May 23, 2024
Bitcoin Price Today is $61,058, Dips Amid Hong Kong ETF Launch
Bitcoin price today

Bitcoin Price Today is $61,058, Dips Amid Hong Kong ETF Launch

Tuesday, April 30, 2024: Bitcoin Price Today is $61,058, saw a downward tick, post the Hong Kong ETF launch, settling at about $61K. However, it attempted to maintain higher levels on April 30 following a significant institutional landmark in Hong Kong, which propelled momentum.

BTC/USD 1-hour chart. Source: TradingView

On Bitstamp, local highs reached $64,714 after the daily close, coinciding with the introduction of a new Hong Kong ETF. This event marks a pivotal moment for the cryptocurrency industry in Asia, where Bitcoin’s acceptance as a mainstream asset has been historically limited.

Financial commentator Tedtalksmacro highlighted the shift in sentiment, stating, “Although the US ETFs dwarf the structural flows… this shows a dramatic shift in stance from the East.” Adam Back, CEO of Blockstream, noted positive distinctions between the Hong Kong ETF launch and the initial months of the United States’ spot ETFs, which commenced trading in mid-January.

“Slowly, than all at once. We are right on track for BTC to continue it’s growth into a global, macro asset.”

Source: Adam Back

BTC experienced a relief in price action after starting the week at lows of under $62,000. Popular trader Daan Crypto Trades identified a breakout from a falling wedge pattern, now being retested as potential support. Keith Alan, co-founder of trading resource Material Indicators, pondered the ETFs’ long-term impact on price behavior, especially in light of the upcoming U.S. Federal Reserve interest rate decision on May 1.

BTC/USD chart. Source: Daan Crypto Trades

Market Conditions and Trading Analysis

DecenTrader observed slightly negative funding rates across derivatives platforms, signaling uncertain market conditions. While the lack of excess funding was seen as a positive sign, it also hinted at market fickleness. The trading firm cautioned that traders could still easily bet on higher or lower prices.

Bitcoin weighted average funding rate. Source: DecenTrader

QCP Capital’s market updates highlighted the subdued short-term realized volatility despite prevailing macro developments such as conflicts in the Middle East, potential U.S. stagflation, weakening of the Yen, and U.S. fiscal injections. It warned of market complacency amidst these factors.

Looking Ahead and Potential Scenarios

Traders speculated whether Hong Kong ETF bulls would surge past resistance at $65.5k or adopt a more cautious approach, awaiting the Monthly Close and remarks from the Federal Reserve Chair Powell. An accompanying chart displayed significant liquidity areas on the Binance BTC/USDT order book, offering insights into market dynamics.

“Perp funding is largely flat with many Altcoins showing negative funding which opens up a path for speculators to build leveraged long positions.”

Image by fabrikasimf on Freepik

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