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The Bitcoin price has seen a correction over the last 24 hours, which took it down by around 2% as of the time of writing. However, many are bullish on the coin’s long-term price performance.
Over the past seven days, BTC has seen some volatility, but for the most part, it fluctuated between the support at $27.4k and resistance at $28k, breaching both levels several times.
The coin started a surge on October 4, stopped after hitting $27.8k, and the price was rejected toward $27.6k. After that, on October 5, Bitcoin surged up again, breaking the resistance and reaching the next one at $28,000. This was followed by a price rejection, which sent the coin back to $27.4k before the day ended.
BTC then surged again on October 6 but was rejected after it reached the the $27.8k mark, and this marks the only time it fell under $27.4k in the past week, apart from today.
October 6 brought a sharp drop to $27.2k, but Bitcoin immediately recovered after hitting this level, skyrocketing to its weekly high of $28,151 later that same day.
The price corrected slightly after that, sinking just under the $28k mark, where it remained over the weekend. However, on Monday, October 9, Bitcoin’s price dropped to $27.4k.
Later, the same day, BTC saw a slight recovery to $27,686, with a support at $27.6k, keeping it from heading further down.
Many believed that the coin would make another attempt to breach the $28k resistance, but this didn’t happen. Instead, later on Tuesday, October 10, Bitcoin price dropped back to $27.4k once again. The support managed to hold on, but only briefly.
As October 11 arrived, the coin saw another sharp drop, returning to $27,000. Since then, Bitcoin has seen a slight recovery to $27,116, where it sits at the time of writing.
As mentioned, it is down by 2% in the past 24 hours, and even every week, its price is trading in the red, around 1% compared to seven days ago.
Why is the Bitcoin price dropping?
After the end of September — the worst month for crypto prices, historically — many expected the coin to surge with the arrival of October and Q4 2023. However, BTC is seeing price drops, and some suspect the escalating Hamas-Israel conflict might be why.
Some experts believe traders’ confidence is down as they expect risk assets to fall if geopolitical tensions increase. During times of crisis, buyers tend to go for safe assets, such as gold and oil, while dropping things like equities and cryptocurrencies. However, some see this as an opportunity and welcome every price drop as a chance to buy low in expectation of a long-term surge.
Bitcoin Minetrix presale about to hit first million
Speaking of Bitcoin mining, a new crypto project called Bitcoin Minetrix (BTCMTX) seeks to offer Bitcoin fans the opportunity to mine the coin without buying any of the expensive equipment or paying massive electricity bills. The project provides its token, BTCMTX, which is currently in presale.
Once traders buy this token, they can stake it on the project’s platform and get credits that they can use to mine Bitcoin.
Bitcoin Minetrix is essentially a cloud mining platform that is decentralized and transparent. It is aware that many cloud miners have had negative experiences with fraudulent cloud mining platforms, which is why it is trying to do everything it can to ensure cloud miners that its approach is different and safe.
Its presale has raised $996.6k as of the time of writing, and it will likely hit $1 million before the end of the day. BTCMTX is currently on offer for $0.011.
However, once the project raises $1.54 million, the token’s price will increase, so the window of opportunity for buying the token at its cheapest is rapidly closing.
Related
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 1,000% APY
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