The Bitcoin price has just passed $27K as traders received their first green candle in over a month. This happened as optimism crawls back into the Bitcoin market before this week’s FOMC meeting.
BTC is now up over 8.7% across the last week and over 2.6% in the last 24 hours alone.
Meanwhile, a newly launched Bitcoin rival, Bitcoin BSC, has exploded in the early stages of its presale, nearing its $3.9 million soft cap in less than two weeks.
Growing Bullish Sentiment Pushes Over 8% in Seven Days
With the scheduled FOMC meeting this week, traders are optimistic, with the Bitcoin price edging above the 200-day EMA for the first time since August.
Furthermore, the price rebounded at $25,170. This created a double bottom and is proving a strong level since it also acted as resistance in February as the Bitcoin price was climbing.
The Federal Reserve meeting will decide on interest rate policy and other monetary matters affecting crypto and other risk assets.
Bitcoin’s recent bounce indicates a bullish sentiment. However, due to its proximity to the 200-day EMA, the FOMC result could profoundly affect Bitcoin’s price in either direction.
According to CME Group’s FED Watch tool, the FOMC meeting will unlikely increase interest rates, with a 99% prediction that rates will remain unchanged. This may allow for a bullish continuation for Bitcoin.
Nevertheless, August’s CPI data showed a 0.6% increase in inflation, opening the door to a possible reaction by the FED.
Despite the uncertainty regarding the FOMC meeting’s outcome, the market is optimistic. Numerous TradingView analysts have published bullish Bitcoin chart ideas, and the TradingView aggregated technical indicators also predict that Bitcoin is in a buy zone.
Prominent crypto analysts have also chimed in on Bitcoin’s next move, with Michael Van Poppe forecasting an upward move for Bitcoin from its current price. He also notes that Bitcoin’s bullishness has started causing altcoins to rally.
Looking beyond market sentiment, Bitcoin fundamentals are performing well, with the Bitcoin hash rate at its highest-ever level, at over 420 million TH/s.
Meanwhile, CoinMarketCap data shows the number of wallets holding Bitcoin is also climbing.
While, Bitcoin displays relative bullishness, a newly launched competitor, Bitcoin BSC is also seeing notable growth..
Stake-to-Earn Bitcoin BSC Presale Surges Past $2.8 Million in Two Weeks
Bitcoin BSC is a new presale cryptocurrency aiming to provide a more scalable, fast, and eco-friendly version of Bitcoin. After launching two weeks ago, the presale got off to an explosive start, having already raised over $2.8 million.
It features the same amount of tokens as Bitcoin (21 million) and prioritizes community participation and rewards. However, Bitcoin BSC differs from Bitcoin because it is built on the Binance Smart Chain, providing numerous advantages.
As mentioned, the Bitcoin BSC project features a Stake-to-Earn feature. This feature replaces Bitcoin’s mining mechanism, often criticized for being expensive, bad for the environment, and overly complicated for non-technical crypto users. Meanwhile, Bitcoin BSC’s mining mechanism consumes minimal energy and is free and easy to get started.
Another feature of Bitcoin BSC is that users can buy their presale using a MetaMask or Trust Wallet account, making it more beginner-friendly than Bitcoin. Most beginner users are more accustomed to these wallets since they support Ethereum, Binance, Polygon, and other EVM-compatible chains.
Finally, the Binance Smart Chain is fast, secure, and reliable, enabling Bitcoin BSC holders to enjoy a seamless user experience free of expensive and slow transactions, as seen on the Bitcoin and Ethereum networks.
Its presale is priced at just $0.99. So, compared to Bitcoin’s current price of $26.6K, it is no surprise that the Bitcoin BSC presale has enjoyed such early success. It has also captured the attention of prominent analysts, with Jacob Bury calling for 10x gains.