“BTC Plunges Below $70K Resistance: Is Now the Time to Buy?”


Last updated: March 30, 2024 03:33 EDT | 4 min read

Bitcoin’s Accelerated Market Climb Challenges Microsoft’s Valuation
Bitcoin’s growth trajectory from 2023 to 2024 suggests it could surpass Microsoft in market valuation within the next year. With a record high of $73,679 in March 2024, Bitcoin’s price has increased by over 140% compared to the previous year. Projections indicate that by April 2025, Bitcoin could be valued at $170,574 per coin, potentially exceeding the market cap of silver and other major companies. This optimistic forecast depends on Bitcoin maintaining its current growth momentum.

– Bitcoin hits record high, with a 140% increase from the previous year.
– Predicted to potentially outpace Microsoft’s market cap by April 2025.
– Market optimism remains as Bitcoin targets significant growth milestones.

U.S. Debt Woes Could Drive Bitcoin Demand, Galaxy CEO Suggests
Galaxy Digital’s CEO, Mike Novogratz, believes that the U.S. national debt crisis could drive increased demand for Bitcoin. He argues that the U.S. must address its $34 trillion debt to avoid a ‘debt death spiral’ and suggests fiscal adjustments such as budget cuts and tax increases. Amid economic uncertainties, Novogratz highlights Bitcoin as a viable investment against potential currency devaluation and political instability. Other figures, like Senator Cynthia Lummis and BlackRock CEO Larry Fink, also recognize Bitcoin’s potential as a financial safe haven, which could enhance its appeal as an investment and influence its market value.

– Novogratz cites the U.S. debt crisis as a potential boost for Bitcoin investment.
– Bitcoin seen as a hedge amid economic instability.
– High-profile endorsements could strengthen Bitcoin’s standing as a valuable asset.

Google Search Now Reveals Bitcoin Wallet Balances, Stirring Privacy Debate
Google’s new feature showcasing Bitcoin wallet balances is stirring a privacy debate. While this is a significant step towards mainstream adoption of cryptocurrency, it also raises concerns about data security and centralized data aggregation. Google was initially hesitant with Bitcoin ads, but has since embraced cryptocurrency, including ETF promotions and collaborations with Coinbase for payments. This increased visibility could drive wider acceptance and price of Bitcoin, but it also raises critical questions about data security in the digital currency sphere.

– Google’s tool to check Bitcoin wallet balances raises privacy alarms.
– The move signals Google’s deeper dive into the crypto ecosystem.
– Enhanced visibility could boost Bitcoin’s adoption, albeit with privacy trade-offs.

Federal Court Upholds Fed’s Denial of Custodia Bank’s Master Account
A federal judge has dismissed Custodia Bank’s legal challenge against the Federal Reserve’s rejection of its master account application. This ruling reaffirms the Fed’s autonomy in granting access to such accounts and highlights that current statutes do not guarantee access to all qualifying entities. This judgment may affect Custodia’s vision for a tech-driven banking model and could potentially lead to an appeal. It may also steer institutions towards considering cryptocurrencies like Bitcoin.

– Custodia Bank’s lawsuit against the Fed has been rejected.
– The court decision may influence institutions to consider cryptocurrencies like Bitcoin.
– Regulatory clarity remains crucial for the stability and growth of the cryptocurrency industry.

Bitcoin Price Prediction
As we approach the end of March, Bitcoin (BTC/USD) has seen a slight uptick, currently trading at $70,050, a modest increase of around 0.25%. The cryptocurrency appears to be treading cautiously around a pivot point of $68,770, indicating a tug of war between bullish sentiment and market hesitation. Immediate resistance is observed at $71,600, with further challenges at $73,545 and $75,575. To sustain a bullish momentum, Bitcoin must breach these levels. On the other hand, it finds support at $66,820, with additional safety nets at $64,985 and $62,980. The 50-day Exponential Moving Average (EMA) at $68,750 currently acts as a support for the buying trend, and the Relative Strength Index (RSI) hovering above 50 strengthens this perspective. However, a triple top pattern around $71,600 could signal resistance and potentially limit upward movements. In summary, Bitcoin’s trajectory maintains a bullish tone as long as it trades above the pivot point, but a dip below could indicate a sharp bearish adjustment.

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Why Slothana Stands Out:
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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