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The Bitcoin price dropped 2% in the last 24 hours to trade at $65,902 as of 04:01 a.m. EST on trading volume that dropped 31% to $39 billion.
This comes as Grayscale’s GBTC Bitcoin ETF (exchange-traded fund) recorded another $359 million in outflows on March 21. Still, Bloomberg ETF analyst Eric Balchunas said on X that he thinks ”the worst is prob close to being over.”
The more I think about it the more likely the uptick in flows is related to the bankruptcies bc of the size and consistency. The flows in Feb showed what retail outflows look like, smaller and random pattern. Also any Gemini/Genisis outflows likely buying btc w cash hence market…
— Eric Balchunas (@EricBalchunas) March 22, 2024
In total, GBTC has recorded $1.8 billion in outflows in the past week.
Bitcoin Price Bulls Aim For A Rebound Back To Its ATH
The Bitcoin price has seen exponential gains since February, when the price rose through a markup phase to cross its previous all-time high (ATH) at $69,000. The bulls continued to show resilience, with the price touching a new ATH at $73,737.
However, this acted as immediate resistance, which led to a price retrace back to $60,800. This level acted as a major support zone, which allowed the bulls to push the price higher while trading within the lower boundary of the ascending triangle.
BTC is trading over the 200-day Simple Moving Average (SMA), which shows the asset has the potential to soar even higher. If the bulls sustain the momentum, BTC could overcome the 50-day SMA barrier.
Additionally, the Relative Strength Index (RSI) has crossed the 50-midline level, currently at 49, which indicates that the price is moving in equilibrium as it aims to break out. A sustained momentum could see the RSI soar past 50 towards the 70-overbought region, signalling intense buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) is also bullish, as the moving average line (blue) crosses above the signal line (orange), which shows a bullish crossover. For most retail investors, a bullish crossover indicates a time to add to their positions, as the price could soar even higher.
The green bars on the histogram extend above the neutral line, which may suggest that BTC is currently on a positive trajectory.
Bitcoin Price Prediction
The Bitcoin price analysis shows that BTC is currently preparing for a breakout, as the bulls aim to propel the price higher. BTC price movement has formed an ascending triangle pattern, which puts the target at $80,000.
The MACD and the golden cross, formed at $42,874, offer a bullish outlook for optimistic investors.
However, the MACD is still trading below the neutral line, which suggests that bears could take control of the price. In such a scenario, a retrace may see the bulls retreat to the support of around $61,463, acting as a cushion against downward pressure.
Meanwhile, environmentally conscious investors are flocking to purchase the Green Bitcoin project that is in presale.
Green Bitcoin Smashes Past $7.6 Million – Last Chance to Buy Before Presale Ends
Green Bitcoin (GBTC) is a new cryptocurrency that aims to provide a more eco-friendly and sustainable alternative to Bitcoin. It operates on Ethereum’s energy-efficient Proof-of-Stake (PoS) blockchain, which is a greener alternative to Bitcoin’s Proof-of-Work (PoW) mining model.
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 project has an ingenious “Gamified Staking” system that allows users to stake the native GBTC token and earn rewards based on accurately predicting Bitcoin’s price movements.
This combines the legacy and brand recognition of Bitcoin with greener technology while allowing GBTC holders to earn recurring rewards.
The project is nearing its end, having already raised over $7.5 million and racing towards the $8 million mark. This is your last chance to secure your GBTC at a discounted price of $1.1062 per token.
Buy And Stake $GBTC To Earn Rewards, 10X Gains
Investors can buy and stake $GBTC on the Ethereum network to earn an 84% annual percentage yield.
Also, celebrate Green Bitcoin’s success with an easy competition to earn more. Join the competition on X for a chance to win $200 worth of GBTC.
Only $400K away from the Green Bitcoin Presale BEING FILLED!
Our journey starts HERE!
Follow us and make sure to tag a friend for your chance to win $200 worth of Green Bitcoin! pic.twitter.com/9YQfzXilgJ
— GreenBitcoin (@GreenBTCtoken) March 20, 2024
Top crypto analyst Jacob Bury says Green Bitcoin is a top alternative to BTC, with the potential for 10X gains after listing.
By emphasizing environmental sustainability and incentivizing engagement, GBTC offers a compelling strategy for individuals seeking to enter the crypto space with an eco-friendly approach.
Purchase $GBTC directly from the official Green Bitcoin website using ETH, USDT, BNB, or a bank card.
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