Bitcoin Holds Above $28.2k Support Level
Bitcoin has managed to maintain its position above the $28.2k support level, although it is closer to this level than in previous days. Despite this, the coin is still over 6% higher than last week when its price was $26.76k. The first half of the previous seven-day period saw Bitcoin trading sideways with a slight increase in price. However, this stability can be attributed to a lack of activity over the past several weekends.
Over the last four days, Bitcoin’s price has fluctuated between resistance at around $28.8k and support at $28.2k. The coin often tries to stabilize somewhere between these two levels but this stability is usually short-lived.
As of mid-Wednesday, October 18, Bitcoin has dropped closer to the support at $28.2k several times in the last 24 hours. However, on Thursday, October 19, there was a beginning of a new surge that took the price back up to $28,493.
No Update on Bitcoin ETF Approval from SEC
The SEC Chair Gary Gensler’s recent interview with Bloomberg TV did not provide any insight into the regulator’s plans regarding Bitcoin spot ETFs. Gensler only mentioned that the agency’s staff is reviewing multiple ETF proposals and that these products must go through several approvals before a decision is made by the SEC.
The anticipation for ETF approval continues to grow, with even fake news of approval causing BTC’s price to increase earlier this week. CryptoQuant predicts that a spot Bitcoin ETF could trigger a 155% BTC surge.
Tesla Continues to Hold BTC
In Tesla’s recent earnings report, it was revealed that the company still holds all the BTC it acquired in the past. Tesla purchased 43,000 BTC in 2021, making its Bitcoin treasury worth around $1.5 billion at the time of purchase. Despite no longer accepting BTC payments for its vehicles, Tesla has decided to hold onto its coins.
Bitcoin Minetrix Presale Raises Nearly $2 Million
Bitcoin Minetrix, a new project holding a presale, is gaining popularity. The project offers a decentralized and transparent cloud mining platform where users can mine Bitcoin without expensive equipment. Users have full control and can stake their BTCMTX tokens to receive credits for mining. The project aims to address skepticism surrounding cloud mining platforms by ensuring total decentralization.
The presale allows users to participate by exchanging ETH, BNB, and USDT or purchasing BTCMTX directly with their debit or credit cards.
Hot Take: Bitcoin’s Stability Faces Challenges
Bitcoin’s recent stability above the $28.2k support level faces challenges as the coin continues to fluctuate between resistance and support. While there are expectations for ETF approval from the SEC, no official update has been provided yet. Meanwhile, Tesla remains committed to holding its BTC holdings despite not accepting Bitcoin payments for its vehicles. On another note, Bitcoin Minetrix is gaining popularity with its presale, offering users the opportunity to mine BTC through a decentralized cloud mining platform.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.