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Hong Kong Approves Spot Bitcoin ETFThe Hong Kong Securities and Futures Commission (SFC) has granted approval for the first spot Bitcoin exchange-traded fund (ETF) in the city. The ETF will be managed by China Asset Management (Hong Kong) and several other applicants. According to reports, China Asset Management (Hong Kong) will partner with OSL Digital Securities and BOC International Prudential Trusteeship to issue spot Bitcoin and Ether ETFs. The SFC has confirmed the reports with an official announcement as of 05:30 a.m. ET. The approval of the spot Bitcoin ETF has boosted the price of Bitcoin to over US$66,500, signaling growth in cryptocurrency investment. The ETF is expected to provide direct access to Bitcoin's market value, and in turn, bolster Hong Kong's status as a premier destination for cryptocurrency trading and investment. Additionally, the launch of the spot Bitcoin ETF is projected to generate up to US$25 billion in demand by offering traders in China more straightforward access to digital assets. The mining difficulty adjustment for the Bitcoin blockchain, known as the Bitcoin Halving, is scheduled to occur on April 20, according to the Nicehash countdown tracker. The halving event occurs when the reward for miners is cut in half, which is expected to reduce the volume of BTC in circulation. The supply dynamics may influence the asset's price, and as seen in previous halving cycles, Bitcoin price hits new all-time highs within 12-18 months post the halving. The recent approval of the Spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) has opened the gates to institutional investment in CRYPTOCAP:BTC resulting in higher participation from traders in the weeks leading up to the halving. In a February research note, JP Morgan wrote that "The 2024 bitcoin halving event is more than priced in on our calculations," as reported in Barron's. At the time of writing, Bitcoin price is $64,599 on Coinmarketcap.
BINANCE:BTCUSDLong
by DEXWireNews
BTC Bullish 24 Hours ☀️ ; Bearish Trends In the Medium-Term ☁️The cryptocurrency trend was negative over the weekend as tensions escalated in the Middle East. “Predictable unpredictability is the new normal… For markets in the short term, this should lead to position reduction,” Handelsbanken wrote in its daily note. The price of Bitcoin fell to a low of $61,078 on Saturday. This market volatility led to liquidations of mainly long positions exceeding $1.6 billion on Friday and Saturday. Bitcoin has since somewhat recovered and is now up 1.3 percent to $65,111 over the past 24 hours. Another factor that will impact the crypto universe over the coming week is Bitcoin’s halving. “While positive in the long term, the halving could cause mild short-term turbulence due to block production slowdowns,” K33 Research writes. Bitcoin's halving is set to happen on Saturday. A bullish sun ☀️ shines over the global crypto market in the next 24 hours, signaling upside potential across the board, as cryptocurrencies rebound following the weekend’s selloff. Over a one-week horizon, the sunny trading conditions should prevail over most of the crypto universe. 🌤️ However, ATTMO indicates that Bitcoin, Uniswap and Avalanche will face bearish clouds, which means downside risks ahead over this medium-term time horizon. Follow us for more daily news and crypto weather news!
BITSTAMP:BTCUSD
by ATTMO
BITCOIN is preparing for an ATH update. What happens next?The time has come when all the investors who bought bitcoin at $69,000 will be able to sleep peacefully. But what will happen after the historical high is updated? To begin with, there is a good chance that bitcoin will continue to grow without correction or even consolidation. The result will be a renewal of historical highs. This is evidenced by the dominance of USDT, which shows the prospect of a drop to 3.7-3.9%: In addition, the focus on bitcoin is further confirmed by the growth of its dominance: After updating the historical highs, we expect a sharp impulse to fall in the range of $57700-60000. If the upward wave is not complete, the BTC price should not fall and consolidate below this range. For us, the range of $57700-60000 is a critical point for determining a new medium-term trend in the market. If buyers hold this range, we will consider a long position in altcoins in the medium term. If the BTC price breaks through this range without any problems and stops in the range of 50000-52000 , we will look for entries into short positions during a new local growth wave: Another question is what will happen to altcoins at this time ! However, this is another story. First, let's see how this forecast will work out.
Long
by P_S_trade
81
Will BTC play ball or play us?This is my first post so go easy on me. Presently, Bitcoin is poised at the cusp of intersecting the ascending trend line (depicted in blue) which serves as a pivotal determinant signaling the prevailing bullish sentiment, indicating a potential upward trajectory or a lateral movement known as consolidation, typical during accumulation phases. The forthcoming Halving event on April 20th, 2024, marked by the red line, is anticipated to catalyze significant momentum, potentially propelling Bitcoin's valuation to surge by up to 50%, with a plausible ascent towards the $90,000 price threshold, contingent upon favorable market conditions. Are you guys feeling scenario 1 or scenario 2? Let me know in the comments!
by Emibbx
1
BTC | MT Short H4|Consolidation Period Pair: BTCUSDT Timeframe: H4 Direction: Short Technical Confluences for Trade: - Stochastic momentum is close to Overbought Conditions - Price action close to few Horizontal and Resistance Trendlines - Aiming for the 1st 23.6% Fibo Retracement Fundamental Confluences for Trade: - There is a large diversion between the positioning of Long-Term & Short-Term Participants in the futures space. A squeeze may happen. Suggested Trade: Entry @ Area of Interest 70,700 - 71,200 SL @ 72,685 TP 1 @ 68,600 (Close Half-Position & move SL to Entry level once TP1 is achieved) TP 2 @ 65,700 Risk-to-Reward @ Approx. 3.19(Depending on Entry Level) May the pips move in our favor! Good luck! :D *This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and am not responsible for any losses derived from it.
BINANCE:BTCUSDShort
by weekendanalyst
Bitcoin BTC price starts a pre-halving correction?On April 1, the BTCUSDT price started with a "humorous" correction. In general, April promises to be quite interesting and provide "many answers." During the likely long-awaited correction, it will be necessary to closely monitor such indicators as BTC.D and USDT.D: - It will be possible to trace where the capital that previously entered the cryptocurrency market through the purchase of BTC by large players is flowing. - It will be possible to track which "industry's" altcoins are best held and bribed. Do you think there is something more interesting to invest in the cryptocurrency market than various memecoins?) And on April 19, 2024, the long-awaited "BTC halving" is to take place. The halving of the reward for a mined block from 6.25BTC to 3.25BTC will reduce the supply on the market in the medium and long term. If we compare the growth dynamics of the BTCUSD price in 2024, we will see that it is more similar to 2021 than to the previous years when halving took place - 2020 and 2016. What are your goals for the Bitcoin price movement in April 2024? We would like to see a correction at least to $65 thousand, or even better, a drop in the BTCUSDT price $58400-59100 But there is also the $78000 mark, which would also be good to test for strength, the only question is when) _____________________ Did you like our analysis? Leave a comment, like, and follow to get more
by P_S_trade
23
Bitcoin moment of Truth (Weekly Analysis)And the big question atm is... Who will win this Resistance level zone?!?!?🤔🤔🤔 Bulls?!? Bears?!?! - RSI overbought and crossing downwards - Momentum crossing downwards as well Breaking upwards of this Resistance box my target is between $85K & $95K Breaking downwards there are 2 support zones to consider for a bounce 1- $51.6K & GETTEX:48K 2- $42.8K & $38.7K With all said we all know BTC is different beast. Always wait for breakouts or scalp LTF.
BITSTAMP:BTCUSD
by sailortrades
Waiting for the Bitcoin Bull Run: A Look at MDIAThe recent sideways movement in the Bitcoin market has many investors wondering when the next bull run will begin. Blockchain intelligence firm Santiment suggests a specific metric to watch: the Mean Dollar Invested Age (MDIA). Understanding MDIA: The MDIA tracks the average age of investments in Bitcoin held within the same wallet addresses. When the MDIA rises, it signifies that coins are being held for longer periods, with less movement or trading activity. This could indicate: • Investor Stagnation: Existing holders are content with their positions and not actively buying or selling. • Whales Holding: Large investors, often nicknamed "whales," might be accumulating or holding onto their Bitcoin, reducing overall market circulation. MDIA and Bull Run Continuation: According to Santiment, a falling MDIA suggests renewed movement from long-held coins. This could signal: • Increased Investor Confidence: A drop in MDIA might indicate that major stakeholders (whales) are returning their Bitcoin to active circulation, potentially fueling a price increase. • Fresh Investment: New investors entering the market with fresh capital could also contribute to a decline in MDIA. Current Market Situation (as of April 13, 2024): • Bitcoin is experiencing a price decline, potentially reflecting investor uncertainty. • It's important to note that MDIA is just one indicator, and other factors can influence market movements. Additional Considerations: • Market Sentiment: Broader market sentiment and external factors can significantly impact Bitcoin's price. Analyzing news and economic data alongside MDIA can provide a more holistic view. • Technical Analysis: Technical indicators like price charts and trading volume can offer further insights into potential price movements. Beyond MDIA: Implied Volatility The recent rise in implied volatility for Bitcoin options suggests increased market uncertainty. Implied volatility reflects the market's expectation of price fluctuations within a specific timeframe. A rise indicates: • Investor Hesitation: Investors might be unsure about the future direction of Bitcoin's price. • Increased Risk Premium: Option traders are demanding a higher premium to account for the perceived volatility. Conclusion The MDIA is a valuable tool for gauging investor behavior and potential shifts in the Bitcoin market. While a falling MDIA can be a bullish sign, it's crucial to consider other factors like implied volatility and broader market sentiment for a comprehensive understanding. By combining MDIA analysis with other technical and fundamental indicators, investors can make more informed decisions in the dynamic world of cryptocurrency. Further Research: • Santiment: santiment.net • Implied Volatility: www.investopedia.com
BITSTAMP:BTCUSD
by bryandowningqln
Bitcoin Cash Halving Jitters: A Cautionary Tale for Bitcoin? With Bitcoin's fourth mining reward halving just days away, all eyes are on the leading cryptocurrency. However, a recent price slump in Bitcoin Cash (BCH), a derivative of Bitcoin, is sending a potential warning sign to Bitcoin traders. Understanding the Halving Bitcoin's mining reward halving is a pre-programmed event that occurs roughly every four years. It cuts the number of new bitcoins awarded to miners for verifying transactions on the blockchain in half. This economic model is designed to control the overall supply of Bitcoin, theoretically leading to price appreciation in the long run due to scarcity. Bitcoin Cash: A Proxy for Bitcoin's Halving? Bitcoin Cash (BCH) emerged from a hard fork of the Bitcoin blockchain in 2017. While sharing similar core functionalities, BCH has a larger block size, allowing for faster transaction processing compared to Bitcoin. Historically, the price movements of Bitcoin Cash have often mirrored those of Bitcoin, making it a potential indicator for Bitcoin's future performance. This is why the recent post-halving price drop in BCH has some analysts worried about the potential impact on Bitcoin after its upcoming halving on April 20th. BCH's Cautionary Tale: A 15% Slide Following its own halving on April 4th, 2024, Bitcoin Cash experienced a significant price drop of around 15%. This decline suggests that the anticipated rise in value post-halving might not materialize immediately. Furthermore, BCH futures markets also witnessed a significant drop in open interest, indicating a potential decrease in bullish sentiment among traders. Negative funding rates on BCH perpetual futures contracts further highlight a shift towards a bearish outlook. Why BCH Might Not Be a Perfect Proxy While BCH offers some insights, it's important to acknowledge key differences between the two cryptocurrencies: • Market Capitalization: Bitcoin dwarfs Bitcoin Cash in terms of market capitalization. This vast difference means that Bitcoin's halving will likely have a more muted impact on its price compared to BCH. • Adoption Rate: Bitcoin enjoys a wider user base and higher adoption rate compared to BCH. This translates to a potentially more robust and resilient market for Bitcoin. What to Expect for Bitcoin's Halving Despite BCH's recent price slump, predicting the exact impact of Bitcoin's halving remains a challenge. Here are some factors that could influence Bitcoin's post-halving performance: • Institutional Investment: Increased institutional investment in Bitcoin could provide significant support for the price post-halving. • Regulatory Landscape: Evolving regulations surrounding cryptocurrencies can significantly impact investor sentiment and market stability. • Overall Market Conditions: Broader economic factors and the prevailing risk appetite in the market will also influence Bitcoin's post-halving trajectory. A Measured Approach: Long-Term Perspective While the BCH price movement post-halving is a cause for some concern, it shouldn't be the sole indicator for Bitcoin's future. Investors should approach the upcoming halving with a well-rounded perspective, considering the unique fundamentals of Bitcoin and the broader market environment. Historically, Bitcoin has demonstrated a tendency for price appreciation in the long term after halving events. However, short-term volatility is inevitable. Investors should exercise caution and adopt a long-term investment horizon when navigating the complexities of the cryptocurrency market. The Bottom Line: A Learning Experience The recent price behavior of Bitcoin Cash serves as a valuable learning experience for Bitcoin traders. It highlights the inherent volatility in the cryptocurrency market and the potential for short-term setbacks even after anticipated positive events like a halving. While BCH might not be a perfect proxy, its performance offers a glimpse into the potential psychological impact of a halving on investor sentiment.
COINBASE:BCHUSD
by bryandowningqln