In recent days, the cryptocurrency market has witnessed a slowdown in the growth of its two leaders, bitcoin and ethereum, indicating a possible change in investor sentiment.
Both coins have fallen from their highs last week, suggesting investors could be taking profits after their recent strong rises.
While btc and eth face periods of consolidation, several new tokens are capturing investors’ attention, with bitcoin ETF Token (BTCETF) being one of the most notable.
bitcoin Bullish Surge Hits a Roadblock
After a month of impressive bullish momentum, bitcoin is currently facing a slowdown.
Over the weekend, bitcoin saw a slight correction, falling almost 4% from Thursday’s high to $36,510.
At the time of writing, bitcoin has just rejected the 50-day EMA as support on the 4-hour time frame, which could end the correction.
If this scenario plays out and buying momentum returns, then a likely target for btc price this week would be a retest of $37,980, which is where the coin struggled last week.
Regardless of these fluctuations, bitcoin has had a fantastic year, experiencing a 119% increase in value.
This bullish trend has led to a substantial increase in crypto wallets containing over $1 million in btc.bitcoin-millionaire-wallets-triple-this-year” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> increasing more than 230% since January.
As such, bitcoin‘s fundamental situation appears healthy, meaning some investors may view the short-term pullback as a potential buying opportunity.
ethereum price growth slows to critical $2,000 level
ethereum, like bitcoin, is experiencing a period of slowdown following its recent bull run.
eth price, currently at $2,049, sits just above the crucial $2,000 level, which could serve as support this week.
However, given its psychological importance, a significant degree of volatility is likely to occur as bulls and bears battle for supremacy.
If eth can hold above $2,000 this week, then the price could push towards the $2,160 region.
This region was last exploited in May 2022 and coincides with a long fuse that occurred in January 2022, indicating that there could be a large volume of limit orders in the area.
On the contrary, if eth falls below the $2000 level, it may indicate a short-term negative trend, which could lead to a retest of the 50-day EMA on the daily chart.
Regardless of what happens, eth is still up 70% so far this year, outperforming many other major coins and cementing its position as the world’s second-largest cryptocurrency.
Newly arrived bitcoin ETF token presents deflationary upside as pre-sale raises $550K
As bitcoin and ethereum navigate their respective consolidation periods, a new crypto project,bitcoin–ethereum-price-growth-slows-but-btcetf-token-could-pump-after-raising-550k” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> bitcoin ETF Token (BTCETF)It is attracting a lot of attention.
BTCETF presents an innovative approach that allows investors to speculate on the market impact of a potential spot approval of a bitcoin ETF in the US.
The token design is closely aligned with key milestones in the ETF approval process, introducing a new investment angle.
One of the main aspects of the bitcoin ETF Token project is its deflationary mechanism.
According to the bitcoin ETF token whitepaperThe development team plans to burn 25% of the total BTCETF supply, reducing it from 2.1 billion to 1.57 billion tokens.
This planned drawdown will coincide with specific ETF milestones, potentially increasing the token’s value over time (assuming demand grows as well).
The bitcoin ETF Token project has already shown promise, raising over $550,000 through its pre-sale.
The growing popularity of the project is also evidenced by the growing number of members in its telegram channel and it’s growing Twitter Audience.
The initial success of the bitcoin ETF token can also be attributed to the fact that presale participants can stake BTCETF tokens. for an impressive 448% APY.
This APY is dynamic, meaning it is based on the number of BTCETF tokens staked.
Once the pre-sale concludes, the bitcoin ETF Token team will implement a 5% burn on all transactions, reinforcing its deflationary strategy.
All of these elements position BTCETF as an interesting addition to the cryptocurrency market looking to take advantage of rumors regarding potential btc ETF spot approvals.
ethereum-price-growth-slows-but-btcetf-token-could-pump-after-raising-550k” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”>Visit the bitcoin ETF Token Pre-Sale
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The project in the article above is not related to bitcoin or a bitcoin ETF. It is a completely different token.
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