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The Bitcoin price has dropped 2.6% in the last 24 hours to trade at $68,929 as of 7:15 p.m. EST on a 31% surge in trading volume to $78.3 billion.
This fall in the Bitcoin price comes as MicroStrategy, co-founded by Bitcoin permabull Michael Saylor, increased the size of an offering of senior convertible notes to $525 million, from $500 million, to buy yet more Bitcoin. It already owns 205,000 Bitcoins worth almost $14 billion.
Bitcoin Price Set To Sustain A Bullish Stance
BTCUSD Analysis by Tradingview
The price of Bitcoin had been steadily increasing, breaking through the $69,000 resistance level and reaching a new all-time high (ATH) of $73,737 this week. The formation of the cup and handle pattern further provides an upside potential that could enable the bulls to increase prices.
However, with the indications of red candles, BTC might be experiencing some declining effect, allowing the bears to push down the price in a corrective stage.
Analyzing the technical indicators, the 50-day and 200-day Simple Moving Averages (SMAs), support the Bitcoin price. Moreover, the 50-day SMA crosses the 200-day SMA, affirms tse bullish momentum.
Additionally, the Relative Strength Index (RSI) trades at 64 as it rebounds towards the overbought region. If the bulls sustain the bullish stance, the RSI could easily cross the 70-overbought region, indicating increased buying pressure.
Bitcoin Price Might Soar Past $80,000
The formation of the cup and handle pattern further provides an upside potential that could enable the bulls to increase prices.
However, if the current correction is sustained, it could send the price back to $60,000.
For investors worried about such a correction, there is another great way to play the Bitcoin bull run. It’s called Green Bitcoin and it’s presale is accelerating rapidly.
Green Bitcoin Presale Hurtles Towards $5.3 Million Target
The Green Bitcoin (GBTC) presale has amassed over $5.1 million in early funding as it hurtles toward its target of $5.375 million.
An unbelievable achievement for the future of crypto, and our incredible community!
Let's hear it for GREEN! pic.twitter.com/mk0kGrXrVn
— GreenBitcoin (@GreenBTCtoken) March 13, 2024
Green Bitcoin is an eco-friendly alternative to Bitcoin that combines the legacy of Bitcoin with the more environmentally friendly Ethereum blockchain. The project offers users an opportunity to predict the price of Bitcoin and earn rewards through the Gamified Green Staking 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
Stakers who make successful predictions earn rewards based on the accuracy of the forecast and how much they stake.
Buy And Stake $GBTC, 107% Annual Rewards
You can also earn passively through the platform’s staking option, which offers a 107% annual percentage yield (APY).
According to Matthew Perry, a prominent crypto YouTuber, Green Bitcoin has the potential to explode on launch.
$GBTC tokens are priced at $0.9922 each and, with a price increase coming in about four days, now is the best time to buy.
Visit the official GBTC website to swap your ETH or USDT for GBTC tokens on your compatible digital wallet and participate in the presale. You can also buy with your bank card.
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