Join our Telegram channel to stay up to date on breaking news coverage
bitcoin price is down a fraction to trade at $65,745 at 1:00 am EST as trading volume drops nearly 40%.
As the btc fever cools for a while, investors like the nation of El Salvador are counting their profits. Now it has profits of more than 53 million dollarsYomillion after bitcoin soared 51% so far this year.
ONLY IN: bitcoin holdings in El Salvador hit a record $164 million as $btc Profits exceed $50 million. pic.twitter.com/5WWboEJfTt
-CryptoXpres (@Bit_belle) March 7, 2024
El Salvador's bitcoin Journey
El Salvador's journey with btc goes back many years, but the country did not adopt bitcoin as legal tender until 2022. The company has endured bear markets and much criticism, but its patience is now starting to pay off.
At the bottom of the bear market, El Salvador began buying 1 bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin per day
Today, btc?src=hash&ref_src=twsrc%5Etfw”>#btc reached a new all-time high.
Strong hands pic.twitter.com/b1ybaoCPK6
– bitcoin Magazine (@BitcoinMagazine) March 5, 2024
The South American country now holds around 2,380 btc, worth approximately $158.5 million.
When bitcoin peaked at $69,324 on March 5, El Salvador's holdings were worth $164.7 million, up 53% on an aggregate cost basis. The average purchase price was $44,300 based on current value.
bitcoin Price Forecast
After a rejection from the $69,324 peak, bitcoin price remains bullish. He is trying to regain this peak. The odds still favor the upside, keeping btc well above the $65,000 threshold. Momentum continues to increase, as seen with the rising Relative Strength Index (RSI).
The volume indicator also shows growing histogram bars, which points to a strengthening of the uptrend. Further buying pressure could push bitcoin price above the high of $69,324, with the potential to extend beyond this block to reach the psychological level of $70,000. Such a move would constitute a 6% increase above current levels.
<img decoding="async" class="aligncenter wp-image-486639 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin” width=”1273″ height=”546″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-07_08-57-29-300×129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-07_08-57-29-1024×439.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-07_08-57-29-768×329.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million.png”/><img decoding="async" class="aligncenter wp-image-486639 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million.png" alt="bitcoin” width=”1273″ height=”546″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-07_08-57-29-300×129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-07_08-57-29-1024×439.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-07_08-57-29-768×329.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: btc/USDT 3-day chart
On the other hand, if traders start capitalizing on the gains made so far, the price of bitcoin could fall to the $65,000 threshold. In a severe case, the downtrend could send btc all the way to the psychological level of $60,000. This move would represent a drop of almost 8% below current levels.
Data according to IntoTheBlock's Global In/Out of The Money (GIOM) metric shows that there is little to no resistance for bitcoin price on its journey north. Instead, the pioneering cryptocurrency is enjoying strong downward support.
<img decoding="async" class="aligncenter wp-image-486640 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin” width=”1141″ height=”383″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-ITB.png 1141w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-ITB-300×101.png 300w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-ITB-1024×344.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-ITB-768×258.png 768w” data-lazy-sizes=”(max-width: 1141px) 100vw, 1141px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-ITB.png”/>btc-ITB.png” alt=”bitcoin” width=”1141″ height=”383″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-ITB.png 1141w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-ITB-300×101.png 300w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-ITB-1024×344.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-ITB-768×258.png 768w” sizes=”(max-width: 1141px) 100vw, 1141px”/>
btc/deep-dive?group=financials&chart=inAndOut” target=”_blank” rel=”noopener”>btc GIOM
Closer up, the In/Out of the Money Around Price (IOMAP) metric shows that the area between $64,042 and $65,997 provides strong support for bitcoin price. Any effort to push the price below this level would be offset by strong buyer momentum from approximately 958,290 addresses that purchased nearly 744,370 btc tokens at an average price of $64,926.
<img decoding="async" class="aligncenter wp-image-486641 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="IOMAP btc” width=”1138″ height=”383″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-IOMAP.png 1138w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-IOMAP-300×101.png 300w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-IOMAP-1024×345.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-IOMAP-768×258.png 768w” data-lazy-sizes=”(max-width: 1138px) 100vw, 1138px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-IOMAP.png”/>btc-IOMAP.png” alt=”IOMAP btc” width=”1138″ height=”383″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-IOMAP.png 1138w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-IOMAP-300×101.png 300w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-IOMAP-1024×345.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-El-Salvador39s-BTC-Profits-Surpass-50-Million”https://technicalterrence.com/crypto/bitcoin/”>btc-IOMAP-768×258.png 768w” sizes=”(max-width: 1138px) 100vw, 1138px”/>
btc/deep-dive?group=financials&chart=inAndOut”>IOMAP btc
As the price of bitcoin attempts to regain its high, investors looking to diversify their profits can consider investing in GBTC. The project is still in the pre-sale stage, with more than $2.14 billion already in the market out of a target target of $2.247 billion.
Promising alternative to bitcoin
GBTC is the token that powers the Green bitcoin ecosystem, a cryptocurrency project that meets users where bitcoin's legacy and ethereum's environmental friendliness intersect. It is a predict-to-earn project where participants participate in daily and weekly btc price prediction challenges to earn attractive rewards.
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
The project also showcases a unique and sustainable participation model called Gamified green staking. Here, users can earn passive income through reward staking.
Users can earn money by making accurate predictions about btc prices. This model is closely linked to bitcoin price movements while maintaining an environmentally sustainable footprint.
The process involves staking GBTC, correlated with bitcoin price activity and predictions, and waiting for the designated staking period before initiating claims.
$2 million raised!
We couldn't be more excited to have you with us in this Green Revolution.
We are building something huge! pic.twitter.com/RDOvEyCyGW
—GreenBitcoin (@GreenBTCtoken) March 6, 2024
Buy GBTC tokens from Green bitcoin at rates as low as $0.6502 before an increase in about four days. Take advantage of the low price to buy GBTC at affordable prices as the token will never be so affordable again.
Visit Green bitcoin to buy GBTC here.
Also read:
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
Join our Telegram channel to stay up to date on breaking news coverage
