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bitcoin price soared almost 6% in the last 24 hours to trade for $66,836 as of 01:05 am EST, with trading volume increasing 120%.
The pioneer cryptocurrency is trying to reclaim its all-time high of $68,999.99, levels last seen in November 2021. However, although the price has so far not reached that peak, the market capitalization of the pioneer cryptocurrency has already established a new record during the afternoon session in New York. York.
RIP bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin All-time high in market capitalization pic.twitter.com/N3FJLXW8s8
—Quinten | 048.eth (@QuintenFrancois) March 4, 2024
btc-Market-Cap.png 1273w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-Market-Cap-300×127.png 300w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-Market-Cap-1024×434.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-Market-Cap-768×326.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-Market-Cap.png”/>btc-Market-Cap.png” alt=”Market capitalization” width=”1273″ height=”540″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-Market-Cap.png 1273w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-Market-Cap-300×127.png 300w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-Market-Cap-1024×434.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-Market-Cap-768×326.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: btc market capitalization
According to CNBC Mad Money host Jim Cramer, the rise in bitcoin price is related to traders buying btc as a hedge against fiat currencies.
ONLY IN: Traders are buying bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin as a hedge against fiat currencies, says Jim Cramer pic.twitter.com/GZmKAPHER1
– BlockNews.com (@blocknewsdotcom) March 4, 2024
Other reasons for the predominant rise in bitcoin price include the issue of btc spot exchange-traded funds (ETFs). This narrative continues to inspire capital inflows into the btc market. According to a presentation Before the US Securities and Exchange Commission (SEC), BlackRock, the issuer of the IBIT btc spot ETF, has filed to purchase ETFs for its Strategic Income Opportunities Fund.
ONLY IN: BlackRock filed with the SEC to buy bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETFs for your portfolio of strategic income opportunities.
– bitcoin Magazine (@BitcoinMagazine) March 4, 2024
An excerpt from the filing reads: “The Fund may acquire shares in exchange-traded products (“ETPs”) that seek to generally reflect the price performance of bitcoin through direct holding of bitcoin (“bitcoin ETPs”), including stocks of a bitcoin ETP sponsored by a BlackRock affiliate.”
Beyond that, reports indicate that Stanford University's Blyth Fund has spent approximately 7% of its portfolio to purchase bitcoin.
ONLY IN: Stanford University's Blyth Fund has purchased bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin with an allocation of ~7% of the total portfolio. pic.twitter.com/oQtrh2eyts
– bitcoin Archive (@BTC_Archive) March 4, 2024
This purchase adds to the buying pressure that continues to drive the price of bitcoin.
MicroStrategy to Buy More btc as bitcoin Price Soars
The latest report shows that MicroStrategy, one of the largest buyers of bitcoin, is planning a proposed private offering of $600 million in convertible senior notes. The proceeds from these sales will be channeled to absorb more btc. The report follows an announcement in X by MicroStrategy CEO Michael Saylor.
MicroStrategy Announces Proposed Private Offering of $600 Million in Convertible Senior Notes $MSTR https://t.co/PEN5dxesIb
—Michael Saylor (@saylor) March 4, 2024
“MicroStrategy intends to use the net proceeds from the sale of the notes to purchase additional bitcoin and for general corporate purposes,” it said.
This revelation is likely to inspire fear of missing out (FOMO), just as it did when the company recently announced another large btc purchase of 3,000 btc, worth approximately $155 million. In the last 24 hours, more than $116 million in short positions have been liquidated, Coinglass btc” target=”_blank” rel=”noopener”>data sample.
<img decoding="async" class="aligncenter wp-image-485796 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="btc Liquidations” width=”1337″ height=”385″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-liquidations.png 1337w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-liquidations-300×86.png 300w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-liquidations-1024×295.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-liquidations-768×221.png 768w” data-lazy-sizes=”(max-width: 1337px) 100vw, 1337px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-liquidations.png”/>btc-liquidations.png” alt=”btc Liquidations” width=”1337″ height=”385″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-liquidations.png 1337w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-liquidations-300×86.png 300w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-liquidations-1024×295.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy”https://technicalterrence.com/crypto/bitcoin/”>btc-liquidations-768×221.png 768w” sizes=”(max-width: 1337px) 100vw, 1337px”/>
btc” target=”_blank” rel=”noopener”>btc Liquidations Chart
With this, markets anticipate a new test of the psychological level of $69,000, a threshold that would mark the first step for btc to reach a new all-time high.
$69,000 is the next victim. bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin pic.twitter.com/doSMyCLnNg
– bitcoin Magazine (@BitcoinMagazine) March 5, 2024
bitcoin Price Outlook as btc Nears Its 2021 All-Time High
bitcoin price approached the peak of $69,000 during Monday's US session, recording an intraday high of $68,499. However, with the $69,000 peak as resistance, where long-term profit-taking trades fill up, bitcoin price is recording a red candlestick against the stablecoin Tether (USDT) on the daily time frame. .
However, the upside potential remains viable, with the Relative Strength Index (RSI) still heading north. This shows increasing momentum and is accentuated by the volume indicator, which shows strong trading activity in the btc market.
The growth of volume bars indicates dominant or significant price levels. This is further shown by the large volumes of Awesome Oscillator (AO) and Moving Average Convergence Divergence (MACD) histogram bars. MACD above its signal line strengthens the bullish cycle of bitcoin price.
Further buying pressure could see bitcoin price break $69,000, with the possibility of extending gains to the psychological $70,000 level. This would mark a new all-time high.
<img decoding="async" class="aligncenter wp-image-485798 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin price” width=”1273″ height=”546″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-05_09-02-15-300×129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-05_09-02-15-1024×439.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-05_09-02-15-768×329.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy.png”/><img decoding="async" class="aligncenter wp-image-485798 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy.png" alt="bitcoin price” width=”1273″ height=”546″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-MicroStrategy-to-Raise-600-Million-to-Buy.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-05_09-02-15-300×129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-05_09-02-15-1024×439.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-05_09-02-15-768×329.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: btc/USDT 1-Day Chart
On the other hand, if traders start cashing out on the covered ground, the price of bitcoin could fall. It should be noted that the price of bitcoin is up 20% in the last week, 30% in the last fortnight, 57% in the last month and 200% in the last year. Profit taking could bring it back to the $60,000 threshold before the next leg higher as markets anticipate the halving.
FOR THE FIRST TIME IN THE HISTORY OF bitcoin, WE COULD SEE A RECORD HIGH BEFORE THE halving.
– Emperor (@EmperorBTC) March 4, 2024
Meanwhile, with the bitcoin market on the rise, investors might want to consider diversifying some of their profits into a new ICO with the symbol GBTC. This token is different from Grayscale's GBTC ETF and offers greater growth potential.
Promising alternative to bitcoin
GBTC is the symbol of the Green bitcoin ecosystem. It is a crypto project that uniquely fuses the legacy of bitcoin with the ecological attributes of ethereum.
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
Green bitcoin features a unique and sustainable staking model called Gamified Green Staking. Here, users can earn passive income through reward staking. Participants participate in daily and weekly btc price prediction challenges, with the potential to win attractive rewards.
Did you know you can win HUGE just by staking your green bitcoin?
If you haven't already, visit our website and check out the Staking feature. pic.twitter.com/6wiv99ER0O
—GreenBitcoin (@GreenBTCtoken) February 25, 2024
Green bitcoin pre-sale has already increased to $1.74 million in funds raised as it moves towards its goal of $1.97 million.
Officially the most popular cryptocurrency pre-sale in the WORLD!
$1.5 MILLION RAISED pic.twitter.com/no3TOFRsQf
—GreenBitcoin (@GreenBTCtoken) March 3, 2024
The pre-sale gives you the best chance to get affordable entry, as each GBTC token sells for just $0.6122. This price will last a little over four days before the hike, so act now if you're interested.
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
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