Bitcoin Slides 6% After Failing to Break $29,900 But Remains Bullish in This Channel, While Bitcoin Minetrix Continues to Rise
The post Bitcoin Slides 6% After Failing to Break $29,900 But Remains Bullish in This Channel, While Bitcoin Minetrix Continues to Rise appeared on BitcoinEthereumNews.com. 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…
The post Bitcoin Slides 6% After Failing to Break $29,900 But Remains Bullish in This Channel, While Bitcoin Minetrix Continues to Rise appeared on BitcoinEthereumNews.com.
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…
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