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The price of bitcoin bitcoin/#markets”>scaling 1% in the last 24 hours to trade at $67,928 at 8:50 am EST as the king of cryptocurrencies continues to ride a wave of bitcoin ETF (exchange-traded fund) liquidity.
This comes as CryptoQuant CEO Ki Young Ju tells his 335,600 followers. in X that traditional financial investors are accumulating around 6,896 btc per day.
“They accumulated 103,726 btc in the last 7 days,” Ki said. “It's an unprecedented level of accumulation.”
If investors continue to acquire btc at this rate, he predicts that bitcoin will suffer a sell-side liquidity crisis this year.
bitcoin price approached a critical juncture
4-hour chart for btc/USDT (Source: TradingView)
He bitcoin The price has been in a consolidation phase between $65,600 and $68,900 for the last 48 hours. However, it has recorded a series of higher highs and higher lows in recent days, resulting in the formation of a positive trend line. This could lead to btc breaking out of the current sideways channel towards the upside soon.
The next 8 hours will be crucial for the price of bitcoin. If it is able to overcome the resistance of $68,900 during this period, it may continue to rise in the next 24-48 hours.
Conversely, failing to close a 4-hour candle above this barrier in the next 8 hours could invalidate the bullish thesis. In this alternative scenario, btc may retest the $65,600 support level. If the bears continue to put pressure on btc at this point, then it could fall as low as $62,600 in the near term.
A possible early indication that this bearish scenario is developing will be when the price of bitcoin falls below the aforementioned positive trend line.
Technicians give no clear signal of what's next for bitcoin price
Technical indicators suggest bitcoin price is at a turning point, with no indication of what btc I will do next. Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators on the 4-hour chart suggest that the market is still trying to determine btc's future moves.
Although the RSI is positioned bullishly above its simple moving average (SMA) line, the gap between the two lines is almost negligible. btc's upside potential is also almost equal to its downside potential as the RSI is in neutral territory at 50.
The MACD line is also near the same level as the MACD signal line, which does not give a clear indication of whether btc will rise or fall in the short term. Traders and investors may want to keep an eye on how btc reacts around the approaching apex connecting the positive trend line and the $68,900 resistance level to try to gauge btc's next moves.
As investors try to decide what's next for the price of bitcoin, they might consider diversifying through the Green bitcoin pre-sale, which is increasing towards $2.5 million in funds raised.
A greener btc
Green bitcoin (GBTC) aims to be a greener alternative to the market leader. To achieve this, the altcoin was deployed on the computationally cheaper ethereum proof-of-stake network, as opposed to the power-hungry proof-of-work bitcoin blockchain.
Introducing Green bitcoin – a revolutionary prediction-to-earn token.
Join us on our gamified green betting platform, where your predictions can turn into profits!
Website: https://t.co/dG5cEeCtRs
Telegram: https://t.co/bWanoe0vHv pic.twitter.com/eXuGQBkxio—GreenBitcoin (@GreenBTCtoken) December 3, 2023
Being an ethereum-based token means GBTC can offer a native staking solution to investors that does not rely on third-party providers, as it does.
But GBTC's staking program is a more gamified solution. Token holders can participate in daily challenges to test their bitcoin prediction skills. Through their gamified interaction with the betting platform, investors can earn significant rewards, including bonuses of up to 100%.
Potential for btc Rally and bitcoin Halving
bitcoin's latest rally and the introduction of institutional investors into the mix can be extremely beneficial for smaller bitcoin derivatives projects, like Green btc. The token is also set to ride a wave of optimism ahead of the upcoming bitcoin halving.
GBTC tokens sell for $0.6882 and investors can use eth, USDT or a bank card to purchase them. However, investors will want to hurry as the price of the altcoin will rise in the subsequent stages of its pre-sale.
GBTC can be purchased here.
Related Posts:
Green bitcoin: gamified green bet
- Contract audited by Coinsult
- Early Access Presale Live Now – greenbitcoin.xyz
- Predict to Win – Featured on Cointelegraph
- Staking Rewards and Token Bonuses
- $1+ Million Raised
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