Major cryptocurrencies display bullish strength over the weekend, with the global crypto market cap appreciating by 2% over the past day.
The Bitcoin price continues to consolidate in the $36k – $37k range, currently trading near the $36,600 mark. Experts believe that BTC will remain range-bound until Monday when it could surge to retest the $38k high.
Indeed, while Bitcoin’s 24-hour trading volume has dropped by 40%, the open interest and funding rates have been completely reset, primed for an explosive bull rally. BTC’s market capitalization is currently at $716 billion, representing a dominance of over 52.5%.
Meanwhile, a new cryptocurrency – Bitcoin Minetrix – is also gaining traction, thanks to its BTC mining utility.
Popular crypto analysts such as @DrProfitCrypto are highlighting the importance of the crucial MA20 support in the daily time frame. Bitcoin has retested this level twice so far, followed by a strong bounce back on both occasions.
As long as this level is held, BTC’s bullish scenario remains in play, which could lead it to breach the $38k price mark in the short term, considering that there is a liquidity pool forming near the $38.5k level. Indeed, Bitcoin continues to create higher lows, which could signal a bull rally.
Analyst @CredibleCrypto, who has over 350k followers on X, also believes that the Bitcoin price is preparing for a strong upward price action, which could see it surge to $39.4k before the end of the month, right on the brink of hitting the $40k milestone.
As a result, experts such as @CryptoJelleNL remain confident that BTC will breach the $40,000 mark by the start of December, eventually hitting $42k before the end of the year.
The bulls could first look to target the 10-day Simple Moving Average, which is currently hovering near the $36.7 price mark. They would be looking for a boost from the ongoing ETF buzz, hoping to receive any positive development from the SEC.
According to the latest news, the SEC’s Trading & Markets division has engaged with exchanges on their spot Bitcoin ETF 19b-4s, which – according to Eric Balchunas of Bloomberg – is a good sign. Experts remain confident that the Commission will approve all the applications before January 12th, 2024 – the final deadline for Ark Invest’s application.
Another token many analysts are keeping tabs on is the Bitcoin-inspired Bitcoin Minetrix, an innovative cloud mining solution currently in the presale phase.
Bitcoin Minetrix is an innovative cloud mining platform that allows retail investors to mine BTC and earn passive rewards, simply by staking the $BTCMTX token.
Commentors such as Michael Wrubel believe that there is a strong demand for Minetrix’s utility, considering the high cost of investment and technical expertise required in the Bitcoin mining industry. The space has been dominated by wealthy corporations, resulting in high competition.
To combat this monopoly, Bitcoin Minetrix democratizes the mining process, allowing investors to own a portion of the computational power, without any of the burden. They can purchase $BTCMTX tokens and stake them to receive mining credits, which can be burned in exchange for cloud mining time or a percentage of the yields, both options leading to passive BTC rewards.
Investors staking their tokens do not even have to wait for the launch of cloud mining platform to earn the rewards – they can start to accrue passive income right from the presale itself, currently at an APY of 142%.
This stake-to-mine approach introduces transparency to the cloud mining sector, quelling any fear of scams or centralization risks that other platforms carry. For instance, Minetrix users can unstake and sell their tokens at any point using the stake-to-mine dashboard, which is a significant improvement over the long-term, cash-based contracts used by other platforms.
Due to its unique value proposition, the $BTCMTX token has already raised over $4.1 million in its ICO.
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