Bitcoin prices have risen slightly over the past 24 hours and are currently trading at $70,453.71 per coin as investors begin to accumulate the largest cryptocurrency.
That’s because Blackstone Group CEO Larry Fink said he’s “very bullish on the long-term viability of Bitcoin.” The asset management giant’s Bitcoin exchange-traded fund has attracted $13.5 billion in inflows in just 11 trading weeks.
Bitcoin price rebounded towards the $68,863.99 support level and is attempting to break above the major resistance level of $71,641.54. The bears were able to hold this level over the past 24 hours and continue to exert selling pressure on the price of the leading cryptocurrency. This is visible in the upper shadows above the last two candles on the 4-hour chart. Nonetheless, there is still a chance that buyers can push Bitcoin above $71,641.54 in the next 24 hours as support from a positive trend line has emerged on the cryptocurrency chart.
If the bulls succeed in carrying the Bitcoin price above this threshold, the market leader may gain the support needed to continue its upward move and Bitcoin may attempt to establish a new all-time high above $73,777.
If Bitcoin fails to close the 4-hour candle chart above $71,641.54 within the next 12 hours, this could invalidate the bull thesis. Traders may enter short positions, which could see Bitcoin price fall to $68,863.99. If Bitcoin price reaches this point, investors and traders will want to keep a close eye on it as this level coincides with a positive trendline. A breakout above this key level could indicate a negative turn in Bitcoin’s trend, which could cause Bitcoin price to fall to $65,847.29 in the short term.
Technical indicators on Bitcoin’s 4-hour chart suggest that bulls are doing their best to push Bitcoin prices higher. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are about to trigger important bullish technical signals.
The RSI line is moving closer to the simple moving average on the 4-hour chart. If these two lines cross over in the next 12 hours, this could be seen as a sign that buyers have gained an advantage over sellers. Bitcoin is also very close to entering a confirmed bull phase, with the MACD line attempting to rise above the MACD signal line. However, if these technical signals are not triggered before the end of today's session, bears could gain the upper hand and pull Bitcoin prices lower.
While bulls and bears are fiercely battling it out on Bitcoin’s chart, investors are turning their attention to “Sponge V2” for exponential gains.
Seeking 100 times return again
Only a few projects have been able to achieve huge gains amid the crypto winter.
One of them was SPONGE, which skyrocketed 100x to a peak market cap of $100 million during the bear market in 2023. This meme coin cost many investors the opportunity to miss out on this massive growth.
That’s why the SPONGE team decided to launch a new version of this viral meme coin, giving investors a second chance to make significant gains. Achieving 100x success again might be a difficult task, but the team behind this cryptocurrency has done everything they could to launch Sponge V2.
Don't forget, #SPONGERS! #SpongeV2 will bring exciting utility features with our upcoming #P2E games! Get ready to earn $SPONGE tokens by playing games and ranking on the leaderboards. Stay tuned for more information! #MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1 — $SPONGE (@spongeoneth) March 22, 2024
In addition to being listed on several major exchanges, the SPONGE team will also be adding some utility to the ecosystem through a P2E racing game, which will be available in both paid and free versions.
Players will need to use Sponge V2 tokens as in-game credits in the paid version of the game and have the opportunity to receive rewards paid in the token. SPONGE has also migrated to the highly scalable and cost-effective Polygon Network.
SPONGE V2 currently has over 13,000 holders, with over $22.8 million worth of tokens staked, as investors bet big on its chances of another big rally. If this altcoin manages to achieve a 100x increase during the bear market, it could break out in the upcoming bull run.
Additionally, investors can stake tokens on the Polygon network with an annual yield of 387%.
Those interested in purchasing Sponge V2 can do so on the project’s website using ETH, USDT, MATIC, or a bank card.
The purchase link for Sponge V2 is here.
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