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The Bitcoin price dropped 7% in the last 24 hours to trade at $68,336 as of 03:14 a.m. EST on trading volume that surged 74% to $78.81 billion.
This comes after Arkham Intelligence revealed that Grayscale had shifted around $400 million in Bitcoin to its custodian Coinbase, adding to selling pressure on the king of cryptos.
Bitcoin dips below $69,000 as Grayscale transfers over $400 million in $BTC to Coinbase. pic.twitter.com/sdN6ZnwdAr
— CoinXander (@CoinXander) March 14, 2024
Additionally, data from the Labor Department’s Bureau of Labor Statistics shows that the producer price index went up by 0.6% last month, indicating that the Federal Reserve is less likely to cut interest rates.
Bitcoin Price Set For A Rebound Within The Rising Channel
The Bitcoin price has been in a continuous gain this year, following the approval of the spot Bitcoin ETFs, which have been recording massive inflows, affecting positively the trend of the BTC price.
BTC bulls have sustained the momentum, driving the price through a rising channel, hitting an all-time high (ATH) of $73,737. However, the bears took control here, driving the price down through a 9.98% retrace.
However, BTC is still trading over the 200-day Simple Moving Average (SMA), which still confirms the upward movement of the price. If this long-term bullish momentum is sustained, BTC would overcome the 50-day SMA, affirming the continued bullish rally.
Additionally, the Relative Strength Index (RSI) is also trading below the 30-oversold level, which signals intense selling pressure, coinciding with the current retrace but with signs of a rebound. The rebound is further supported by the upper movement of the Average Directional Index (ADX), which is moving to the north at level 22, indicating an incoming bullish reversal.
Bitcoin Price Prediction
The Bitcoin price analysis shows signs of a bullish reversal as it trades towards the lower boundary of the rising channel. Moreover, the RSI has already entered the oversold region, which may indicate a looming price reversal towards a bullish stance.
The bulls are aiming to surpass the confines of the rising channel, soaring the price towards $90,000.
However, if the bears continue exerting more pressure, the price may go further down to reclaim the support zone around $59,000, which coincides with the 200-day SMA.
Meanwhile, as the Bitcoin price bulls aim for a trend reversal, investors are also diversifying into Green Bitcoin ahead of the halving event in April.
Green Bitcoin Delivers Eco-Friendly Blockchain To BTC, Secures $4.8 Million In Funding
Green Bitcoin ($GBTC) is garnering increasing attention from investors ahead of the next BTC halving event in April, as seen by the pace of its presale, which has raised $500,000 in less than a day.
Green Bitcoin goes GLOBAL, with our campaign drawing thousands of supporters from every corner of our world.
We thank you. pic.twitter.com/dRUyegB7PQ
— GreenBitcoin (@GreenBTCtoken) March 7, 2024
The project is delivering innovation through its gamified Green Staking model. With this feature, users can predict the price of Bitcoin to win rewards with a proportionate share of the daily staking reward pool.
Introducing Green Bitcoin: A Revolutionary Predict-To-Earn Token.
Join us on our Gamified Green Staking Platform, where your predictions can turn into profits!
Website: https://t.co/dG5cEeCtRs
Telegram: https://t.co/bWanoe0vHv pic.twitter.com/eXuGQBkxio— GreenBitcoin (@GreenBTCtoken) December 3, 2023
Buy And Stake $GBTC, 112% Annual Rewards
Additionally, you can earn through the platform’s staking feature, which offers an annual percentage yield (APY) of 112%. Users have already staked over 5.1 million $GBTC tokens.
YouTube channel Crypto Gains says Green Bitcoin has the potential for massive returns on investment after launch.
You can invest now at just $0.9542 per $GBTC token, but remember that there will be a price hike in slightly more than four days, making now the best time to buy.
You can purchase $GBTC tokens on the official Green Bitcoin website, where you can exchange ETH or USDT for $GBTC, or buy directly with your bank card.
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