Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Bitcoin rebounds with a 7% rise, reaching $67.5K after a significant drop, as Green Bitcoin’s eco-friendly ICO attracts over $7 million in investments, signaling growing investor interest.
Following a deep selloff to lows of $61.5K, Bitcoin bulls are back in control as it climbs 7% today to $67.5K. Meanwhile, the new ICO Green Bitcoin is also gaining pace as its total raise surpasses the $7 million mark.
Traders speculate Bitcoin’s local bottom is in
Bitcoin may have found its local bottom as traders anticipate new highs in the coming weeks. The market-leading cryptocurrency has seen a 7% uptick over the past 24 hours and 29% this month. However, it remains down 8% this week after a big retracement starting on 14 March.
Traders have taken the recent bounce as an indication of a reversal.
“BTC bottom should be very close or in,” said prominent analyst Moustache. He continued, “Many believe that the ATH happened in Nov. 2021 (fake wave B), but in my opinion, it already happened in April 2021 (check RSI) …and BTC is currently testing exactly this high from back then.”
The analyst referred to the November 2021 ATH as a “fakeout” or deviation above its previous resistance level. As such, he believes the recent pullback is the resistance retest, flipping it into support and enabling Bitcoin’s price to continue its upward trajectory in the coming weeks.
Meanwhile, one expert notes that Bitcoin is bouncing from the 200-day EMA and breaking a diagonal resistance. According to the analyst, this will result in short liquidations, propelling Bitcoin toward $86K.
Cryptoinsightuk agrees that shorts may be poised for liquidations, noting that the most concentrated area of BTC liquidity is between $73-$74.6K. According to the analysis, this is the area that Bitcoin will most likely move next.
He explained, “Slightly more than 80% of crypto trading today is by bots. These bots maneuver the price of crypto into areas of liquidity… This suggests that is where price will head.”
The analyst also noted that there is growing liquidity between $77-$81.2K.
“These are people starting to try and jump on the bandwagon and shorting later into the move, greedy leverage players,” said the analyst.
Combined with its decisive price action, the deep short liquidity sets a bullish precedent for Bitcoin’s near-term trajectory.
Another cryptocurrency that also benefits is Green Bitcoin. The project is currently undergoing a presale but has seen considerable success recently, having raised over $7 million.
Green Bitcoin emerges as a strong contender
Green Bitcoin is an eco-friendly Bitcoin alternative with multiple utilities and wider accessibility. Launched on the Ethereum chain, the project drops Bitcoin’s Proof-of-Work consensus mechanism, opting for Ethereum’s greener Proof-of-Stake.
According to its website, this renders GBTC transactions significantly less energy-intensive. While one Bitcoin transaction consumes 1,173,000 Wh of energy, a Green Bitcoin transaction consumes just 34 Wh.
Being native to Ethereum also opens it to other ecosystem applications and presents the opportunity for its own innate utility. Predict-to-earn is Green Bitcoin’s flagship feature. This novel concept invites users to guess whether Bitcoin’s price will rise or fall the next day in exchange for GBTC rewards and up to 100% bonuses.
In a bid to bolster GBTC’s utility, users must stake tokens to access the feature. Furthermore, staking also grants users an 86% APY. However, this will decrease as more tokens are staked.
This interesting spin on Bitcoin has caused a ruckus in the crypto community, with some analysts speculating that GBTC could grow massively.
Although its potential remains to be seen, the project’s eco-friendly efforts, utility, and relation to Bitcoin all hint at a bright future. Currently, traders can buy GBTC for $1.1062, but this price is expected to increase throughout the presale with the next uptick when it raises $7.4 million.
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
