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As Bitcoin (BTC) continues to struggle below the $28,000 mark, investors and analysts are debating where the price could go before the end of 2023.
Despite some bullish forecasts, the world’s largest cryptocurrency is struggling for momentum, causing concerns among HODLers.
Meanwhile, the new crypto project Bitcoin Minetrix (BTCMTX) has made a splash in the market, hitting an impressive $500,000 in its Initial Coin Offering (ICO).
Bitcoin Trapped Below $28k as Bulls & Bears Battle
BTC is currently trapped in a narrow price range on the 4-hour chart, right below the crucial $28,000 zone.
After rejecting $28,000 on Monday, BTC has spent the rest of the week consolidating as the bulls and bears battle for supremacy.
The Relative Strength Index (RSI) is now at 50, suggesting that Bitcoin is neither overbought nor oversold.
As such, the market is in a state of equilibrium – and BTC could move in either direction at any moment.
Considering last week’s highly bullish weekly close for Bitcoin, it’s unsurprising that this week has been spent in a more consolidated state.
The neutral sentiment is further backed up by Augmento’s Bitcoin sentiment tracker, which is at a value of 0.48.
Surging Yields & Declining Volume Add Headwinds for BTC
Bitcoin’s struggle below $28,000 results from several factors combining to hamper trading momentum.
One of the main factors is the yield on US 10-year Treasury bonds hitting a nearly 15-year high.
This has strengthened the US dollar and made it a more attractive place for investors to park their cash relative to cryptocurrencies like Bitcoin.
Moreover, spot BTC trading volumes are declining, reaching levels that haven’t been seen since 2020.
As reported by Cointelegraph, major trading firms like Jane Street Group are stepping back from the crypto market due to regulatory uncertainty, further impacting investor sentiment.
Lastly, the disappointing response to the recently launched Ethereum futures ETFs has played on investors’ minds.
Some investors are speculating that this poor response could play into the SEC’s decision to approve a spot Bitcoin ETF this year or early next year.
These factors have combined to create an uncertain environment for crypto traders, meaning Bitcoin’s prospects of breaking $28,000 in the short term appear bleak.
Trending Project Bitcoin Minetrix Gains Steam After Hitting $500k Presale Milestone
Although Bitcoin continues to struggle, not all cryptocurrencies face an uncertain future.
Bitcoin Minetrix (BTCMTX), a revolutionary cloud-mining project, has achieved a significant milestone by raising $500,000 in its presale.
Offering the world’s first tokenized BTC cloud mining service, Bitcoin Minetrix allows individuals to mine Bitcoin by staking the platform’s native BTCMTX token.
By democratizing access to BTC mining, Bitcoin Minetrix aims to put the process back within the reach of everyday crypto enthusiasts.
Bitcoin Mining’s presale has been boosted by the announcement of a $30,000 “Minedrop” giveaway, which will be split between ten lucky winners.
Interested investors have six ways to enter this giveaway, including investing in BTCMTX tokens or following the official Bitcoin Minetrix Twitter account.
This Minedrop dovetails with Bitcoin Minetrix’s high-yield staking mechanism, which offers APYs of 1,061% for BTCMTX holders.
Bitcoin Minetrix even looks set to benefit from the upcoming Bitcoin halving event, which many believe will be a catalyst for a BTC price pump.
Naturally, this would benefit those who mine BTC through Bitcoin Minetrix’s Stake-to-Mine model since higher prices could result in increased profitability from their mining activities.
Although the developers are still putting the final touches on the Bitcoin Minetrix platform, interested investors can get involved early by purchasing BTCMTX through the presale.
Tokens are priced at just $0.011 during Stage 1, which is still ongoing – the lowest price they’ll be made available.
This allows early investors to enter at a more favorable rate, potentially maximizing their ROI if the project meets its rapidly growing hype.
