Bitcoin

Bitcoin Price Prediction As BTC Is Above $60,000 Ahead Of The Weekend – Bull Week Coming?

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Last updated: May 4, 2024 10:42 am EDT | 4 minutes of reading

Bitcoin Price Prediction

The price of Bitcoin is showing a robust rise, now trading at approximately US$63,200, with recent highs of US$64,446. This activity is part of a broader trend that has seen global crypto market capitalization increased to $2.36 trillion, an increase of more than 7% from the last day.

The increase is influenced by the Federal Reserve’s decision, as indicated by Chairman Jerome Powell, to halt further interest rate increases, a policy measure that often favors investments like Bitcoin, increasing its appeal.

The rise is also supported by significant inflows into Bitcoin ETFs and the successful launch of similar products in Hong Kong, highlighting renewed and growing confidence among investors.

The combination of these factors indicates a possible increase in Bitcoin price.

Bitcoin ETFs see inflows of $378 million, marking resurgence in market confidence

Bitcoin ETFs have recently witnessed a notable increase in flows, totaling US$378 million on May 3, marking a recovery after a week of departures.

This influx includes a significant $63 million investment in Grayscale’s Bitcoin ETF (GBTC), the first since January. This is notable considering Grayscale’s previous $17.5 billion loss attributed to higher fees compared to competitors.

Other prominent Bitcoin ETFs, such as Fidelity’s FBTC and Franklin Templeton’s EZBC, have also reported significant inflows.

  • Grayscale Surprise Recovery: GBTC secures $63 million, reversing previous declines.
  • Market recovery: Indicators suggest increased institutional confidence and potential positive impacts on the price of Bitcoin.

These inflows reflect renewed confidence in the crypto market, potentially signaling a broader recovery and growing demand for Bitcoin.

Hong Kong Bitcoin ETFs Attract $258 Million, Fueling BTC Price Rise and Market Stability

Hong Kong Bitcoin ETFs made a remarkable entry, attracting US$258 million in just three days of trading. This increase in capital flows highlights a growing investor appetite for Bitcoin and underlines the strength of Hong Kong’s crypto market, especially compared to the global stage.

While the US Bitcoin ETF spot market saw outflows of $860 million, the Hong Kong market saw inflows of almost $300 million, demonstrating its robustness during global market volatility.

This financial dynamism coincided with a 5.75% increase in the price of Bitcoin to US$63,050.11, showing the market’s resilience.

  • Rapid growth: Hong Kong ETFs quickly raised US$258 million, indicating strong investor confidence.
  • Market contrast: Outperforms US market momentum with substantial weekly inflows.

Significant interest in Hong Kong Bitcoin ETFs likely played a key role in the recent BTC price surge, reinforcing positive market sentiment amid broader economic uncertainty.

The technical outlook suggests a bullish Bitcoin price prediction as BTC is holding a core price of $61,651. Rising beyond this mark, Bitcoin faces immediate resistance at $64,565, with additional resistance anticipated at $67,085 and $70,000.

On the other hand, if the price of Bitcoin declines, it will find immediate support at $59,165, with subsequent levels at $56,675 and $54,335 poised to offer further stability.

Recent trends on the 4-hour chart show Bitcoin surpassing the 50-day exponential moving average (EMA) at $61,575, transitioning from a resistance level to a support level.

As discussed in the morning story in Bitcoin Price Prediction, the “three white soldiers” candlestick pattern suggests strong bullish momentum. However, resistance near $63,200 could temper the rally, requiring a push for further gains.

Bitcoin Price Prediction – Source: Tradingview

If Bitcoin overcomes this barrier, it is likely to challenge the next resistance at $64,564 immediately.

Overcoming this could propel Bitcoin to $67,084 and potentially reach $70,000, especially if it breaks through a distinct double top pattern near $67,000.

Supporting this bullish scenario is the Relative Strength Index (RSI) at 63, signaling robust buying interest.

Technical Indicators:

  • TO READ: 63, reflects strong buying pressure.
  • 50 EMA: $61,574 now provides support.

With these dynamics, Bitcoin’s prospects look favorable above the $61,650 pivot. Remaining above this level could lead Bitcoin to test higher resistances. However, a drop below could trigger significant selling, targeting lower support levels as the market reassesses its direction.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.



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