The price of Bitcoin has fallen by 1.89% in the past 24 hours and is currently trading at $64,751, with trading volume surging by 32% to $98 billion as of 00:08 AM EST. Earlier, Bitcoin fell to $59,000 shortly after reaching a new all-time high of $69,324 and attempted to recover from the decline. The correction was attributed to the sale of a large number of Bitcoins mined in 2010.
Bitcoin price continues to rise despite hitting the $59,000 support area. A brief consolidation around $50,000 allowed the bulls to push the price higher in the marking phase, breaking the $63,408 resistance and surging to $69,324.
Some selling pressure might lead to a pullback, but the bulls seem resilient as they attempt to recapture highs.
Bitcoin is trading above the 50-day and 200-day simple moving averages (SMAs), confirming the bullish sentiment. The relative strength index (RSI) is currently recovering and is trading at a value of 53, which is about to enter the overbought region. Pushing the RSI into the overbought region is likely to maintain the bullish outlook for Bitcoin.
Moreover, the Moving Average Convergence Divergence (MACD) supports the recent correction as the moving average (blue line) is slightly below the signal line (orange line). The red bars on the histogram also support this view as they are slightly below the zero line.
However, MACD is still trending above its neutral line, which suggests an imminent rally. The Stochastic Oscillator 14 3 3 line (green line) crossed above its trigger line (orange line), which is a signal confirmation of the rising moving average crossover and bullish momentum.
Bitcoin price analysis shows a bullish bias, anticipating the recapture of the $69,294 high, with bulls aiming to break above the upper boundary of the bullish triangle towards the psychological threshold of $72,000.
Moreover, the RSI and the Stochastic Oscillator are providing some support to the bulls as they attempt to push the price. The 50-day simple moving average is also above the 200-day simple moving average, forming a golden crossover at $42,875, further supporting the bullish outlook for Bitcoin price.
However, the MACD is declining towards its neutral line. If the indicator crosses below the zero line, it could trigger a price correction back to the $61,081 support area, which provides some defensive pressure.
As the price of Bitcoin surges, investors are also considering green Bitcoin as a valuable alternative.
Green Bitcoin (GBTC) has introduced the concept of gamified green proof of stake (Staking) to the crypto market, generating a lot of interest. The popularity of this trend is evident in its pre-sale, which has raised more than $1.92 million in early funds and is on track to reach its $1.97 million target.
Green Bitcoin is an environmentally friendly alternative to Bitcoin that combines the reputation of Bitcoin with the environmental sustainability of the Ethereum blockchain. The project utilizes Ethereum's Proof of Stake consensus mechanism, which significantly reduces energy consumption compared to Bitcoin's Proof of Work model.
You can also stake your GBTC and earn an impressive 189% annualized yield. More than 3 million GBTC tokens have already been staked.
In addition, the project also provides an opportunity to earn income through the "Predict and Earn" feature, where you can participate in daily Bitcoin price prediction challenges. Rewards are distributed every 10 minutes, with GBTC as the collateral and reward token.
Jacob Bury, a well-known cryptocurrency YouTuber, said that Green Bitcoin is expected to increase 10 times when it is launched.
To join, simply buy GBTC at the discounted price of $0.6122, a price increase that will occur in less than four days.
You can buy GBTC from the official Green Bitcoin website and exchange GBTC tokens with ETH or USDT. You can also buy directly with a bank card.
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