The Bitcoin Price Surges by 4% as Bulls Take Control of the Market
The price of Bitcoin has experienced a significant increase of 4% in the past 24 hours, reaching $38,000. This surge in price is supported by a rare signal in Bitcoin futures, indicating a strong bullish momentum. The Chicago Mercantile Exchange (CME) futures market has shown a pattern suggesting that investors have a clear preference for long positions and leveraged bullish speculation on Bitcoin and Ethereum.
Bitcoin Price Could Break above the Ascending Channel
The Bitcoin price has been steadily rising and has surpassed the 50-day Simple Moving Average (SMA), as well as the $25,900 level after a short consolidation period. The current trading price is above the 50-day and 200-day SMA, which further strengthens the positive market sentiment and establishes short-term support. Despite a slight decline in the Relative Strength Index (RSI), it has rebounded as bullish momentum takes charge, indicating robust buying pressure. To maintain upward movement, buyers must surpass the $38,150 resistance level and push the RSI beyond the overbought threshold of 70.
Bitcoin Price on the Brink of Breaking Resistance
The Bitcoin price is on the verge of surpassing the $38,150 resistance within the ascending channel, which is expected to generate momentum for bullish movements. If this resistance is breached, bulls may target a potential high of $48,200 in the weeks to come. However, bears could exploit the resistance and push the price down to around $35,500, aligning with the lower boundary of the ascending channel. Persistent selling pressure may lead to further declines, with a potential target of the crucial support level at $32,900.
Bitcoin Minetrix Secures $4.5 Million
Bitcoin Minetrix (BTCMTX), a new ERC-20 cloud mining platform, has gained significant attention from investors and has already raised over $4.5 million. The platform offers ordinary people the opportunity to mine Bitcoin without the need for expensive equipment or involvement of unreliable third parties. Investors can purchase BTCMTX tokens at a discounted rate of $0.0119 per token. The distribution plan allocates 77.5% of the total supply for presale acquisition and reserves 22.5% for rewarding token holders.
Stake and Earn High APY with Bitcoin Minetrix
Investors in Bitcoin Minetrix have additional earning opportunities through staking, with a high annual percentage yield (APY) of 132% when staking the tokens. As of now, over 316 million tokens have been staked, with holders receiving over 158.5 ETH per block as a reward. The APY and rewards will gradually decrease as more tokens are staked. Traders and YouTubers recognize the potential of BTCMTX, with Cilinix Crypto stating that it has over 100% potential for growth.
Hot Take: Bitcoin Bullish Momentum Strengthens as Price Approaches Key Resistance Level
The Bitcoin price is showing signs of strong bullish momentum as it approaches the crucial resistance level of $38,150. This surge in price is supported by the preference for long positions in Bitcoin futures and the positive market sentiment. If the resistance is broken, Bitcoin could experience further upward movement, potentially reaching a high of $48,200. On the other hand, if the resistance holds, the price may retrace to the support level of $35,500 or even lower. Investors are also showing interest in BTCMTX, a new cloud mining platform that has already secured significant funding and offers attractive earning opportunities through staking.
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