Bitcoin (BTC) has been volatile over the past few days, with the price hitting $71,000 on Monday before falling to around $68,000 today. CoinGlass data shows that this decline caused almost $200 million worth of leveraged derivative trading positions to be liquidated.
BTC trades at $69,000, representing a decline of more than 2.5% in the last 24 hours. Bitcoin’s current price represents a drop of nearly 7% from its newly achieved high of $73,750.
With halving fast approaching, will Bitcoin regain momentum to reclaim lost gains? The following analysis will provide hints.
Bitcoin Falls, But Indicators Still Bullish; Halving may increase price
Bitcoin has fallen nearly 3% in the past 24 hours, according to CoinMarketCap data. However, the technical indicators still look bullish.
BTC’s price is currently trading above both its 50-day and 200-day simple moving averages. The chart shows Bitcoin’s price has remained above the SMA lines since February 8, 2024. This suggests that longer-term buyers are still holding onto the currency, preventing any further decline.
The Relative Strength Index (RSI) is 53, indicating that Bitcoin is trading slightly away from the neutral zone. This suggests that BTC is far from oversold.
Also, with BTC holding above key moving averages and RSI still in bullish territory, long-term investors may consider holding onto their coins despite the recent short-term decline.
One potential bullish catalyst on the horizon is Bitcoin’s halving event, which is expected in the coming days. If demand remains consistent, this supply reduction could cause upward price pressure. Given the historical impact of halvings, investors may want to accumulate BTC ahead of this event.
Speaking of market-moving events that could shift Bitcoin’s price trajectory, traders are keeping a close eye on Hong Kong’s anticipated BTC ETF launch in April.
Potential Approval of Hong Kong’s First Bitcoin ETFs in April: Will It Affect Prices?
a few hours ago, sources shared that Hong Kong is likely to approve its first spot bitcoin ETFs this month. The move will position Hong Kong as Asia’s pioneer in offering such an investment product.
According to the report, regulators have accelerated approvals, aiming to strengthen the city’s status as a global financial center. Experts expect this move to attract new global investment and boost crypto adoption.
Recall that in January, the US launched its first exchange-traded funds (ETFs) for spot Bitcoin, which attracted significant investment and drove the price of BTC. Notably, BTC has risen more than 60% this year, peaking in March.
Several mainland China and Hong Kong-based asset managers, including China Asset Management, Harvest Fund Management and Bosera Asset Management, have submitted applications for ETF launches.
How will BTC price react?
The approval of spot bitcoin ETFs in Hong Kong could potentially affect the price of BTC in several ways. First, it could increase demand for Bitcoin, as the ETFs would provide easier access for institutional and retail investors.
Second, the introduction of ETFs could lead to greater liquidity in the bitcoin market, as ETFs are traded on traditional stock exchanges. This will enable easier buying and selling of Bitcoin-related assets.
Additionally, the approval of ETFs in Hong Kong could signal a broader acceptance of Bitcoin and cryptocurrencies by global traditional financial institutions and regulators. This will potentially boost investor confidence and drive further price gains.
While the exact impact on bitcoin’s price remains uncertain, the introduction of spot bitcoin ETFs in Hong Kong could contribute to increased demand, liquidity and legitimacy for the cryptocurrency.
However, the price of Bitcoin is high, and traders can consider low-cap gems like Dogecoin20, which has the potential to rise 10x in the upcoming bull cycle.
Dogecoin20 is expected to rise 100 times this month ahead of Doge Day listing
Meme coin investors are getting excited as Dogecoin20 (DOGE20) is about to launch on Uniswap on Doge Day. With only ten days before this big event, many people are speculating about DOGE20’s next big move. Some traders say DOGE20 can rise 100 times from its pre-sale price. But can the meme token go up 100X?
Dogecoin20: The fun and rewarding meme coin
Dogecoin20, a meme token based on the ERC-20 standard, keeps things simple with a hilarious vibe in its branding and online presence. But there are some bonuses for traders who want more than just a laugh.
Dogecoin20 allows you to stake your tokens and earn a juicy 49% APY. That’s an impressive percentage just to hold the tokens. It has a limit on how many tokens (140 billion) can exist to avoid the endless inflation issue that the original Dogecoin faced.
But the real kicker for Dogecoin20 is its timing; it starts on Uniswap right in the middle of the Doge Day craze on April 20th. This is the same day Bitcoin halving is expected to happen.
Doge Day is like a party for meme coin fans, where everyone gets excited and starts trading like crazy. So, by choosing April 20 for the launch, the team hopes to ride the wave of excitement and get people talking about Dogecoin20 even more. It’s smart to jump in on the fun when everyone is already in the mood to celebrate meme coins.
Dogecoin20 on Crypto Influencer’s Radar
Backed by strong pre-sale numbers and support from influencers, Dogecoin20 is attracting serious attention. Two weeks ago, DOGE20’s presale reached its fundraising goal of $10 million, showing how eager meme coin fans are for the next big thing.
Even after hitting $10 million, there is still one last chance for buyers to grab DOGE20 at $0.00022 per token before it goes live on Uniswap.
The excitement about this launch is huge. Big crypto YouTubers like Jacob Bury talking about DOGE20, suggesting that it could increase in value 100 times if the community stays involved. Whether or not those ambitious goals are achievable, the hype around Dogecoin20 is undeniable. So, to join now, go straight to the presale website.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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