The cryptocurrency market is starting the week on a decidedly bullish note, boosted by developments involving influential players in global finance. At the heart of this positive dynamic, we find BlackRock and other financial giantswhose prospects for approval of a Bitcoin ETF by the SEC (Securities and Exchange Commission) of the United States are fueling investor optimism.
This trend is also reinforced by VanEck, who recently adjusted its request for a spot Bitcoin ETFthus aligning itself with actors such asArk Invest and Bitwise Asset Managementwho changed their own Bitcoin ETF applications to spot.
In this context of renewed confidence and increased participation of financial institutions, Bitcoin displays remarkable performance. At the time of writing, Bitcoin is trading at $34,573, recording an increase of 0.75% over the last 24 hours and 15% over the past week.
VanEck Revises Spot Bitcoin ETF Application
VanEck, a leader in asset management, recently adjusted its spot Bitcoin ETF proposal to the SEC. This revision signals a distinctive strategy: investing the initial capital of the ETF directly in Bitcoin, thus standing out from other Bitcoin ETF proposals who favor cash investments.
This modification introduces a crucial aspect: the purchase, in October, of “Initial creation baskets” by a seed-capital investor. These baskets, including 50,000 shares of the ETFare evaluated on the basis of MarketVector Bitcoin Benchmark Rate. This approach represents an important step forward for investors seeking exposure more direct to Bitcoin through traditional investment channels.
BIG BREAKING NEWS 🚨
VanEck has resubmitted a spot #Bitcoin ETF request to the US SEC for consideration. 📊🚀 pic.twitter.com/QIizHV5sbj
— BITCOINLFG® (@bitcoinlfgo) October 30, 2023
In adopting this direction, VanEck aligns itself with major players such as BlackRock and ARK Invest, all awaiting approval for their spot Bitcoin ETFs. This shift towards more direct investment in Bitcoin by renowned financial institutions could redefine the conventional approach to investing in cryptocurrencies.
Bitcoin (BTC) Price Analysis: A Determined Struggle to Reach the $35,000 Threshold
Bitcoin daily chart analysis shows the digital currency is currently trading around $34,570, flirting with the $35,000 level for almost a week. The 50 EMA, represented by the blue line on the chart, sits at $34,340, indicating a slight uptrend in the medium term. This indicator suggests that Bitcoin remains above its medium-term supportwhich is a positive sign for investors.
The RSI-14, currently at 60, is in a neutral zone, slightly tilted towards bullish territory. This implies that although Bitcoin is not in an overbought condition, there is potential for upward movement if market sentiment remains positive.
As for future scenarios, if Bitcoin manages to break through and hold above the $35,500 threshold it could take off, with significant upside potential. In percentage terms, this could translate into an additional increase from 5% to 10%, potentially propelling the price beyond $37,000. Conversely, if Bitcoin moves down towards its support zone of around $33,000 and breaks through it to the downside, it could then plunge again below $31,000which would represent a drop of 6% to 7% compared to its current level.
Bitcoin Analysis over 4 Hours: Tension between EMA and MACD
The Bitcoin 4-hour chart reveals an interesting dynamic between the 20 EMA and the MACD. Currently, Bitcoin is trading at $34,617, slightly above the 20 EMA, which sits at $34,240. This position above the 20 EMA could suggest a short-term upward trendindicating that buyers have a slight advantage at the moment.
However, the MACD brings a nuance to this interpretation. With the signal line sitting above the MACD line (histogram at -37.52, signal at 314.42 and MACD at 276.97), this means sellers could regain some ground. This MACD crossover is often interpreted as a bearish signal, suggesting that current momentum could reverse in favor of sellers.
This tension between the EMA 20 and the MACD creates a situation of vigilance for traders and investors. A maintenance Bitcoin sustainable above the 20 EMA could invalidate the bearish MACD signal and encourage a continuation of the upward trend. Conversely, if Bitcoin starts to fall below the 20 EMA, the bearish MACD signal could be confirmedpotentially leading to a larger correction.
Despite the stagnation of Bitcoin below $35,000, this token achieves an impressive fundraising of more than $2.7 million
The Bitcoin Minetrix ($BTCMTX) platform presents itself as a revolutionary initiative in the cryptocurrency space, offering a unique approach to Bitcoin mining. At the heart of this project, the concept of “Stake-to-Mine” allows $BTCMTX token holders to earn ERC20 mining credits, opening the door to rewards from mining Bitcoin without requiring technical skills specific or expensive infrastructure.
#BitcoinMinetrix hits another major milestone! 🌟
Successfully raising more than $2,600,000. pic.twitter.com/hP6PLnjUcI
— Bitcoinminetrix (@bitcoinminetrix) October 30, 2023
Currently in pre-sale, and in the middle of the fourth phase, the BTCMTX token is valued at $0.0113an attractive opportunity before the next increase in its price scheduled in two days. The campaign has already exceeded the $2.7 million marktestifying to the significant enthusiasm of investors and traders, and suggesting a growth potential comparable to that of Bitcoin.
How to buy the $BTCMTX token?
To acquire $BTCMTX, go to the official website and connect your crypto wallet. Payment options include ETH, USDT, and BNB and credit card with a minimum investment of $10. Note that BNB purchases do not allow staking, depriving possible passive income. OUR detailed guide is available for ease of purchase.
The audit carried out by Coinsult confirms the security of Bitcoin Minetrix, providing additional assurance to investors. In full expansion, the pre-sale of this project captures attention in the world of cryptocurrencies in 2023emerging as a particularly promising investment opportunity.
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This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.