Bitcoin Rises Amid Bitcoin and Ethereum ETFs Approval in Hong Kong
Bitcoin is recovering losses after a strong plunge over the weekend. The reason for the today's growth was the approval of Bitcoin and Ethereum ETFs in Hong Kong.
There are five days left until Bitcoin halving, and Bitcoin has entered a phase of strong volatility. However, last weekend's sharp decline in the price of the main cryptocurrency was also due to the geopolitical situation in the world. Bitcoin's fall to $60,700 caused liquidations in the entire cryptocurrency market totaling $1.5 billion. BTC started the new week with a recovery, and almost regained all of Saturday's losses.
According to Bosera Asset Management, the Hong Kong Securities and Futures Commission (SFC) has approved the launch of Bitcoin and Ethereum-based spot ETFs. This was one of the main reasons for Bitcoin's rise this week.
Bosera International and HashKey Capital entered into a strategic agreement back at the beginning of the month. They will be among the first in Hong Kong to launch a Bitcoin and Ethereum ETF in the near future. Other companies that have applied to include Harvest Fund Management Company and China Asset Management. It is known that China Asset Management will launch the exchange-traded product together with OSL Digital Securities and BOC International Prudential Trusteeship Ltd.
Experts' views
There are only a few days left before the main event of this spring. Many analysts and experts have expressed their views on the further trajectory of the Bitcoin price. However, one thing that remains true in their predictions is that the strong volatility in the market will continue, given the conflicting technical metrics after Saturday's unexpected price drop, as well as the upcoming US macroeconomic data this week and comments from Fed members, including Chairman Jerome Powell.
Analyst Matthew Hyland suggested that the major cryptocurrency is still mostly consolidating at ATH. Many traders agree with his opinion, stating that Bitcoin is still holding above the highs of the previous cycle. They also state that market participants who decided to sell their Bitcoins amid the panic will regret their decision as the asset continues to move sideways with a wide range.
Analyst Michael van de Poppe also warned market participants of strong volatility this week. There are also traders who are confident that Bitcoin is at risk of continuing to fall.
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Bitcoin is now trading below $67,000, but the next major resistance will be $68,000. If the bulls manage to overcome this mark, the price could rise to $70,000, $71,200 and $72,500, where the next resistance levels are located. Otherwise, Bitcoin may continue to fall to the support levels of $64,500, $63,000 and $62,000.
This is not a one hundred percent statement. The cryptocurrency market is very volatile. Investors should exercise caution when making decisions.
