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The Bitcoin price soared almost 6% in the past 24 hours to trade for $66,836 as of 01:05 a.m. EST time on trading volume that jumped 120%.
The pioneer cryptocurrency is trying to reclaim its $68,999.99 all-time high, levels last seen in November 2021. However, while the price so far fallen short of that peak, the pioneer cryptocurrency’s market capitalization already set a new record during the evening session in New York.
BREAKING #Bitcoin All-Time High in market capitalization 👀🚀 pic.twitter.com/N3FJLXW8s8
— Quinten | 048.eth (@QuintenFrancois) March 4, 2024
TradingView: BTC market capitalization
According to CNBC Mad Money host Jim Cramer, the surge in the Bitcoin price is linked to traders buying BTC as a hedge against fiat currencies.
JUST IN: Traders are buying #Bitcoin as a hedge against fiat currencies, states Jim Cramer 🚀 pic.twitter.com/GZmKAPhER1
— BlockNews.com (@blocknewsdotcom) March 4, 2024
Other reasons for the prevailing surge in the Bitcoin price include the spot BTC exchange-traded funds (ETFs) theme. This narrative continues to inspire capital inflows into the BTC market. According to a filing with the US Securities and Exchange Commission (SEC), BlackRock, the issuer of the IBIT spot BTC ETF, has filed to purchase ETFs for its Strategic Income Opportunities Fund.
JUST IN: 🇺🇸 BlackRock filed with the SEC to purchase #Bitcoin ETFs for its Strategic Income Opportunities Portfolio.
— Bitcoin Magazine (@BitcoinMagazine) March 4, 2024
An excerpt from the filing reads, “The Fund may acquire shares in exchange-traded products (“ETPs”) that seek to reflect generally the performance of the price of bitcoin by directly holding bitcoin (“Bitcoin ETPs”), including shares of a Bitcoin ETP sponsored by an affiliate of BlackRock.”
Beyond that, reports indicate that Stanford University’s Blyth Fund has spent approximately 7% of its portfolio to buy Bitcoin.
JUST IN: 🇺🇸 Stanford University's Blyth Fund has bought #Bitcoin with a ~7% allocation of the total portfolio. pic.twitter.com/oQtrh2eyts
— Bitcoin Archive (@BTC_Archive) March 4, 2024
This purchase adds to the buying pressure that continues to drive the Bitcoin price.
MicroStrategy To Buy More BTC As Bitcoin Price Soars
The latest report shows that MicroStrategy, one of the largest Bitcoin buyers, is planning a proposed private offering of $600 million of convertible senior notes. The proceeds from these sales will be channeled towards absorbing more BTC. The report follows an announcement on X by CEO of MicroStrategy, Michael Saylor.
MicroStrategy Announces Proposed Private Offering of $600 Million of Convertible Senior Notes $MSTR https://t.co/PEN5dxesIb
— Michael Saylor⚡️ (@saylor) March 4, 2024
“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin and for general corporate purposes,” it said.
This revelation is likely to inspire the fear of missing out (FOMO), just like it did when the firm announced another voluminous BTC purchase of 3,000 BTC, worth approximately$155 million, recently. Over the last 24 hours, over $116 million short positions have been liquidated, Coinglass data shows.
With this, markets are anticipating a retest of the $69,000 psychological level, a threshold that would mark th first step towards BTC hitting a new all-time high.
$69,000 is the next victim. #Bitcoin pic.twitter.com/doSMyCLnNg
— Bitcoin Magazine (@BitcoinMagazine) March 5, 2024
Bitcoin Price Outlook As BTC Nears Its 2021 All-Time High
The Bitcoin price neared the $69K peak during the Monday US session, recording an intra-day high of $68,499. However, with the $69,000 peak holding as a resistance, where long’s take profit trades become filled, the Bitcoin price is posting a red Japanese candlestick against Tether (USDT) stablecoin in the daily timeframe.
Notwithstanding, the upside potential remains viable, with the Relative Strength Index (RSI) still northbound. This shows rising momentum, and is accentuated by the volume indicator, showing strong trading activity in the BTC market.
With the volume bars growing, it points to dominant or significant price levels. This is further shown with the large volumes of histogram bars of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD). The MACD above its signal line strengthens the bullish cycle for the Bitcoin price.
Increased buying pressure could see the Bitcoin price shatter $69,000, with the possibility of extending the gains to the $70,000 psychological level. This would mark a new all-time high.
TradingView: BTC/USDT 1-day chart
On the flip side, if traders start cashing on the ground covered, the Bitcoin price could drop. Noteworthy, the Bitcoin price stands 20% north in the last week, 30% in the last fortnight, and 57% in the last month and 200% in the last year. Profit-taking could send it back to the $60,000 threshold before the next leg up, as markets anticipate the halving.
FOR THE FIRST TIME IN BITCOIN HISTORY, WE MIGHT SEE AN ALL TIME HIGH BEFORE THE HALVING.
— Emperor👑 (@EmperorBTC) March 4, 2024
Meanwhile, with the Bitcoin market on a tear, investors might want to consider diversifying some of their gains into a new ICO with the ticker GBTC. This token is different from Grayscale’s GBTC ETF, and offers greater upside potential.
Promising Alternative To Bitcoin
GBTC is the ticker for the Green Bitcoin ecosystem. It is a crypto project that uniquely merges the legacy of Bitcoin with Ethereum’s eco-friendly attributes.
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
Green Bitcoin brings forth a unique, sustainable staking model called Gamified Green Staking. Here, users get to earn passive income through staking rewards. Participants engage in daily and weekly BTC price prediction challenges, with the potential to earn attractive rewards.
Did you know you can earn HUGE, simply by staking your Green Bitcoin?
If you haven't yet, go to our website and check out the Staking feature! pic.twitter.com/6wiv99ER0O
— GreenBitcoin (@GreenBTCtoken) February 25, 2024
Green Bitcoin’s presale has already surged to $1.74 million in funds raised as it races towards its $1.97 million target.
Officially the hottest crypto presale in the entire WORLD!
$1.5 MILLION RAISED 💥 pic.twitter.com/no3TOFRsQf
— GreenBitcoin (@GreenBTCtoken) March 3, 2024
The presale provides you with the best chance for affordable entry, with each GBTC token selling for only $0.6122. This price tag will last a little more than four days before a hike, so act now if you are interested.
Visit Green Bitcoin to buy GBTC here.
Also Read:
- 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
- 5 Top Crypto Presales 2024: Unveiling the Most Anticipated Opportunities!
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