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The Bitcoin price is up 10% in the last week to trade for $72,327 as of 02:20 EST time.
Over the last day, however, the Bitcoin price is only up a fraction, as trading volume drops 5%. The cool-off has given altcoins time to shine, with the likes of Avalanche (AVAX) recording double-digit gains.
#Bitcoin retested the 2021 cycle high yesterday, and immediately bounced back up.
Consolidate here for a while, let #altcoins run for a bit, and then send it higher. pic.twitter.com/74IOBpbCns
— Jelle (@CryptoJelleNL) March 13, 2024
Nevertheless, the Bitcoin price continues to hold above the $72,000 threshold, as markets anticipate the BTC halving, just a little over five weeks.
In 37 days, Bitcoin becomes the hardest asset known to man, with its supply growth rate dropping to half that of gold's. This will be Bitcoin's biggest and most important Halving ever. Are you ready? pic.twitter.com/a4mbOm1Wzp
— Charles Edwards (@caprioleio) March 13, 2024
According to a recent research by blockchain data and intelligence platform, Glassnode, “[Bitcoin] has broken to its fourth cycle all-time-high (ATH), rallying above $72k,” adding that the move had pushed sentiment a step closer to euphoria.
#Bitcoin has broken to its fourth cycle all-time-high, rallying above $72k, and pushing sentiment one step closer to Euphoria.
The classic wealth transfer from the HODLer cohort to speculators is now well underway, with significant upticks in spot profit taking, and demand for… pic.twitter.com/R11kE90W89
— glassnode (@glassnode) March 12, 2024
Bitcoin Price Prognosis As BTC Market Goes Into Euphoria
The Bitcoin price is confronting resistance due to the $73,000 threshold, with the potential for more gains. This is seen with the climbing Relative Strength Index (RSI), which points to rising momentum and is reinforced by the growing volumes of the Awesome Oscillator (AO), suggesting a strong presence of the bulls in the BTC market.
The growing bars of the volume indicator, flashing green, as the bullish trend remains strong, also reinforce the bullish outlook. Enhanced buyer momentum among the bulls could see the Bitcoin price extend past the $73,000 blockade to hit the $80,000 psychological level. Such a move would constitute a climb of about 8% above current levels.
TradingView: BTC/USDT 1-week chart
On the other hand, if traders begin to cash in on the gains made so far, the Bitcoin price could drop, first slipping below the $69,000 threshold. Enhanced seller momentum could see BTC price foray into the supply zone between $62,278 and $65,618. To confirm the continuation of the downtrend, however, the Bitcoin price must break and close below the $64,044 mean threshold.
On-chain Metrics To Support Bitcoin Price Bullish Outlook
Data according to IntoTheBlock’s Global In/Out of The Money (GIOM) metric shows there no resistance for the Bitcoin price in its journey north. Instead, the pioneer cryptocurrency enjoys strong support downward.
The zone between $48,659 and $69,339 is particularly of interest, with approximately6.55 million addresses holding nearly 2.86 million BTC tokens purchased at an average price of $57,764. Any efforts to push the price lower would be countered by buying pressure from these addresses as they look to buy the dip.
More closely, the In/Out of the Money Around Price (IOMAP) metric shows that the area between $67,800 and $71,519 provides strong support for the Bitcoin price. Any efforts to push the price lower than this level would be countered by strong buyer momentum by all the addresses that hold BTC within that range.
While the Bitcoin price pushes to reclaim its peak, investors looking to diversify their gains can invest in GBTC. This comes as some experts say this green alternative to BTC is the best crypto to buy now with 10X upside potential on launch.
Promising Alternative To Bitcoin
GBTC is the token that powers the Green Bitcoin ecosystem. This cryptocurrency project meets users where the legacy of Bitcoin and the eco-friendliness of Ethereum intersect. It uses a predict-to-earn mechanism where participants engage in daily and weekly BTC price prediction challenges for attractive rewards.
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
The token’s staking, which offers an estimated 126% annual return, is a big attraction. Already 4.5 million tokens have been staked with the distribution rewards set at a rate of 1.6026 $GBTC tokens per Ethereum (ETH) block.
The rewards are to be disbursed over five months, after which so-called Gamified Green Bitcoin Staking will be launched. Under the gamified staking mechanism, holders predict the Bitcoin price in daily contests and earn rewards when they are right.
Nothing can stop the GREEN REVOLUTION!
Join the Green Bitcoin presale TODAY pic.twitter.com/YgwUk11Ay8
— GreenBitcoin (@GreenBTCtoken) March 11, 2024
The project is still in the presale stage, with upwards of $3.831 million already in the bag, out of a target objective of $4.171 million.
Green Bitcoin’s GBTC tokens sell for $0.8782 each, but act fast to buy if you are interested because a price hike is coming in less than five days..
Visit Green Bitcoin to buy GBTC here.
Also Read:
- 5 Top Crypto Presales 2024: Unveiling the Most Anticipated Opportunities!
- Prediction: Here’s Why Green Bitcoin Will Climb 10X on its Launch
- Should You Consider Adding Green Bitcoin To Your Investment Portfolio? Cilinix Crypto Presale Reviews
- Michael Wrubel Presale Review of Green Bitcoin – Can This New Crypto Ride The Bitcoin Rally?
- Predict-To-Earn Gets Crypto Community Excited, Thousands Rush To Invest In Green Bitcoin (GBTC) Presale
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