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Will the Bitcoin (BTC) Price Rise This Week As Bitcoin Minetrix Hits $1.5 Million?

Press Releases Crypto News BeInCrypto Will the Bitcoin (BTC) Price Rise This Week As Bitcoin Minetrix Hits $1.5 Million?

Bitcoin (BTC) has seen a turbulent few weeks, with the coin’s price fluctuating wildly amid broader economic uncertainty.

While some analysts predict further volatility, others are optimistic about Bitcoin’s potential this week.

Meanwhile, the presale phase for the much-discussed Bitcoin Minetrix (BTCMTX) project has just hit $1.5 million in funding, with early backers believing it could be set for a successful end to 2023.

Bitcoin Price Remains Range-bound as Momentum Builds

At present, Bitcoin is trading close to $27,850, nearing the upper limit of its current price range.

Recently, the coin’s price has been stuck in a consolidation phase, which usually occurs before a sharp move in either direction.

The nearby resistance level at $28,000 is a crucial barrier that Bitcoin needs to breach to signal the beginning of a possible uptrend.

However, if Bitcoin fails at $28,000, the coin could slip back into the tight trading range that has been in play since late August.

The good news for Bitcoin holders is that the price has broken above both the 20-day and 50-day Exponential Moving Averages (EMAs) in the past 48 hours, hinting at a potential shift in momentum.

This has coincided with a 141% increase in BTC trading volume over the past day, suggesting heightened interest and activity around the world’s largest cryptocurrency.

Optimism Grows Around Bitcoins Near-Term Prospects

Bitcoin’s start to the week has been positive, but will the coin’s value continue rising in the days ahead?

The recent news that the SEC will not appeal a court decision requiring it to review Grayscale’s spot BTC ETF application is stirring optimism among investors that Bitcoin could be on the verge of an extended breakout.

If the SEC approves the application, it could open the floodgates for other spot BTC ETFs, bringing significant new institutional investment into the space.

This expected injection of capital could supply the liquidity neces

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Author: BeInCrypto Team

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