Cryptocurrencies are on the move once again, with Bitcoin breaking critical resistance levels as a new era of decentralized mining dawns.
Bitcoin Minetrix is capitalizing on the latest market momentum with over $325,000 raised in presale in just a few days, offering a fresh solution for accessible cloud mining.
As BTC pushes past $28,000, investors are eyeing the next key levels ahead while clamoring to stake their claim in new token Bitcoin Minetrix.
Bitcoin has seen a surge of momentum in recent days, breaking through the crucial $28,000 resistance level. On Sunday evening, BTC reached as high as $28,200 before falling just short of firmly establishing support at this key zone.
However, the early morning hours of Monday saw BTC power through and convincingly clear the $28,200 barrier, reaching $28,345 at press time and notching an over 4% gain in the past 24 hours.
While closing decisively above the 200-week simple moving average (SMA) is an initial victory for bulls, Bitcoin’s failure to firmly settle above horizontal resistance at $28,200 on Sunday evening shows this area remains a tough zone to beat. A daily close above here is needed to confirm bullish continuation, though BTC has made an assertive move higher to start the week.
Zooming out, the $28,000 – $30,000 range represents the midpoint or equilibrium area from Bitcoin’s all-time high around $69,000 down to the lows near $17,000. As such, it’s a logical inflection zone where bulls and bears are battling it out. A convincing breakout above $30,000 would open the doors for a run towards $40,000, while failure to hold the high $20,000s could see BTC revisit the low $20,000s.
For now, traders seem to be embracing a buy-the-dip mentality. Assuming continued defense of lower support around $27,000 – $27,500, additional tests of $28,000+ look likely. Each successful defense of this area shifts the probabilities in favor of bulls.
Buying Bitcoin below the 50-day exponential moving average (EMA) has proven to be the best opportunity of the entire cycle. Retests of this crucial line offer the second-best entry points. Once the current backtest of old resistance as new support is complete, we could see a multi-month Bitcoin bull run. Every dip is likely to present a buying opportunity in this scenario.
Adding fuel to the fire, over $94 million worth of Bitcoin shorts were liquidated in the past 24 hours according to on-chain analyst Crypto Rover.
💥More than $94,000,000 worth of Bitcoin Shorts got liquidated in the past 24 hours! pic.twitter.com/bBRBGbN558
— Crypto Rover (@rovercrc) October 2, 2023
This massive squeeze indicates traders were overleveraged betting on further downside, and the rapid move up forced these short positions to capitulate – involuntarily buying Bitcoin to cover their underwater trades. Forced buying of this nature allows upside moves to accelerate as shorts abandon their bets against Bitcoin.
Crypto trader and analyst Ali also noted that the last time Bitcoin saw a breakout of this magnitude, it rallied all the way to $31,000 afterward. With history potentially rhyming, an advance to retest this zone looks plausible. Further key levels on the upside include the yearly-highs around $31,400, back in July.
Bitcoin’s latest surge is fueled by hopes of another “Uptober” – the coin’s traditionally strongest month based on historical data.
Per analysts, October has averaged the highest monthly returns for Bitcoin over the past three years running. This seasonal strength tends to persist into the new year as well, with bullish momentum carrying into the first quarter.
Crypto investors are betting this pattern will repeat, anticipating further gains through the rest of 2023 and setting the stage for what could be a very bullish 2024. If history is any indicator, Bitcoin may once again demonstrate its penchant for October outperformance and beyond.
As the hardest form of money ever invented, Bitcoin is fulfilling its purpose as digital gold – providing a non-sovereign store of value and safe haven asset amidst rampant central bank money printing. The crypto asset represents a revolutionary paradigm shift, moving from debt-based fiat money to asset-based digital money. An increasing number of investors are realizing no other asset has a strictly limited supply and fixed maximum quantity.
For all these reasons and more, shrewd crypto investors look set to keep buying the dips as Bitcoin continues blazing a trail into the history books.
Amid the latest Bitcoin price action, one crypto project building a unique BTC mining solution is generating major buzz. Bitcoin Minetrix has seen its presale selling out rapidly, raising over $330,000 to date from enthusiastic investors.
The flagship feature of Bitcoin Minetrix is its decentralized cloud mining solution. This aims to address the pressing issues of high hardware requirements and deceptive scams which are commonplace in the world of Bitcoin mining. Users can purchase and stake BTCMTX tokens to gain cloud mining credits, ensuring a more secure and transparent mining experience.
Here’s a closer look at how it works and why Bitcoin Minetrix is catching the eyes of miners and crypto investors alike during the ongoing presale phase.
At its core, Bitcoin Minetrix provides decentralized cloud mining for BTC. This solves one of the biggest barriers to mining entry – the need for expensive specialized hardware like high-powered ASIC rigs. These hardware requirements have put BTC mining out of reach for many average crypto enthusiasts.
Bitcoin Minetrix’s decentralized solution powered by BTCMTX tokens makes Bitcoin mining accessible to a wider audience. Users can simply purchase and stake tokens to earn cloud mining credits redeemable for BTC. This “Stake-to-Mine” concept is a true game changer, opening up decentralized mining to ordinary crypto investors.
Cloud mining offers several key benefits, including:
By eliminating the need for direct hardware involvement, cloud mining through Bitcoin Minetrix greatly reduces barriers to entry for new users. The technical complexities give way to an intuitive user-friendly experience ideal for crypto newcomers.
Purchasing BTCMTX tokens is simple. Users first need an Ethereum-compatible wallet like MetaMask. Then visit the Bitcoin Minetrix site, connect your wallet to the presale portal, and use ETH, USDT, BNB or a credit card to buy BTCMTX.
After purchasing the tokens, users can stake them to earn additional BTCMTX as rewards over time. The staked tokens also generate cloud mining credits that can be redeemed for BTC mining power.
This elegant dual token mechanism makes participation easy while incentivizing users to hold BTCMTX long-term. As more tokens are staked, greater BTC cloud mining power can be unlocked.
Here’s an overview of the tokenomics and BTCMTX distribution:
Bitcoin Minetrix has already started aggressive marketing across the biggest crypto sites like CoinTelegraph, CryptoPotato, CryptoNewsZ, CaptainAltcoin and more. Popular YouTuber Michael Wrubel also recently shared his bullish outlook on BTCMTX to his 310,000+ subscribers. The video has over 12,000 views in only 4 days.
This rising publicity combined with a compelling cloud mining solution has quickly driven presale demand. The soft cap is just over $3 million, giving buyers one final chance to acquire BTCMTX for the low presale price of $0.011 before it increases.
With strong fundamentals and increasing community excitement, Bitcoin Minetrix is poised to achieve rapid growth as a top tokenized mining protocol. As Bitcoin continues its ascent, the need for secure decentralized mining will only expand – making now the optimal time to stake a claim to the future of BTC mining with BTCMTX.
With the Bitcoin price displaying resilience and signs of a bullish breakout, the long-term investment thesis remains strong. Meanwhile, Bitcoin Minetrix brings decentralized mining to the masses through an innovative token model.
As the presale rapidly approaches its limit, the window to gain exposure to the future of BTC mining is closing fast. Savvy crypto investors will look to capitalize on this opportunity and stake their BTCMTX tokens in the weeks ahead as this project continues to be one of the hot topics in the crypto market.
Visit Bitcoin Minetrix