Bitcoin (BTC) is down by 5% from the week’s high set at $29,900, as it currently sits at the $28,250 level.
A false report that a BlackRock Bitcoin ETF had been approved caused the asset’s price to surge 10% in minutes, allowing it to reach the July 2021 low-day closing price of $29,900.
Despite its 5% drop, Bitcoin remains bullish inside a rising price channel.
As Bitcoin (BTC) remains uncertain, newly emerging Bitcoin Minetrix (BTCMTX) gains popularity as the cloud-based mining service raises $1.75 million in just over two weeks.
Bitcoin Slides 6% After False ETF Approval News
Bitcoin saw a rollercoaster trading week as a false news report caused the asset to spike as high as $29,900.
The false report, released on X by CoinTelegraph, stated that the SEC approved the BlackRock iShares spot Bitcoin ETF.
Although false, the report spread like wildfire, causing Bitcoin to surge by over 10% as it skyrocketed into the July 2021 low-day closing price.
CoinTelegraph deleted the post and issued an apology. BlackRock also stated that the report was entirely false.
Following the clarification, Bitcoin started to pull back but remains bullish in a rising price channel.
BTC Price Analysis: Still Bullish Inside This Channel
Although Bitcoin is now retracing, the asset remains bullish within the confines of the following price channel;
During the week, Bitcoin spiked as high as $29,900 (July 2021 LDC) but has since reversed to the current $29,250 level.
Looking ahead, the first level of support lies at $28,225. This is followed by $28,000, $27,750 (Jan 2021 lows), $27,500 (lower angle of the channel), and $27,000.
On the other side, resistance lies at $28,650 (June 2021 lows), $29,000, $29,350 (July 2021 lows), and $29,900.
What Are Traders Buying Next?
While Bitcoin continues its whipsaw-like price movements, traders are looking for alternative projects capable of producing magnificent returns in the meantime.
One project catching the crypto community’s attention is Bitcoin Minetrix (BTCMTX), which has raised over $1.75 million in just over two weeks.
Investors are rushing to this newly-emerging token due to its stake-to-mine concept, which could overhaul the problematic cloud-based mining sector.
Bitcoin Minetrix Raises Almost $1.8 Million In Just Over Two Weeks
Bitcoin Minetrix (BTCMTX) has raised almost $1.8 million in just over two weeks.
The project is introducing a novel stake-to-mine concept allowing users to stake BTCMTX tokens to access its cloud mining platform.
Users buy and stake BTCMTX to earn Mining Credits, which can be burnt in exchange for cloud-mining time.
As a result, investors earn double the passive income as the project combines two of the hottest trends in the industry: staking and cloud mining.
Stakers are currently earning an impressive 330% APY on their assets at the time of writing.
The presale’s speedy growth demonstrates investors’ confidence in Bitcoin Minetrix to revolutionize the cloud mining sector.
Cloud mining allows regular users to mine BTC without owning or maintaining expensive mining equipment.
Instead, users can simply rent a portion of the computational power in dedicated mining centers and start earning BTC.
However, all cloud mining solutions today are centralized, resulting in users paying large cash deposits for long-term contracts and being left short on their potential earnings due to a lack of transparency.
Bitcoin Minetrix aims to change this dynamic.
The stake-to-mine ecosystem is entirely decentralized and is automatically managed through audited smart contracts, which transparently allocate earnings.
The tokenization of the process ensures that end-users ultimately control their funds at every step.
Users never have to give up custody of their assets and are free to unstake and sell their BTCMTX tokens at any time, providing complete flexibility.
Some big-name influencers in the space are starting to endorse BTCMTX as a potentially disruptive force in the cloud mining sector, showing the building hype behind the project.
The Telegram community for the project is also seeing significant growth, demonstrating its snowballing popularity.
The presale is currently selling the BTCMTX token for $0.011.
However, there’s a rising pricing structure that will see the price of the token increase by 10% in the next presale stage – scheduled for four days from now.
Therefore, those that get positioned earliest benefit the most as they get to enter at a lower price level.
Overall, with its groundbreaking tokenization of the cloud mining space, Bitcoin Minetrix has the potential to deliver substantial returns as the market anticipates the next Bitcoin block halving.
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