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The price of bitcoin bitcoin/”>printed a minor gain in the last 24 hours to trade at $70,453.71 at 8:55 am EST as investors begin to stock up on the largest cryptocurrency.
That came as BlackRock CEO Larry Fink saying He “is very optimistic about the long-term viability of bitcoin.” The asset management giant's bitcoin ETF has racked up $13.5 billion in inflows in just the first 11 weeks of trading. <img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="BINANCE: BTCUSDT chart image by StevenWalgenbach" data-lazy-src="https://s3.tradingview.com/snapshots/x/XLNJUKF0.png”/><img decoding="async" src="https://s3.tradingview.com/snapshots/x/XLNJUKF0.png” alt=”BINANCE: BTCUSDT chart image by StevenWalgenbach”/>
bitcoin price bounces off support
4-hour chart for btc/USDT (Source: x/XLNJUKF0/”>TradingView)
He bitcoin The price recovered from the support level of $68,863.99 in the last 24 hours and attempted to break above the main resistance level of $71,641.54. The bears were able to defend the mark in the last 24 hours and are still putting selling pressure on the price of the leading cryptocurrency. This is evident from the wicks present over the last two candles on the 4-hour chart. However, buyers could still push btc above $71,641.54 in the next 24 hours due to support from a positive trend line that has emerged on the cryptocurrency's charts.
If the bulls manage to lift the price of bitcoin above this threshold, the market leader could have the support needed to continue rising in the next 48 hours. btc may then attempt to establish a new all-time high above $73,777.
Failure of btc to close a 4-hour candle above $71,641.54 in the next 12 hours could invalidate the bullish thesis. Traders could then enter short positions, which will likely expose the bitcoin price to the risk of correcting to $68,863.99. Investors and traders will want to pay close attention to the crypto price if it reaches this point, as the level confluences the positive trend line. Therefore, a break below this key mark could indicate a negative change in btc trend, which could lead to bitcoin price falling to $65,847.29 in the near term.
Bulls Are Doing Everything They Can to Try to Drive bitcoin Price Higher
Technical indicators in btc The 4-hour chart suggests that the bulls are doing everything they can to push the price of bitcoin 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 rises towards its simple moving average (SMA) line on the 4-hour chart. The crossing of these two lines in the next 12 hours could be seen as a sign that buyers have gained the upper hand over sellers. btc is also very close to entering a confirmed bullish phase, with the MACD line attempting to rise above the MACD signal line. However, the bears could prevail and drive the price of bitcoin lower if these technical signals do not activate by the end of today's trading session.
As bulls and bears battle on btc charts, investors are turning their attention to Sponge V2 for exponential profits.
Only a handful of projects were able to overcome the crypto winter and achieve substantial profits for investors.
One such cryptocurrency was SPONGE, which soared 100x in the 2023 bear market to reach a peak market cap of $100 million. The meme coin left many investors behind, causing them to miss out on this substantial growth.
That's why the team behind SPONGE decided to launch a new version of the viral memecoin, giving investors a second chance to make notable profits. Repeating their previous 100X success could prove to be a difficult task, but the crypto team has gone all out with Sponge V2.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”9.8695652173913″>
Do not forget, twitter.com/hashtag/SPONGERS?src=hash&ref_src=twsrc%5Etfw”>#SPONGES! twitter.com/hashtag/SpongeV2?src=hash&ref_src=twsrc%5Etfw”>#SpongeV2 is providing an interesting utility through our next twitter.com/hashtag/P2E?src=hash&ref_src=twsrc%5Etfw”>#P2E game!
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— $SPONGE (@spongeoneth) twitter.com/spongeoneth/status/1771117138381525404?ref_src=twsrc%5Etfw”>March 22, 2024
In addition to lining up several additional listings of major exchanges, the SPONGE team will also introduce some utility to the ecosystem through a P2E racing game. This game will come in paid and free versions.
Players will need to use Sponge V2 tokens as in-game credits for the paid version and will also have the opportunity to earn rewards paid for with the token. SPONGE has also migrated to the highly scalable and cost-effective Polygon network.
Investors show great confidence in SPONGE
Sponge V2 currently has over 13,000 holders, with over $22.8 million in tokens staked as investors bet big on its chances of re-emerging. If the altcoin achieved a 100x gain during a bear market, it must have the potential to go absolutely ballistic in the next bull market.
Additionally, investors can stake tokens for a whopping 387% APY on Polygon.
Anyone interested in purchasing Sponge V2 can do so on the project website using eth, USDT, MATIC or bank card.
Sponge V2 can be purchased here.
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