Bitcoin’s price remains below $63,000, even with the opening of the US markets. Today, it reached a low of $61,765. While buyers are becoming weaker at higher levels, the support levels are showing promising resistance. However, the gradual decline of resistance levels is a significant obstacle to an upward trend.
Hong Kong and Cryptocurrency
In June, the autonomous administration that allowed individual investors to enter the cryptocurrency market is now permitting the launch of ETFs. However, the expected price surge did not happen last year, and experts believe that Hong Kong ETFs will not bring in the massive inflows as anticipated.
Contrary to most experts, Willy Woo, the founder of Woobull, points to a 2022 report from cryptocurrency exchange Huobi, which suggests a significant increase in demand.
House of Chimera states that due to regulatory restrictions, ETFs will face barriers in mainland China.
When Will Bitcoin Rise?
Given the complex macroeconomic conditions, it appears challenging for Hong Kong ETFs to deliver significant results. It may be wise to be cautiously optimistic until we see the volume data from the initial days. The key indicator to watch for Bitcoin’s price at this stage is the cost region of short-term investors.
The STH realized price has consistently served as strong support during most periods, including the lowest levels of the 2022 bear market. If the support level corresponding to $58,000 is not maintained, we could find ourselves in a serious stagnant, negative period lasting several months.
Disclaimer:
The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, so they should conduct their own research.
