of btc.
Technical summary
Daily chart for WBTC/USDT (Source: TradingView)
From a technical perspective, a symmetrical triangle has formed on the daily chart for WBTC/USDT after the cryptocurrency recorded higher lows and higher highs over the past 3 weeks. This pattern suggests that WBTC price could enter a strong move soon.
Although the chart pattern suggests a possible price breakout in either direction, technical indicators on the WBTC daily chart indicate that the cryptocurrency’s price may break lower. At press time, the daily Relative Strength Index (RSI) indicator and the daily Moving Average Convergence and Divergence (MACD) indicator supported this bearish thesis.
Sellers are getting stronger
The RSI on the daily chart of WBTC had crossed below the daily simple moving average (SMA) line of the RSI. This suggests that sellers have gained short-term advantage on the WBTC charts. Consequently, the WBTC price may decline in the coming days.
Adding credibility to this bearish thesis is the fact that the daily MACD line crossed below the daily MACD signal line over the past 48 hours. This notable technical signal suggests that WBTC’s negative price movement may continue in the coming days.
WBTC at risk of falling to $25 thousand
If these technical signals are validated, WBTC price could fall as low as $25,000 over the next 2 weeks. Given the breakout chart pattern that formed on its daily chart, WBTC price may fall below this level if selling pressure persists. If this were the case, the value of the cryptocurrency could fall to $22,270 in the medium term.
The possibility of a bullish reversal
On the other hand, if WBTC price manages to stay above the lower level of the symmetrical chart pattern over the next 48 to 72 hours, then the bearish thesis may be invalidated. In this more bullish scenario, WBTC may break higher. This could lead to WBTC trying to challenge the next barrier, which was around $29,900.
A daily candle close above this level could give the cryptocurrency the necessary foundation to continue its climb towards the next resistance level. As a result, WBTC may rise as high as $36,600 within the next fortnight.
Weekly chart for WBTC/USDT (Source: TradingView)
From a longer-term perspective, a positive medium-term trend line had formed on the WBTC weekly chart. This was after the price of the cryptocurrency recorded a low of $24,200 on August 21 of this year. If this positive momentum continues, WBTC may try to convert the $29,900 resistance level into support in the next 2 weeks.
If WBTC manages to break above this level, traders can identify this as a bullish signal. Subsequently, WBTC price may continue to rise towards the aforementioned mark of $36,600 before further rising towards the threshold of $48,750 over the course of the next few months.
In an extremely bullish scenario, WBTC could try to break the $69,000 barrier. If successful in this regard, then the cryptocurrency could skyrocket to a new all-time high (ATH) of $90,000 in the coming months.
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bitcoin Minetrix (BTCMTX) exceeds one million dollars in pre-sale with 4 days left
bitcoin Minetrix (BTCMTX) maintains its strong appeal to global investors as its pre-sale surpasses the $1 million milestone, having raised $1,103,707, where each token is available for purchase at a rate of $0.011.
With only 4 days left, the pre-sale is quickly approaching its conclusion, positioning itself as a leader in the cryptocurrency industry.
Great news #BitcoinMinetrix It has raised over $1,000,000! pic.twitter.com/LYmTgxfH51
—Bitcoinminetrix (@bitcoinminetrix) October 11, 2023
The innovative project stake to mine The system has also caught the attention of investors, effectively reshaping the mining landscape.
Investors who purchase $BTCMTX tokens can stake them in an ethereum-powered smart contract in exchange for ERC-20 mining credits. These credits allow them to claim a portion of cloud mining performance or time, resulting in passive btc rewards.
There are only 4 days left in Stage 1! pic.twitter.com/3Ul2knHgoe
—Bitcoinminetrix (@bitcoinminetrix) October 11, 2023
The BTCMTX staking pool currently boasts an APY of 535%, with 77 million tokens staked during the pre-sale.
Last chance, buy BTCMTX, $30,000 Minedrop
BTCMTX’s decentralized approach helps mitigate common scams and centralization risks frequently found in the cloud mining sector.
It gives investors full control over their tokens, allowing them to withdraw their bets and trade at any time without the need for long-term contracts or cash deposits.
The project has also introduced a ‘Minedrop Competition’ Including $30,000 Airdrop, with 10 lucky participants getting the chance to win $BTCMTX tokens, each valued at $3,000.
#BitcoinMinetrix $30,000 Minedrop Now Available!
Get ready for your chance to win a share of $30,000 in $BTCMTX!
Follow the steps in the link below for your chance to win one of ten $3000 $BTCMTX Awards!
https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N—Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
Jacob crypto Bury, a prominent figure with over 22,000 YouTube subscribers, provides detailed explanations of the BTCMTX mining and acquisition processes on his YouTube channel. He also purchased $2,000 worth of BTCMTX, which increased his portfolio.
bitcoin Minetrix ensures long-term sustainability by allocating 35% of the token supply to marketing initiatives. Additionally, 42.5% of the tokens will support the development of the cloud mining operation and 7.5% of the supply will provide staking rewards during the pre-sale. The remaining 15% of the tokens are intended for community rewards.
You can acquire the token using bank cards or by exchanging eth, BNB or USDT for $BTCMTX on its official website.
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