The Bitcoin price set a new all-time high (ATH) of $72,377.66 over the past 24 hours but has since retraced to trade at $71,501.05 as of 9:55 a.m. EST as traders quickly took profit.
This comes as former US President Donald Trump, the leading Republican candidate for November’s election, said in a March 11 interview with CNBC that he sometimes has “fun” with crypto and that he lets people pay him in Bitcoin, calling it “an additional form of currency.”
The Bitcoin Price Is Trying To Overcome Another Major Resistance
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price is attempting to break above the resistance level at $72,380. Should it close a 4-hour candle above this point, it may have the foundation needed to keep rising in the coming 48 hours. This bullish thesis could be invalidated if BTC is rejected by the $72,380 barrier in the coming 8 hours.
In this alternative scenario, the Bitcoin price may be at risk of correcting to the immediate support level at $68,900. This will be a key level to watch as it is also confluent with a medium-term positive trend line that has formed on the leading crypto’s charts. Therefore, a break below this significant price point could lead to BTC dropping to $65,600 in the following 48 hours. In an extremely bearish scenario, the crypto could fall to as low as $62,600 in the short term.
Technicals Suggest The Bitcoin Price May Keep Rising
Technical indicators on BTC’s 4-hour chart suggest the Bitcoin price may continue to climb in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish.
The MACD line recently crossed above the MACD Signal line. Traders generally see this as a bullish technical flag that signals a crypto has entered into a positive trend. In addition to this, the RSI was also able to break above its Simple Moving Average (SMA) line. Not only does this indicator suggest buyers have gained the upper hand against sellers on BTC’s 4-hour chart, the growing gap between the RSI and SMA also indicates that bulls are getting stronger.
While the Bitcoin price attempts to overcome another major resistance level, investors are rushing to buy into Green Bitcoin as its presale surpasses $3.2 million.
Combining The Benefits Of Both BTC And ETH
Green Bitcoin is an ERC-20 version of BTC, but is not associated with the market leader. The project aims to combine Ethereum’s more eco-friendly Proof of Stake consensus with BTC’s dominance in the market.
Not only does this set the crypto up to potential rally off the back of Bitcoin’s strong performance, it also allows investors to take part in a staking program that is not reliant on third parties.
$3 MILLION RAISED!
A massive milestone for the Green Bitcoin community. Green Bitcoin is still in presale–Get yours now! pic.twitter.com/46Jj7r0PDU
— GreenBitcoin (@GreenBTCtoken) March 10, 2024
Green Bitcoin’s staking program is a bit different to the majority of staking programs available in the market, as it offers token holders the chance to earn bonuses by engaging with the platform.
Investors who hold GBTC, Green Bitcoin’s native token, can participate in the project’s daily and weekly challenges. All token holders will need to do to start earning rewards and bonuses of up to 100% is try to predict the future price movement of BTC.
Potential To Skyrocket Off BTC’s Strong Performance
The launch of spot Bitcoin ETFs (exchange-traded funds) in the US at the beginning of this year opened the mainstream financial world to Bitcoin and the broader crypto space. Following the launch of these investment products, BTC’s price has been on a strong upward trajectory. This is evident in the fact that BTC reached a new all-time high just today.
Experts predict that BTC’s price may continue to rise as large banks, brokers and other wealth management platforms start to offer their wealthy customers BTC ETFs.
This may push BTC higher and make it prohibitively expensive for ordinary retail investors, forcing them into lower-priced altcoins linked to the BTC price.
With its focus on being eco-friendly and its predict-to-earn mechanism linked to forecasting the Bitcoin price, Green Bitcoin looks perfectly positioned to gain.
GBTC can be purchased here.
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