The price of Bitcoin (BTC) has recently increased quite strongly, ranging from $26,500 to a peak price of $35,200 last Tuesday.
Although the price of the world’s number one cryptocurrency has dropped slightly from its previous peak, investors are still closely watching a number of factors that could affect Bitcoin’s price this week, before making adjustments in their investment decisions.
In this article, we will highlight three key factors that are important to keep in mind for Bitcoin, and also identify an alternative cryptocurrency that many early advocates believe could be a breakthrough project. next of the crypto market.
1. Uptober Is Nearing an End as Bitcoin Aims for $35,000
After achieving its highest weekly close in 18 months last week, Bitcoin price stabilized at $34,000 over the weekend, with the “last candle” of October now fast approaching.
For those who don’t know, Uptober is a term composed of the words “Up” and “October”, the month when Bitcoin in particular and many other virtual currencies in general recorded strong growth. , according to historical cryptocurrency market data.
Popular analyst Bitcoin Archive believes that Bitcoin is well positioned to maintain its growth momentum, and could likely close this week at its highest price in 78 weeks.
This will create a foundation for Bitcoin prices to continue rising in November, and even beyond.
Analysts are also expecting a BTC price breakout above $35,000 this week, a key resistance level just above Bitcoin’s current trading range.
While some remain skeptical about the strength of this cryptocurrency and BTC market rally, most Bitcoiners are focused on the weekly close to consolidate Uptober’s gains.
2. Fed Interest Rate Decision Could Be Important Factor Triggering Volatility for BTC
The Federal Reserve’s next interest rate decision on November 1 is the second major event that could affect Bitcoin prices this week.
Although the cryptocurrency market has changed a lot since the Fed’s previous bull runs, such a significant policy move usually causes major market volatility.
The CME FedWatch tool shows a 96% chance that interest rates will remain unchanged at the upcoming FOMC meeting.
However, recent hotter-than-expected inflation data, and recent geopolitical tensions mean the Fed could surprise with another rate hike.
This will put strong pressure on risky asset classes like cryptocurrencies, as investors will likely flock to safer investment options like bonds.
The Fed’s policy decision is in line with a number of other economic data released this week – making this an especially important week for the cryptocurrency Bitcoin and broader financial markets. .
3. ETF Continues To Attract Attention As It Creates Big Momentum For Bitcoin’s Growth
The third reason investors should keep a close eye on BTC price movements this week is the increased activity around Bitcoin investment products.
Analysts are paying attention to trading volumes of up to $1.7 billion in ProShares’ Bitcoin Strategy ETF (BITO) last week, and up to $800 million in the Grayscale Bitcoin Trust (GBTC).
This significant increase in trading volume and the decreasing discount of GBTC shows that the enthusiasm of the investor community for Bitcoin in particular and cryptocurrencies in general is increasing, and especially for US-based BTC spot ETFs.
Fueled by regulatory hints and investment roadmaps from institutional investors, interest in the world’s number one cryptocurrency Bitcoin has clearly increased over the past two weeks.
Therefore, this week could also be a big one for Bitcoin price, as these figures could be an early sign of the next explosive wave in demand and wider mainstream adoption in the future. BTC’s global financial system.
Which Other Cryptocurrencies Should Investors Watch This Week?
In addition to Bitcoin, several other altcoins could also see promising price action this week.
And one such altcoin is Bitcoin Minetrix – a new virtual currency project that is continuing to create great attraction with the original token presale program BTCMTX.
Bitcoin Minetrix ushers in the future of decentralized cryptocurrency mining, quickly raising over 2.8 million USD through presale program
Bitcoin Minetrix (BTCMTX) is a new unique virtual currency project built on top of Ethereum, offering a unique value proposition – democratizing and decentralizing BTC mining through a world-first tokenization model. world.
By staking the native token BTCMTX, holders will receive cloud mining credits to earn BTC mining blockchain rewards without investing in computer hardware. Expensive and does not require too much technical expertise.
This opens the door to cryptocurrency mining for everyone, regardless of their experience or resources.
BTCMTX also incentivizes long-term holding of BTCMTX tokens by investors through staking rewards of up to 216% per year.
The project’s presale program saw over 192 million BTCMTX tokens staked, showing strong interest from the investor community in the project.
With the Bitcoin Minetrix presale now in Phase 4, potential investors can purchase BTCMTX at a price of just 0.0113 USD per token.
This setup helped the Bitcoin Minetrix presale program raise over $2.8 million in funding. And this money will be used for staking rewards, marketing and developing the project’s ecosystem even further.
To further increase engagement, Bitcoin Minetrix developers launched a “Minedrop” giveaway worth up to $30,000 USD.
To participate, individuals must complete various social media activities, such as following Bitcoin Minetrix on Twitter and joining the project’s Telegram community.
With many leading crypto experts expecting billions of dollars to flow into the market if a BTC spot ETF is approved in the US, Bitcoin derivatives projects like Bitcoin Minetrix could be poised to benefit greatly .
Therefore, BTCMTX may be the most notable potential altcoin this week as Uptober prepares to end.
