Bitcoin Price Prediction: BTC Plunges 7% as Grayscale Moves $400 Million to Coinbase, but This Bitcoin Halving Play Raised $500,000 in Less than a Day

Bitcoin price fell 7% in the last 24 hours. Traded for $68,336 As of 3:14 a.m. EST, trading volume had increased 74% to $78.81 billion.

This comes after Arkham Intelligence revealed that Grayscale had transferred about $400 million in Bitcoin to custodian Coinbase, adding to selling pressure on the king of cryptocurrencies.

Bitcoin fell below $69,000 as Grayscale transferred more than $400 million. $BTC On Coinbase. pic.twitter.com/sdN6ZnwdAr

— CoinXander (@CoinXander) March 14, 2024

Additionally, data from the Department of Labor’s Bureau of Labor Statistics showed that the producer price index rose 0.6% last month, making it less likely that the Federal Reserve will cut interest rates.

Bitcoin Price Set for Rebound Within Rising Channel

Bitcoin price has continued to rise this year following the approval of the spot Bitcoin ​ETF, which has been recording large inflows, which has had a positive impact on the BTC price trend.

The BTC rally continued its upward trend, pushing the price up and hitting an all-time high (ATH) of $73,737. However, bears took the lead here and pushed the price lower through the 9.98% retracement.

However, BTC is still trading above its 200-day simple moving average (SMA), which still confirms the upward price movement. If this long-term bullish momentum continues, BTC will likely overcome its 50-day SMA to confirm a continued bullish rally.

The Relative Strength Index (RSI) is also trading below the 30 oversold level, indicating strong selling pressure that is consistent with the current retracement but with signs of a bounce. The bounce is further supported by the upward movement of the Average Directional Index (ADX). ADX is moving north from the 22 level, indicating a bullish reversal is expected.

Bitcoin price prediction

Bitcoin price analysis shows signs of a bullish reversal as it trades towards the lower border of the rising channel. Moreover, RSI has already entered oversold territory, which could indicate that a price reversal to a bullish stance is coming.

The bulls are aiming to break the limit of the rising channel and send the price soaring to $90,000.

However, if the bears continue to apply more pressure, the price could fall further to reclaim the support zone around $59,000, which is in line with the 200-day SMA.

Meanwhile, as the rising Bitcoin price looks to reverse the trend, investors are also diversifying into green Bitcoin ahead of the April halving event.

Green Bitcoin provides a green blockchain to BTC and secures $4.8 million in funding.

Green Bitcoin ($GBTC) Investor interest is growing ahead of the next BTC halving event in April, as evidenced by the pace of the pre-sale, which raised $500,000 in less than a day.

Green Bitcoin has a global campaign, attracting thousands of supporters from every corner of the world.

thank you pic.twitter.com/dRUyegB7PQ

— GreenBitcoin (@GreenBTCtoken) March 7, 2024

The project is delivering innovation through a gamified Green Stake model. This feature allows users to predict the price of Bitcoin and be rewarded with a proportional share of the daily staking reward pool.

Introducing Green Bitcoin: A revolutionary yield prediction token.

Join the Gamified Green Stake 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

Buy and stake $GBTC, get 112% annual rewards

You can also earn through the platform’s staking feature. Annual Percentage Yield (APY) is 112%. Users have already staked over 5.1 million $GBTC tokens.

YouTube channel Crypto Gains says Green Bitcoin has the potential to deliver massive returns on investment after launch.

You can invest now at $0.9542 per $GBTC token, but remember that the price will increase in a little over 4 days, so now is the best time to buy.

You can purchase $GBTC tokens. Official Green Bitcoin websiteHere you can exchange ETH or USDT for $GBTC or purchase directly with your bank card.

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Green Bitcoin – Gamified Green Staking

• Coinsult’s contract audit
• Early Access Presale Now Live – greenbitcoin.xyz
• Profit Forecast – Cointelegraph Feature
• Staking Rewards and Token Bonuses
• Over $1 million raised