2023-10-31 17:00 |
The Bitcoin (BTC) price has been on a wild ride recently, swinging from $26,500 to as high as $35,200 last Tuesday.
Although the coin’s price has pulled back slightly from that high, investors are keeping a close eye on several factors that could influence Bitcoin this week.
In this article, we’ll highlight three key factors to keep in mind for Bitcoin and also identify an alternative cryptocurrency that many early backers believe could be the market’s next breakout project.
1. Uptober Draws to a Close as Bitcoin Targets $35,000After achieving its highest weekly close in 18 months last week, Bitcoin has stabilized around $34,000 over the weekend, with the final candle of October now fast approaching.
Many analysts are optimistic about Bitcoin’s price strength and the end of “Uptober”, a month which saw BTC surge from below $27,000.
Popular analyst Bitcoin Archive suggests that Bitcoin is well-positioned to maintain its bullish momentum and could close this week at its highest price in 78 weeks.
This would provide a foundation for Bitcoin to continue rising into November and beyond.
Other analysts eye a breakout above $35,000 this week, a critical resistance level just above Bitcoin’s current trading range.
While some remain skeptical of the rally’s strength, most Bitcoiners are focused on the weekly close to cement the gains of Uptober.
2. Fed Interest Rate Decision Could Be a Volatility Trigger for BTCThe Federal Reserve’s next interest rate decision on November 1 is the second major event that could impact Bitcoin’s price this week.
While crypto has diverged from reacting to the Fed’s previous hikes, such a significant policy move often injects volatility into the market.
The CME FedWatch tool shows a 96% chance that rates will remain unchanged at the upcoming FOMC meeting.
However, recent hotter-than-expected inflation data and geopolitical tensions mean the Fed could surprise with another hike.
This would pressure risky assets like cryptocurrencies since investors will likely flock towards safer options like bonds.
The Fed’s policy decision aligns with several other economic data releases this week – making it a particularly pivotal week for Bitcoin and the broader financial markets.
3. ETF Buzz Continues as Bitcoin Gains Mainstream MomentumThe third reason to watch BTC this week is the increased activity surrounding Bitcoin investment products.
Analysts are buzzing about the $1.7 billion trading volume in ProShares’ Bitcoin Strategy ETF (BITO) last week and the $800 million in the Grayscale Bitcoin Trust (GBTC).
These increased volumes and a shrinking GBTC discount indicate heightened investor enthusiasm – showing optimism for a US-based spot BTC ETF.
Fueled by regulatory hints and institutional investment, there’s been an apparent uptick in interest in Bitcoin over the past two weeks.
As such, this week could also be pivotal for Bitcoin’s price, as these metrics could be early indicators of a further wave of mainstream adoption and demand.
Which Other Cryptocurrencies Should Investors Watch This Week?In addition to Bitcoin, several other altcoins could see promising price action this week.
One such altcoin is Bitcoin Minetrix, which continues to turn heads in its limited-time presale event.
Bitcoin Minetrix Unlocks Future of Decentralized Mining as Presale Raises $2.7mBitcoin Minetrix (BTCMTX) is an Ethereum-based platform offering a unique value proposition – democratizing and decentralizing BTC mining through a first-of-its-kind tokenized model.
By staking the native BTCMTX token, holders receive cloud mining credits to earn BTC rewards without needing expensive computing hardware or technical expertise.
This opens up the crypto mining process to everyone, regardless of their experience or resources.
BTCMTX also incentivizes long-term holding via staking rewards of up to 216% per year.
The presale has already seen over 192 million BTCMTX tokens staked, highlighting strong investor interest in the project.
With Bitcoin Minetrix’s presale now in Stage 4, prospective investors can buy BTCMTX for $0.0113.
This setup has helped the presale raise over $2.7 million in funding, which will be used for staking rewards, marketing, and further ecosystem development.
To boost engagement further, Bitcoin Minetrix’s developers have launched a $30,000 “Minedrop” giveaway.
To participate, individuals must complete various social media activities, such as following Bitcoin Minetrix’s on Twitter and joining its Telegram community.
With many crypto pundits expecting billions of dollars to flow into the market if a spot BTC ETF is approved in the US, Bitcoin derivative projects like Bitcoin Minetrix could be poised to benefit.
As such, BTCMTX could be another altcoin to watch this week as Uptober ends.
Visit Bitcoin Minetrix Presale
The post 3 Reasons to Watch the Bitcoin Price This Week as Bitcoin Minetrix Nears $3M appeared first on BeInCrypto.
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