Bitcoin’s price fluctuations surge as Hong Kong welcomes new ETFs

Amidst Bitcoin’s volatile price hikes and drops, new spot Bitcoin ETFs have just started to trade in Hong Kong, restoring the cryptocurrency market even further. This move signals a major leap forward for the industry in Asia, which has been largely cash-flow-heavy and where Bitcoin is yet to achieve broader public trust as a mainstream asset.

Bitcoin’s rebound

Although the volume of these newer-style ETFs in Asia has eclipsed that of the US, their launch here in the region underpins a deeper acceptance of Bitcoin within its borders.

#Bitcoin is pumping toward the opening bell in Hong Kong where spot #BTC and #ETH #ETFs hit the market for the first time.

Will Hong Kong bulls stampede through resistance at $65.5k or will they take a more tempered approach and wait for the Monthly Close and Wednesday's… pic.twitter.com/q9flBzC86i

— Keith Alan (@KAProductions) April 30, 2024

Bitcoin’s price looked like it would soon begin its recovery by going back up to almost $62,000 compared to the lows it had witnessed at the beginning of the week. Crypto Trader has spotted a downfalling wedge pattern on the charts, whose retest is currently seen as a possible level of support. This progress will likely give a gush to the market town, with Bitcoin pumping towards 9 a.m. BIT in Hong Kong.

Limits to bitcoin are rejecting very important levels, and investors are aggressively tracking the prices to determine whether the market is ready for a bullish breakout. The Fed meeting and Fed Chair Powell’s remarks are scheduled for the end of the month. Investors are closely watching both of them and the market sentiment in the coming month is expected to be influenced by these events.

Source: coinmarket cap

Bitcoin market outlook and potential scenarios amid Falling Wedge Breakout

Daan Crypto Trader on the x platform supported the suggestion referring to the bull’s participation in breaking down the actual price of Bitcoin, where more bear pressure could exist when they’re slowing down. Whether this turning point will be known as the beginning of a new era or a mere transition will heavily rely on the steps taken by the major entities and external factors like policy modifications and macroeconomic cues.

#Bitcoin Falling wedge held, broke out and is now retesting. https://t.co/eFP5QdrJeo pic.twitter.com/3VS5HgfHHE

— Daan Crypto Trades (@DaanCrypto) April 30, 2024

Hong Kong’s first spot Bitcoin ETFs have incentivized cryptocurrency market practitioners to seek advice on matters related to the digital currency market, which indicates the shifting sentiment of digital assets in Asia. 

Bitcoin is not an exception to fiat currencies as it does not avoid support level declines in response to price stats; however, the formation of a falling wedge breakout serves as a ray of hope to keep investors motivated.

With incoming Federal Reserve chair Jerome Powell speaking about the market moving forward, Bitcoin’s price is still unstable at the end of this month. Whether the crypto bulls in Hong Kong will display a herd mentality of turbo-charging through resistance or act cautiously will only be known as many factors will determine the next move. Thus, this period is crucial for the whole crypto market.