Bitcoin (BTC) has been volatile over the past few days, with prices hitting $71,000 on Monday before plummeting to around $68,000 today.coin glass data This decline resulted in the liquidation of nearly $200 million worth of leveraged derivatives trading positions.
Bitcoin is trading at $69,000, down more than 2.5% in the past 24 hours. Bitcoin’s current price is down nearly 7% from its newly reached all-time high of $73,750.
As the halving approaches, can Bitcoin regain momentum and regain lost ground? The following analysis will give hints.
Bitcoin drops, but indicators remain bullish; halving could push prices higher
Bitcoin has fallen nearly 3% in the past 24 hours, according to CoinMarketCap. However, technical indicators remain bullish.
The price of BTC is currently above the 50-day and 200-day simple moving averages. The chart shows that Bitcoin’s price has remained above the SMA line since February 8, 2024. This shows that long-term buyers are still holding on to Bitcoin and preventing a larger decline.
The Relative Strength Index (RSI) is at 53, indicating that Bitcoin is trading slightly away from the neutral zone. This suggests that Bitcoin is far from oversold.
Furthermore, as BTC remains above key moving averages and the RSI remains in bullish territory, long-term investors may still consider holding their coin despite the recent short-term decline.
One potential bullish catalyst on the horizon is the Bitcoin halving event, which is expected to occur in the coming days. If demand remains stable, reduced supply could put upward pressure on prices. Given the historical impact of halvings, investors may want to accumulate Bitcoin ahead of this event.
Speaking of market-moving events that could change the trajectory of Bitcoin’s price, traders are keeping a close eye on Hong Kong’s expected launch of a BTC ETF in April.
Hong Kong’s first Bitcoin ETF may be approved in April: will it affect prices?
a few hours ago, source Share that Hong Kong may approve its first spot Bitcoin ETF this month. The move will make Hong Kong a pioneer in offering such investment products in Asia.
Regulators have accelerated approvals in a bid to bolster the city’s status as a global financial hub, the report said. Experts expect the move to attract new global investment and boost cryptocurrency adoption.
Back in January, the United States launched its first spot Bitcoin exchange-traded fund (ETF), attracting massive investment and driving up Bitcoin prices. Notably, BTC has surged more than 60% this year and reached an all-time high in March.
Many mainland China and Hong Kong asset management companies, including China Asset Management, Harvest Fund, and Boshi Fund, have submitted applications for ETF issuance.
How will BTC price react?
The approval of a Hong Kong spot Bitcoin ETF could affect the price of Bitcoin in a number of ways. First, it may increase demand for Bitcoin, as ETFs will provide easier access to investment opportunities for institutional and retail investors.
Second, the introduction of ETFs may increase liquidity in the Bitcoin market, since ETFs trade on traditional stock exchanges. This will make it easier to buy and sell Bitcoin-related assets.
Additionally, Hong Kong’s approval of ETFs could signal broader acceptance of Bitcoin and cryptocurrencies by traditional financial institutions and regulators around the world. This could boost investor confidence and drive further price appreciation.
While the exact impact on Bitcoin prices remains uncertain, the introduction of a spot Bitcoin ETF in Hong Kong could help increase demand, liquidity and legitimacy for the cryptocurrency.
However, the price of Bitcoin is high, and traders can consider low-cap gems like Dogecoin20, which have the potential to soar 10x in the upcoming bull cycle.
Dogecoin20 Expected to Surge 100x This Month Ahead of Doge Day Listing
Meme coin investors are excited as Dogecoin20 (DOGE20) is about to launch on Uniswap on Doge Day. With only ten days left before this event, many people are speculating on DOGE20’s next big move. Some traders said DOGE20 could rise 100 times from the pre-sale price. But can meme tokens soar 100x?
Dogecoin20: Fun and Beneficial Meme Coin
Dogecoin20 is a meme token based on the ERC-20 standard that maintains a simple, hilarious vibe in its brand and online presence. But for traders who want more than just a laugh, there are some benefits.
Dogecoin20 lets you stake your coins and earn a generous 49% APY. This is an impressive percentage for just holding the token. It has a limit on the number of tokens that can exist (140 billion) to avoid the never-ending inflation issues that the original Dogecoin faced.
But the real highlight of Dogecoin20 is its timing; it launched on Uniswap on April 20 during the Dog Day craze. The Bitcoin halving is also expected to occur on the same day.
Governor’s Day is like a gathering for memecoin fans, everyone gets excited and starts trading like crazy. So by choosing April 20 as the launch date, the team hopes to ride the wave and get people talking about Dogecoin20 more. While everyone is already in the mood to celebrate meme coins, it’s a smart move to join in the fun.
Dogecoin 20 on the Crypto Influencer Radar
With strong pre-sale numbers and influencer support, Dogecoin20 is generating a lot of buzz. Two weeks ago, the DOGE20 pre-sale reached its $10 million fundraising goal, demonstrating the hunger among meme coin fans for the next big thing.
Even after reaching $10 million, buyers still have a last chance to purchase DOGE20 at $0.00022 per token before Uniswap goes live.
There’s a lot of excitement about this launch. Big crypto YouTubers like Jacob Bury DOGE20 is being talked about, suggesting that its value could increase 100x if the community stays engaged. Whether or not these ambitious goals are achieved, the hype surrounding Dogecoin20 is undeniable. So to join now, just head over to Pre-sale site.
