Bitcoin

Bull Market

Million

Rekt

<img src="https://cdn.thebittimes.com/images/2023/10/16/1697468233.webp" alt="" width="800" height="412">
The Bitcoin price is on the move again, surging above the key $28,000 resistance level today. The recent rally comes on the back of the SEC's decision not to appeal the Grayscale ETF ruling, and some unsubstantiated rumors over the Blackrock ETF being approved.
Meanwhile, new crypto projects are capitalizing on Bitcoin's momentum. One innovative platform called Bitcoin Minetrix has already raised over $1.5 million in its presale. With its decentralized approach to cloud mining, Bitcoin Minetrix offers an easy entry point to participate in Bitcoin's potential upside.&nbsp;
As Bitcoin aims to flip a crucial technical level to support, both the flagship cryptocurrency and new entrants like Bitcoin Minetrix are grabbing attention.
<h2 id="strong-bitcoin-price-strong-at-weekly-close-strong">Bitcoin Price Strong at Weekly Close&nbsp;</h2>
The Bitcoin price closed last week’s candle above $27k, reclaimed $28k on the back of the Grayscale news, then pumped further above $30k after ‘fake news’ was circulated by Cointelegraph on the BlackRock iShares Bitcoin ETF - before a pullback to just over $28k.
Last week was a slower one for Bitcoin, as its price fell from highs above $29k down to lows near $26k. However, several key support levels attempted to halt Bitcoin's descent, including the one at $27.3k, followed by $27k, and finally finding a bottom around $26.75k between October 11th and 15th.
Bitcoin's price consolidated between this support and resistance around $27k over the weekend of October 14th and 15th, closing Saturday around $26.8k. However, the situation started to shift late Sunday at the weekly close.
<img src="https://cdn.thebittimes.com/images/2023/10/16/1697468265.webp" alt="" width="800" height="520">
<a href="https://x.com/santimentfeed/status/1713699723910213644?s=20" target="_blank" rel="noopener noreferrer nofollow">According</a> to blockchain analytics firm Santiment, Bitcoin's return above $27k was likely aided by large amounts of older, stagnant coins finally being moved. These spikes in coins that have been dormant for long periods often precede price direction reversals.
However, the main catalyst for Bitcoin's recovery after a slower week was the news that the SEC will not appeal a recent court ruling favoring Grayscale's spot Bitcoin ETF application. The court's decision required the SEC to review Grayscale's application after overturning the SEC's previous rejection, calling it "arbitrary and capricious."
While the SEC still has the power to deny Grayscale's bid on other grounds, this decision removes a major roadblock for a potential spot Bitcoin ETF approval. Grayscale could also challenge any future rejection in court again. Overall, the SEC's choice not to appeal is a positive development that clears the way for a possible Bitcoin spot ETF launch.
Looking at the Bitcoin chart, the $28k level also coincides with the 200-day moving average, representing a stiff zone of resistance where the price was rejected in September as well. There are a few possible scenarios ahead:
<ul>
 <li style="font-weight: 400;">Bitcoin breaks decisively above the $28k resistance. This could signal a resumption of the broader uptrend, with upside towards $30k.</li>
 <li style="font-weight: 400;">Bitcoin pulls back from current levels to retest support around $25k for a potential swing trade entry.</li>
</ul>
The momentum indicators are mixed currently. While the MACD line is below the signal line which is bearish, the RSI is around 50 which is neutral.
Following Bitcoin's move to $28k, popular crypto analyst Michaël van de Poppe <a href="https://x.com/CryptoMichNL/status/1713787583405121670?s=20" target="_blank" rel="noopener noreferrer nofollow">stated</a> the uptrend should continue with more upside ahead.&nbsp;
However, Rekt Capital cautioned that Bitcoin is still forming lower highs and has yet to invalidate the bearish setup completely. Overall, the reclaim of $28k has turned sentiment more positive in the crypto market.
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<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> Bitcoin manages to secure the Bull Market Support Band as support However, Bitcoin is not out of the woods yet Still forming Lower Highs Hasn't invalidated this Bearish Fractal just yet<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/1Xq4LAcflO" rel="noopener noreferrer nofollow">https://t.co/1Xq4LAcflO</a> <a href="https://t.co/agL3puRnve" rel="noopener noreferrer nofollow">pic.twitter.com/agL3puRnve</a> — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1713876006056980586?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 16, 2023</a>
</blockquote>
<h2 id="strong-hot-new-crypto-ico-bitcoin-minetrix-raises-over-1-5-million-strong">Hot New Crypto ICO Bitcoin Minetrix Raises Over $1.5 Million</h2>
An innovative new crypto project called <a href="https://thebittimes.com/new-crypto-staking-platform-bitcoin-minetrix-launches-token-ico-raises-100-000-day-one-tbt64224.html" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Minetrix</a> has hit a major milestone, raising over $1.5 million in its ICO so far and moving to stage 2. With its unique approach to cloud mining and current low entry point, could Bitcoin Minetrix become the next big crypto success story?
The Bitcoin Minetrix presale consists of ten rounds, with each round seeing a 10% price increase from the last. However, those who get in early at the current stage one price of $0.0111 will lock in the lowest rate available.
Bitcoin Minetrix utilizes a tokenized cloud mining model that enables users to participate in bitcoin mining in a decentralized manner. By tokenizing cloud mining, it aims to provide a more secure and transparent mining experience. Users can stake BTCMTX tokens to earn credits, then use the credits to gain bitcoin cloud mining power.
<img src="https://cdn.thebittimes.com/images/2023/10/16/1697468384.webp" alt="" width="800" height="387">
Cloud mining provides several advantages compared to individual mining rigs. It offers an easy point of entry, cost efficiency, and avoids issues like noise and space constraints. Cloud mining eliminates the need for technical expertise to set up and maintain hardware, making it more user-friendly for crypto beginners.
<h3 id="strong-decentralized-cloud-mining-the-main-innovation-strong">Decentralized Cloud Mining: The Main Innovation</h3>
The core innovation of Bitcoin Minetrix is its decentralized approach to cloud mining. This helps address the persistent issues around high hardware costs and deceptive scams in the Bitcoin mining sector.
Instead of expensive mining rigs or questionable cloud mining services, users can simply purchase and stake BTCMTX tokens to steadily accrue cloud mining credits over time. This ensures a more secure and transparent mining process for participants.
<h3 id="strong-how-bitcoin-minetrix-works-strong">How Bitcoin Minetrix Works</h3>
To get started, users need an Ethereum-compatible wallet like MetaMask. BTCMTX tokens can then be purchased on <a href="https://shrt.care/f24415e8?referrer=bitcoin-price-back-over-$28k-resistance-again-while-a-hot-new-crypto-ico-enters-stage-2---technical-analysis" target="_blank" rel="noopener noreferrer nofollow">bitcoinminetrix.com</a> and staked to earn non-tradable ERC-20 credits. These credits must be burned in exchange for actual Bitcoin cloud mining power.
This unique Stake-to-Mine concept makes Bitcoin mining accessible for regular crypto investors without expensive hardware or technical skills.
While Bitcoin mining is very energy-intensive at scale, Bitcoin Minetrix allows everyday users to get into crypto mining without worrying about the equipment, expertise, and energy costs involved.
By locking tokens in a smart contract, users gain easy access to cloud mining credits that can be exchanged for hashing power. This decentralized approach built on Ethereum ensures users' assets remain secure while providing a straightforward and transparent mining experience.
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<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/BitcoinMinetrix?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BitcoinMinetrix</a> is now in Stage 2! <a href="https://t.co/mT63lX9MRP" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/mT63lX9MRP</a> — Bitcoinminetrix (@bitcoinminetrix) <a href="https://twitter.com/bitcoinminetrix/status/1713827179274830133?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 16, 2023</a>
</blockquote>
This crypto ICO consists of ten stages, and is currently in stage two with the token price now at $0.0111 after starting at $0.011. The price is expected to increase by 10% each round up to $0.0119 by the final tenth stage. During the ICO, stakers can earn an APY over 300% as an incentive for long-term holding. The ICO distribution heavily favors early investors, with 70% of the total 4 billion token supply being sold across the ICO rounds. Getting in early at these initial stages puts the majority of coins in the hands of early backers.
Now is an opportune time for investors to consider getting in early on this unique cloud mining protocol. With the recent Bitcoin price surge bringing renewed interest in crypto, Bitcoin Minetrix offers an easy way to capitalize on the potential of the next Bitcoin bull run.
<h3 id="strong-marketing-efforts-strong">Marketing Efforts</h3>
Bitcoin Minetrix has already garnered attention from prominent crypto influencers and media outlets. Popular YouTuber <a href="https://www.youtube.com/watch?v=b2bluNTXWZg&amp;t=1s" target="_blank" rel="noopener noreferrer nofollow">Conor Kenny</a>, who has over 160,000 subscribers, recently shared positive opinions about the project. Bitcoin Minetrix is also actively running advertising campaigns on leading crypto media sites including CryptoPotato, BeInCrypto, and CaptainAltcoin among others.
<iframe title="YouTube video player" src="//www.youtube.com/embed/b2bluNTXWZg" width="560" height="315" frameborder="0" allowfullscreen></iframe>
This broad marketing approach is ensuring that Bitcoin Minetrix reaches a wide range of potential investors in the cryptocurrency space. By utilizing influencer endorsements and leveraging crypto news and media sites, Bitcoin Minetrix is getting its innovative cloud mining concept in front of many active participants in the crypto community. This provides valuable exposure to drive further interest as the ICO proceeds through its ten stages.
<h2 id="strong-bitcoin-minetrix-the-best-crypto-to-invest-right-now-strong">Bitcoin Minetrix - The Best Crypto To Invest Right Now</h2>
As Bitcoin continues pushing higher towards the $28,000 resistance zone, the renewed bullish momentum is spurring interest in the crypto sector again. While Bitcoin faces some key technical tests ahead, innovative projects like Bitcoin Minetrix are attracting attention by providing easy access to participate in Bitcoin's potential upside.&nbsp;
With its impressive crypto ICO raise so far and innovative cloud mining concept, the low entry point for Bitcoin Minetrix makes it a compelling cryptocurrency to invest in at the moment.
As the presale proceeds through its stages, it will be interesting to watch whether Bitcoin Minetrix can become one of the next big crypto success stories.&nbsp;
<a href="https://shrt.care/f24415e8?referrer=bitcoin-price-back-over-$28k-resistance-again-while-a-hot-new-crypto-ico-enters-stage-2---technical-analysis" target="_blank" rel="noopener noreferrer nofollow">Visit Bitcoin Minetrix</a>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-holds-28k-despite-blackrock-etf-fake-news-while-a-hot-new-crypto-ico-enters-stage-2-technical-analysis-tbt66571.html">https://thebittimes.com/bitcoin-price-holds-28k-despite-blackrock-etf-fake-news-while-a-hot-new-crypto-ico-enters-stage-2-technical-analysis-tbt66571.html</a>

Bitcoin Price Holds $28k Despite Blackrock ETF Fake News While A Hot New Crypto ICO Enters Stage 2 - Technical Analysis

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