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The Bitcoin price has climbed 2% in the last 24 hours to trade at $68.5K as of 1:30 a.m. EST.
This comes after the king of cryptos briefly breached the psychologically important $70K level on March 8 to set a new all-time high (ATH).
The nine Spot #Bitcoin ETFs are buying millions worth of $BTC on a daily basis.
That is most likely the main reason why we just pumped to $70k
We cleared some sell orders, no need to worry.
We will push up to $100k soon.
It is a matter of time. pic.twitter.com/Q6mXIRPiYy
— Crypto Rover (@rovercrc) March 8, 2024
Bitcoin Price Review: Will BTC Break Back Above $70K?
Analysing Bitcoin charts, we notice a consolidation between $68 – 70K on the Bitcoin price. However, amid this consolidation, Bitcoin has now completed the formation of an ascending triangle which could indicate another breakout is coming. Should bulls push past the $70K resistance level, the crypto king could see yet another breakout.
Looking at other indicators, we notice the Money Flow Index (MFI) is currently 52.21 showing a rather neutral market with not much buying pressure. The current value suggests there is still room for another pump as the crypto king is not yet overbought. The Average Directional Index (ADX), used in gauging trends, however, suggests a weak trend as it holds a value of 22. Despite the trend being weak, the ADX’s northern trajectory shows that bulls are now gaining traction as the current bull trend solidifies.
2-hour BTC/USD charts | Source: TradingView
Meanwhile, as investors anticipate a continuous Bitcoin price pump, the Green Bitcoin presale is emerging as another interesting way to play the Bitcoin bull run.
An Eco-Friendlier Bitcoin
The goal of Green Bitcoin (GBTC) is to be a greener version of the leading cryptocurrency. To do this, the cryptocurrency runs on the Ethereum network, which uses less computing power and thus is more energy efficient.
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
One big attraction is the token’s staking, which offers an estimated 156% annual return. Already 3.7 million tokens have been staked with the distribution rewards set at a rate of 1.6 $GBTC tokens per Ethereum (ETH) block. The rewards will be disbursed over 5 months, after which so-called Gamified Green Bitcoin Staking will be launched.
Under gamified staking, holders predict the Bitcoin price in daily contests and earn rewards when they are right.
GBTC Set To Capitalize On Buoyant Bitcoin Sentiment
GBTC is nicely positioned to capitalize on positive sentiment around Bitcoin as institutional investors bring additional liquidity to the BTC market via spot Bitcoin ETFs. There also are expectations of a price surge ahead of the Bitcoin halving in April.
GBTC tokens are priced at $0.7262 each, and investors can purchase them using a bank card, ETH, or USDT.
Interested investors should move quickly because the price is set to increase in about four days, or sooner if the $2.66 million already raised surges past $2.839 million.
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