Join Our Telegram channel to stay up to date on breaking news coverage
The Bitcoin price is down a fraction to trade for $65,745 as of 1:00 a.m. EST time as trading volume drops by nearly 40%.
As BTC fever cools for a while, investors like the nation of El Salvador are counting their profits. It now boasts gains upwards of $53 million after Bitcoin soared 51% so far this year.
JUST IN: 🇸🇻 El Salvador Bitcoin holdings hit record $164M as $BTC profits pass $50M. pic.twitter.com/5WWboEJfTt
— CryptoXpres (@Bit_belle) March 7, 2024
El Salvador’s Bitcoin Journey
El Salvador’s journey with BTC goes back many years, but the country only embraced Bitcoin as a legal tender in 2022. The firm has endured bear markets and much criticism, but its patience is now beginning to pay off.
At the bottom of the bear market, El Salvador started buying 1 #Bitcoin per day 🇸🇻
Today, #BTC hit a new all time high.
Strong hands 👏 pic.twitter.com/b1ybaoCPK6
— Bitcoin Magazine (@BitcoinMagazine) March 5, 2024
The South American country now holds around 2,380 BTC, worth approximately $158.5 million.
When Bitcoin hit a peak of $69,324 on March 5, El Salvador’s holdings were worth $164.7 million, marking a 53% increase on an aggregate cost basis. The average purchase price was $44,300 based on the current value.
Bitcoin Price Prognosis
After a rejection from the $69,324 peak, the Bitcoin price remains bullish. It is attempting to retake this peak. The odds still favor the upside, keeping BTC well above the $65,000 threshold. Momentum is still rising, seen with the ascending Relative Strength Index (RSI).
The volume indicator is also showing growing histogram bars, which points to a strengthening bullish trend. Increased buying pressure could see the Bitcoin price clear the $69,324 peak, with the potential to extend past this blockade to hit the $70,000 psychological level. Such a move would constitute a 6% climb above current levels.
TradingView: BTC/USDT 3-day chart
On the flip side, if traders start cashing in on the gains made so far, the Bitcoin price could drop towards the $65,000 threshold. In a dire case, the downtrend could send BTC all the way to the $60,000 psychological level. This move would denote a fall of nearly 8% below current levels.
Data according to IntoTheBlock’s Global In/Out of The Money (GIOM) metric shows there is little to no resistance for the Bitcoin price in its journey north. Instead, the pioneer cryptocurrency enjoys strong support downward.
More closely, the In/Out of the Money Around Price (IOMAP) metric shows that the area between $64,042 and $65,997 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 approximately 958,290 addresses that bought nearly 744,370 BTC tokens at an average price of $64,926.
While the Bitcoin price pushes to reclaim its peak, investors looking to diversify their gains can consider investing in GBTC. The project is still in the presale stage, with upwards of $2.140 million already in the bag out of a target objective of $2.247 million.
Promising Alternative To Bitcoin
GBTC is the token that powers the Green Bitcoin ecosystem, a cryptocurrency project that meets users where the legacy of Bitcoin and the eco-friendliness of Ethereum intersect. It is a predict-to-earn project 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 project also showcases a unique, sustainable staking model dubbed Gamified Green Staking. Here, users get to earn passive income through staking rewards.
Users can earn by making accurate predictions about BTC prices. This model is intricately linked to Bitcoin’s price movements while maintaining an environmentally sustainable footprint.
The process involves staking GBTC, correlated with Bitcoin’s price activity and predictions, and waiting for the designated staking period before initiating claims.
$2M raised!
We couldn't be more thrilled to have you all along with us on this Green Revolution.
We're building something huge! pic.twitter.com/RDOvEyCyGW
— GreenBitcoin (@GreenBTCtoken) March 6, 2024
Buy Green Bitcoin’s GBTC tokens for rates as low as $0.6502 before a hike in about four days. Take advantage of the low price to buy GBTC at pocket-friendly rates as the token will never be this affordable again.
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
Join Our Telegram channel to stay up to date on breaking news coverage
