Bitcoin Price Spikes Over 4% as Bulls Eye Return to $30K, While Bitcoin Minetrix Hits $320,000

The price of Bitcoin (BTC) has jumped 4% over the past 24 hours, hitting the $28,300 level.

Investors are increasingly buying more BTC as belief grows that the coin could be heading for another test of the vital $30,000 resistance zone.

Meanwhile, new presale crypto Bitcoin Minetrix (BTCMTX) has just surpassed $320,000 in early funding – with some analysts speculating that it could be primed for significant growth before the end of the year.

Bitcoin Breaks $28k as Bulls Eye Return to $30k

Bitcoin has closed green in five of the past six days, marking the coin’s best run of form since the first week of August.

Price has crossed through both the 20-day and 50-day Exponential Moving Averages (EMAs) with ease, showcasing the high level of investor demand in the market.

More importantly, BTC has broken the resistance zone at $28,000, which was last tested on August 29.

Now, investors and analysts are suggesting that BTC could return to the $30,000 level, where the coin struggled throughout most of July and early August.

Augmento.io’s Bitcoin sentiment indicator has jumped to a value of 0.531, indicating that investors now feel increasingly optimistic about the coin’s near-term prospects.

This is backed up by the Crypto Fear & Greed Index, which now sits at 50 – away from “Fear” territory for the first time in over a month.

Growing Optimism Around “Uptober” Could Fuel BTC Gains

The recent spike in Bitcoin’s price can be attributed to increasing optimism around the coin’s historical strength in October – commonly referred to as “Uptober” by crypto investors.

According to analysts, October has been Bitcoin’s best-performing month on average over the past three years.

This positivity typically continues into the first quarter of the following year – meaning investors may be looking ahead to a strong finish for 2023 and a bullish start to 2024.

As noted by Santiment, crypto whales have been accumulating Bitcoin over the past six weeks, which could be a sign that influential market participants are also optimistic about the coin’s prospects.

While a decision from the Securities and Exchange Commission (SEC) on a spot Bitcoin ETF could disrupt October’s upside potential, investors are cautiously optimistic that this month will see gains.

Moreover, with the interest rate environment becoming increasingly clearer, the stage could be set for Bitcoin to capitalize and benefit from increased demand from retail investors.

All these factors have combined to make a compelling case for why October and the following months could set the tone for a bullish year ahead.

Trending Project Bitcoin Minetrix Also Gaining Momentum as Presale Fundraise Hits $310k

Alongside Bitcoin, the newly launched presale project Bitcoin Minetrix (BTCMTX) is quickly gaining attention due to its innovative features.

Bitcoin Minetrix aims to make BTC mining accessible to everyday crypto enthusiasts through a tokenized, decentralized cloud mining platform.

The presale for Bitcoin Minetrix has already raised over $310,000, demonstrating the strong early interest in the project.

BTCMTX is being hailed as a solution to the many problems facing cloud mining, including high costs, a lack of transparency, and the risk of scams.

By putting control back into the hands of token holders, Bitcoin Minetrix removes these issues – with users simply needing to buy and stake BTCMTX to earn credits that are redeemable for cloud mining power.

Described in Bitcoin Minetrix’s whitepaper as “Stake-to-Mine,” this novel concept is why the project is gaining so much early attention.

YouTuber Michael Wrubel, who has over 380,000 subscribers, recently said he is “bullish on BTCMTX” in a video viewed more than 12,000 times in four days.

Bitcoin Minetrix’s Telegram community has also seen significant growth, indicating that the project is resonating with the broader crypto community.

With Bitcoin Minetrix’s soft cap set at just over $3 million, investors only have a narrow window to buy BTCMTX for $0.011 before the token’s price increases.

As word spreads about its features and possibilities, investor interest will likely continue to grow – marking this as a token to keep an eye on in the weeks ahead.

Visit Bitcoin Minetrix Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

The post Bitcoin Price Spikes Over 4% as Bulls Eye Return to $30K, While Bitcoin Minetrix Hits $320,000 appeared first on CryptoPotato.