Bitcoin Price Continues to Hover Below $63,000 Despite US Market Opening
The price of Bitcoin remains below $63,000, even after the US markets opened. Today, it reached a low of $61,765. Although buyers are showing signs of weakness at higher levels, the support levels are showing promising resistance. However, the gradual decrease in resistance levels is still a major obstacle to an upward trend.
Hong Kong and Cryptocurrency
In June of last year, the autonomous administration in Hong Kong opened the door for individual investors to enter the cryptocurrency market. Now, they are allowing the launch of ETFs. However, experts believe that the anticipated price surge from these ETFs will not bring in the massive inflows they had hoped for.
Willy Woo, the founder of Woobull, citing a report from cryptocurrency exchange Huobi, predicts a significant increase in demand in 2022, which goes against the beliefs of most experts. House of Chimera also notes that regulatory restrictions in mainland China will pose barriers to the success of ETFs.
When Will Bitcoin Rise?
Given the complex macroeconomic conditions, it appears challenging for Hong Kong ETFs to deliver significant results. It would be wise not to get too hopeful without seeing the volume data from the initial days. The key indicator to monitor for Bitcoin’s price at this stage is the cost region of short-term investors.
The STH realized price has proven to be a strong support during most periods, including the lowest levels of the 2022 bear market. If the level corresponding to $58,000 is not maintained as support, we may find ourselves in a prolonged period of stagnation and negativity lasting several months.
Disclaimer:
This article does not provide investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry a significant amount of risk. It is important for investors to conduct their own research.
