Bitcoin prices were slightly lower, trading at $68,585 as of 2:20 a.m. ET. Trading volume surged 40%, and the price is still range-bound, with all eyes on the $70,000 milestone, which is the peak of $69,990 set on March 8. The closest it came to recapture this new all-time high was on Sunday, when Bitcoin prices recorded an intraday high of $69,887.
Meanwhile, BlackRock's Bitcoin holdings have surpassed Michael Saylor's MicroStrategy.
According to BlackRock’s latest disclosure, its IBIT spot Bitcoin ETF has acquired 195,985 bitcoins since January 10. This makes IBIT’s holdings larger than the 193,000 bitcoins acquired by MicroStrategy since August 2020, as of February 26.
For MicroStrategy, the business intelligence company’s interest in Bitcoin is guided by its long-time CEO Michael Saylor, under whose leadership the company has been acquiring Bitcoin since becoming the first publicly traded company in August 2020.
What started as a $250 million purchase, billed as part of its “new capital allocation strategy” aimed at maximizing value for shareholders, has grown into a series of purchases as Bitcoin prepares for its next bull run.
For BlackRock, its holdings are driven by institutional interest in Bitcoin.
Meanwhile, supporters such as billionaire hedge fund investor Bill Ackman have expressed interest in Bitcoin, saying he is considering buying the pioneering cryptocurrency because its price could "go up indefinitely" and "cause an economic collapse" if demand continues to rise.
Bitcoin Price Outlook: BlackRock and MicroStrategy Show Institutional Interest in Bitcoin
Bitcoin price is trading inside an ascending parallel channel, but the $69,324 threshold, the peak on March 5, limits the upside potential. The histogram of the volume indicator is decreasing, suggesting a weakening bullish trend.
However, the relative strength index (RSI) is still pointing upwards, showing momentum for the upside. This suggests that the bulls are still dominant. More interestingly, the RSI is at a critical juncture of a bullish crossover, which could execute a buy signal once the RSI breaks above the yellow band of the signal indicator. If this buy signal executes and traders follow it, Bitcoin’s upside potential could increase.
If buying pressure increases, the bitcoin price could continue to rise, breaking through the $69,324 resistance and then retaking the March 5 peak of $69,990. In an extremely bullish scenario, gains could extend to the $70,000 peak of bitcoin on the Coinbase exchange and look set to rise further.
On the other hand, an RSI reading of over 70 suggests that Bitcoin is overbought. Coupled with the decreasing volume indicators, Bitcoin is at risk of a pullback. If profit-takers take action, the Bitcoin price could drop to the $60,000 threshold. Here, late traders and investors on the sidelines may find another buying opportunity.
Meanwhile, even as Bitcoin price sets its sights on the $70,000 threshold, it remains constrained below $69,324, with investors continuing to buy GBTC as part of their portfolio diversification strategy.
Promising Bitcoin Alternatives
GBTC is the power token of the Green Bitcoin ecosystem, a project that combines the tradition of Bitcoin with the environmental protection characteristics of Ethereum. It is a prediction-earning project that introduces a revolutionary gamified green pledge mechanism.
Green Bitcoin project participants can enjoy up to 100% token rewards per week for new game price challenges. You can participate in daily and weekly Bitcoin price prediction challenges for a chance to win generous rewards.
Currently, staking provides an annual return of approximately 1,56%, and 3.7 million tokens have been staked.
Buy Green Bitcoin's GBTC tokens at the current pre-sale price on the website. Hurry and take advantage of the low price to buy GBTC so you can buy it at an affordable price, because the tokens will never be this cheap again.
Visit Green Bitcoin to buy GBTC here.
Also read:
How to buy Green Bitcoin in the pre-sale period - Alessandro De Crypto video review
Is Green Bitcoin (GBTC) a Better Investment Before Bitcoin Halving?
Prediction: This is why Green Bitcoin will grow 10x when it launches
Should You Consider Adding Green Bitcoin to Your Portfolio? Cilinix Crypto Presale Review
Best Cryptocurrencies to Buy Now (2024): Top Picks for Explosive Growth!
Green Bitcoin – Gamifying Green Staking
Rating
Contracts audited by Coinsult
Early Access Presale Now Live - greenbitcoin.xyz
Predict and Earn - Cointelegraph Recommends
Staking Rewards and Token Rewards
Raised over $1 million
learn more
Join our Telegram channel to get the latest news coverage.
English 
Chinese (China) 
Chinese (Hong Kong) 