Bitcoin Price Hits Weekly Low Amidst Bearish Run
The Bitcoin price has reached a weekly low in the past 24 hours as it continues its bearish trend from earlier this week. Over the past seven days, the coin has been attempting to break through the resistance at $28k. It briefly surged to this level on October 5 but was rejected and fell to support at $27.4k. Although Bitcoin managed to breach the resistance twice, its price was rejected both times. It has mostly traded sideways just below the $28,000 mark, with weaker attempts to surpass it.
Since this happened over the weekend when activity tends to be lower, the stability in price is not surprising. However, at the start of the new week on October 9, Bitcoin experienced a new wave of bearish momentum that persisted throughout the week.
ARK and 21Shares Amended Bitcoin Spot ETF Filings
ARK Invest and 21Shares have recently amended their Bitcoin spot ETF filings based on comments and criticisms from the SEC. This development is seen as a positive sign of progress and could bring them closer to receiving approval from regulators. The renewed talks about Bitcoin ETFs could potentially impact the price of Bitcoin and may have contributed to its recovery back to $26.9k.
Bitcoin Minetrix Presale Reaches Milestone
A new project called Bitcoin Minetrix has successfully launched a presale and has already raised $1 million. The project offers a decentralized and transparent approach to cloud mining BTC, aiming to restore trust in cloud mining after previous scams and failures in the industry. The presale has raised $1.09 million by selling tokens for $0.011 each. Buyers have four more days to purchase tokens at this lower price before it increases. Interested individuals can participate in the presale using a credit card or through ETH, USDT, and BNB.
Hot Take: Bitcoin Faces Bearish Trend but Potential for ETF Approval and New Mining Project
Despite facing a bearish trend in recent days, Bitcoin has shown some signs of recovery. The amended filings for Bitcoin spot ETFs by ARK Invest and 21Shares indicate progress and could potentially impact the price of Bitcoin positively if approved. Additionally, the launch of Bitcoin Minetrix’s presale, which aims to provide a decentralized and transparent cloud mining platform, has reached a significant milestone by raising $1 million. These developments offer potential optimism for the future of Bitcoin amidst its current price decline.
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