Bitcoin Price Rebounds While This Emerging BTC Alternative Raises $1.4M

The price of Bitcoin (BTC) has rebounded in the past day, rising almost 5% to hit $37,360.

Major cryptos like Ethereum (ETH) have also seen gains as the crypto market shows signs of recovery.

Meanwhile, a new BTC alternative called Bitcoin ETF Token (BTCETF) has just breached the $1.4 million milestone in its presale – and is already being touted as a challenger to Bitcoin’s dominance.

Bitcoin Faces Key Resistance Around $37,800, But Hints At Bullish Breakout

Looking at the 4-hour chart, Bitcoin has respected a rising trendline six times since it began at the end of October.

This trendline has acted as a dynamic support zone, propping Bitcoin’s price up every time there’s been a sell-off.

However, Bitcoin’s progress has been halted by the resistance level around $37,800 on four occasions – indicating a high volume of sell orders in the area.

If Bitcoin can decisively break through this resistance, it could pave the way for a move towards $40,000 and beyond.

Analyst CryptoJelleNL, who has over 51,000 followers on Twitter, recently posted that it “smells like $40,000” – hinting at his bullish sentiment for Bitcoin’s near future.

On the other hand, failure to break $37,800 and a move back below the lows of $35,700 could see Bitcoin retest the support level at $34,100.

As such, it looks like Bitcoin is readying itself for a significant move in either direction in the short term.

BlackRock SEC Meeting Sparks Hope for Imminent Bitcoin ETF Approval

Building on the recent price action, other positive developments in the crypto space could contribute to Bitcoin’s rebound.

Most notably, it was revealed that BlackRock, the world’s largest asset manager, met with SEC officials this week to discuss their application for a spot Bitcoin ETF.

This meeting has fueled speculation that the SEC may finally be ready to approve a spot Bitcoin ETF after previously rejecting several applications.

The SEC also met with Grayscale, another major financial player lobbying for one of these funds.

A spot BTC ETF getting the green light could be huge for mainstream crypto adoption.

It would allow institutional and retail investors to gain exposure to Bitcoin through traditional investment vehicles – which could significantly expand the pool of capital flowing into the cryptocurrency market.

According to a report from Galaxy Digital, there is scope for a spot Bitcoin ETF to attract $14 billion in inflows in the first year of its launch.

As such, the news around BlackRock and the SEC’s meeting has undoubtedly lifted market sentiment, helping the Bitcoin price rebound.

Emerging Crypto Bitcoin ETF Token Offers Speculative Play on ETF Hype

While Bitcoin remains the dominant cryptocurrency, some emerging alternatives may be worth watching.

One such project is Bitcoin ETF Token (BTCETF), which aims to allow crypto investors to speculate on the market impacts of a spot BTC ETF approval.

BTCETF incorporates interesting tokenomics designed to reduce supply and potentially increase scarcity (and value) over time.

This includes a burning mechanism where up to 25% of the total supply will be burned as key ETF approval milestones are reached.

There is also a 5% transaction tax, which will decrease by 1% each time a milestone is achieved – rewarding long-term holders.

Bitcoin ETF Token even has a staking protocol for BTCETF, allowing token holders to earn APYs of up to 179%.

The project is still in its presale phase but has already raised over $1.4 million, showing strong early interest.

Investors can buy BTCETF tokens for $0.0056 during the current stage of the presale – although this price is available for only one more day before increasing.

Since BTCETF is slated to be listed on numerous exchanges once the presale ends, most early backers believe that investing at the lowest price possible could be wise if the hype continues.

All in all, while Bitcoin remains the world’s flagship cryptocurrency, Bitcoin ETF Token could be an intriguing speculative play for investors looking to profit from the much-anticipated approval of a spot BTC ETF.

Visit Bitcoin ETF Token Presale

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