Are you ready for the Bitcoin Halving Countdown? As we approach this highly anticipated event, recent developments have sparked interesting conversations in the crypto world.
One significant development was Hong Kong approving BTC-spot ETFs, a move that initially seemed like a game-changer. However, Bloomberg Intelligence Senior ETF analyst Eric Balchunas put things into perspective by comparing the assets of US spot bitcoin ETFs to the entire HK ETF market. Surprisingly, US spot bitcoin ETFs boast more assets than the entire HK ETF market, with US BTC-spot ETFs holding approximately $9 trillion in assets compared to HK’s $50 billion.
In terms of technical analysis, BTC has been trading below the 50-day EMA while staying above the 200-day EMA. This has led to mixed signals, with bearish near-term indications but bullish longer-term prospects. A potential breakout above the $64,000 resistance level could push BTC towards the 50-day EMA, setting the stage for a run at the $69,000 resistance level. On the flip side, a drop below $63,000 could invite bearish pressure towards the $60,365 support level.
As investors keep a close eye on the Middle East, US economic calendar, and BTC-spot ETF flow data, it’s crucial to monitor the 14-Daily RSI reading. With BTC currently at a reading of 41.96, there’s a possibility of a dip towards the $60,365 support level before entering oversold territory.
Stay tuned for more updates and insights on the stock market, trading, and all things Wall Street as we navigate through this exciting period leading up to the Bitcoin Halving Countdown. Remember to visit Extreme Investor Network for exclusive content and expert analysis to help you make informed investment decisions.
