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Bitcoin dropped 1.89% within the last 24hours to trade at $64,751 Trading volume surged by 32% at 00:08 AM EST to reach $98 billion.
Bitcoin is now trying to recover after it dropped to just $59,000 from a record high of $69 324. This is due to the sale a large amount of BTC which was mined in 2010.
Bitcoin price bulls sustain the bullish momentum
Bitcoin continues to rise, even though it has touched the $59,000 support level. The bulls took advantage of the brief consolidation at around $50,000 to propel the price through a phase of markup, passing the $63,408 resistence, to reach $69 324.
The bulls may have been under some pressure to sell, but they are still fighting hard to get back up on the previous high.
BTC trades above the Simple Moving Averages of 50 and 200 days, confirming the bullish sentiment. Relative Strength Index is on a recovery, currently trading at 53 and heading to the overbought area. BTC’s bullish outlook could be maintained if the RSI is pushed to the overbought zone.
Moving Average Convergence Differenciation (MACD) also supports the recent correction as the moving-average line (blue), crosses just below the signal line orange. Red bars form slightly below zero on the histogram, which also supports this.
The MACD still has a positive trend above the neutral level, which suggests a possible rebound. The Stochastic Oscillator line 14 3 3 (green), crosses above the trigger (orange) line, which confirms the bullish crossover of moving averages and signals bullish momentum.
Bitcoin Price Forecast
The Bitcoin price analysis shows that there is a bullish bias. Bulls are aiming to break the upper boundary bullish pennant and reach the psychological threshold of $72,000.
The RSI, Stochastic Oscillator and RSI offer bulls additional ground to push prices. The 50-day SMA also trades above the 200 day SMA, forming an inverse golden cross of $42,875. This further supports the bullish outlook for the BTC price.
The MACD, however, is moving downwards towards the neutral line. If the indicator crosses below the line zero, it may cause a price to retrace towards the support area at $61,081, offering a cushion from downward pressure.
Investors are considering Green Bitcoin, as an alternative to Bitcoin.
Green Bitcoin Presale Is Heating Up – Best Alternative To Bitcoin To Buy Now
Green Bitcoin (GBTC) Gamified Green Staking has brought the concept of crypto to life and is continuing to excite. The hype surrounding the trend is evident from its presale. This has already raised more than $1.92 in funding, as it races towards the $1.97 target.
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Green Bitcoin is a sustainable alternative to Bitcoin. It combines BTC’s reputation with the Ethereum blockchain, which has a high environmental standard. The project uses Ethereum’s Proof-of-Stake consensus mechanism, which is significantly more energy efficient than Bitcoin’s Proof-of-Work model.
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The project also offers the opportunity to earn. Predict-to-Earn featureYou can participate in daily BTC prediction challenges. The $GBTC currency is the reward system. Rewards are given out every 10 minutes. stake You will receive a reward token.
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Join by purchasing $GBTC before it increases to $0.6122.
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“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: insidebitcoins.com