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The Bitcoin price dropped 6% in the last 24 hours to trade at $63,911 as of 03:20 p.m. EST on trading volume that surged 51% to $62 billion.
But late on Monday, Bitcoin (BTC) experienced a sudden collapse, plunging to as low as $8,900 on the cryptocurrency exchange BitMEX, even as its value remained above $60,000 on other platforms.
Someone just dumped 400+ BTC over 2 hours in 10-50 BTC clips on the XBTUSDT pair on Bitmex eating 30%+ slippage. They must've lost $4m+ at least. pic.twitter.com/g64NRQ4h5a
— syq (@syq) March 18, 2024
The decline was short-lived, however, with prices swiftly recovering to $67,000 within just a few minutes.
The collapse came as a large sale order was made by a market participant who sold over 400 BTC on BitMEX.
Following the incident, BitMEX announced plans to investigate the large sell order to understand the dynamics behind the price fluctuation.
Bitcoin Price Set For A Rally Over The Ascending Triangle
The Bitcoin price gained massively in February and March, which saw it soar past its previous all-time high (ATH) of $69,000 to $73,737.
In the past seven days, the Bitcoin price has been falling from the upper boundary of the ascending triangle to breaching the lower boundary of the triangle.
However, the price remains well above the 200-day Simple Moving Average (SMA), which suggests that the price is still set for a bullish rally further up. If this momentum is sustained, it could see the price soar, and overcome the 50-day SMA hurdle.
Additionally, the Relative Strength Index (RSI) is trending downward within the oversold region at 32, which shows intense selling pressure.
Bitcoin Price Prediction
The Bitcoin price analysis shows that Bitcoin is currently on a downtrend, but with signs of a price reversal. BTC has been trading within the boundaries of the ascending triangle, which could support the likelihood of a price reversal, with the bulls aiming for $80,000.
Additionally, the RSI has already entered the oversold region, which may indicate an incoming price reversal to the upside, as the bulls may use this to position themselves for a possible rally. The 50-day SMA crosses above the 200-day SMA, forming a golden cross at $42,973, which adds to the bullish sentiments.
However, if the bears exert more pressure, the bulls may retreat to the critical support zone around $61,158, coinciding with the 200-day SMA. The support zone could act as a cushion against downward pressure.
Different analysts are also predicting BTC to retrace in a few days before the Bitcoin halving event in April.
In 2 days, Bitcoin will officially enter the "Danger Zone" (orange) where historical Pre-Halving Retraces have begun
Historically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the Halving
In 2020, this retrace was -20% deep
In 2016, this retrace was -40%… pic.twitter.com/rnKjznsGHk
— Rekt Capital (@rektcapital) March 17, 2024
Meanwhile, there’s a new BTC derivative presale on the market that is capturing the attention of many traders.
Green Bitcoin Presale Closes In On $6.48 Million Target
The Green Bitcoin (GBTC) presale has already garnered almost $6.4 million in early funding as it races towards its target of $6.48 million.
To celebrate $6M we’re launching our GBTC GIVEAWAYS!
To enter, simply: Like + RT + Tag a friend!
The first prize is a $200 GBTC Airdrop. THERE WILL BE MANY MORE! Winner will be announced in replies in 24hrs. pic.twitter.com/k0sxIFOMnQ
— GreenBitcoin (@GreenBTCtoken) March 18, 2024
Green Bitcoin functions as an eco-friendly alternative to Bitcoin, focused on environmental sustainability. The project uses the Gamified Green Staking mechanism, where users get an opportunity to predict the price of Bitcoin and earn 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 team has already allocated over 27% of the total token supply for rewards, ensuring a substantial pool of incentives for accurate BTC price predictions.
Stake $GBTC, 92% Annual Rewards
The platform also allows its holders to earn passively through its staking option, where a 92% annual percentage yield (APY) is on offer. Holders simply buy and hold their tokens. Users on the platform have already staked over 6.2 million $GBTC tokens.
Matthew Perry, a popular YouTuber and crypto analyst, says he likes the predict-to-earn model and that ”I’m excited for what this could be.“
To participate in the presale, you can invest now for just $1.0682 before a price hike in less than four days.
You can purchase $GBTC tokens on the official Green Bitcoin website, where you can exchange ETH or USDT for $GBTC, or buy them directly with your bank card.
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