BTC plummets below $62,000 again

Bitcoin is back on a roller coaster after a brief surge above $63,000. The asset, after having rekindled the interest of investors, has undergone a new collapse and is now trading at the level of $61,117.

Traders are wondering whether it will rise again soon and whether it can reach the level of $70,000. Several factors could impact the trajectory and influence investor sentiment, as a change in the regulatory landscape.

Additionally, Spot ETFs recently approved by the SEC have they boosted confidence in the asset’s investment profile but had a mixed impact on its trajectory.

Mixed Influences from US Spot Bitcoin ETFs

Recent activity by US Bitcoin Spot ETFs has had a mixed impact on Bitcoin’s trajectory. For example, the ARK 21Shares Bitcoin ETF and the Grayscale Bitcoin Trust have recorded strong outflowsof $31.34 and $24.66 million, respectively.

The Bitwise Bitcoin ETF, on the other hand, recorded the highest net inflow, equal to $6.84 million. Despite recent outflows of more than $51.5 million, ETFs have accumulated nearly $12 billion in net inflows since their approval.

Although transaction volumes peaked on March 5 and have declined since then, sustained inflows and broader investment choices will likely strengthen Bitcoin’s price stability and encourage its growth over the long term.

To recap:

• US BTC Spot ETFs saw heavy outflows.
• Long-term inflows suggest a possibility price consolidation in the future.

MicroStrategy Buys More Bitcoin

In addition to the Bitcoins already in his possession, MicroStrategy he purchased in April another 122 Bitcoins worth approximately $7.8 million, bringing his total investments to 214,400 BTC. The decision strengthens its position in the crypto market, as well as its confidence in the long-term potential of digital assets.

Despite a drop in revenue in the first quarter, the company remains committed to its strategy focused on Bitcoin. CEO Michael Saylor claims the asset is a good hedge against inflation.

Additionally, MicroStrategy shares have outperformed both Bitcoin and the S&P 500 since August 2020.

MicroStrategy’s continued purchases of Bitcoin and strong confidence in its future potential could therefore positively influence the value of the crypto asset. This in turn could push investors and institutions to take an interest in the crypto asset, triggering an increase in demand and contributing to price stability.

Hong Kong launches Bitcoin Spot ETFs

Hong Kong has launched Bitcoin Spot ETFs on the market. This is an important development in the region’s financial landscape.

Unlike American Spot ETFs, those of Hong Kong they can issue new shares backed directly by crypto assets.

Despite strict regulations limiting the participation of mainland Chinese investors, this initiative indicates a growing integration of crypto assets within financial systems.

To recap:

• Hong Kong ETFs differ in that they allow direct cryptocurrency support for new stocks.
• Regulatory barriers limit mainland Chinese participation.

Bitcoin value prediction

Today Bitcoin opened the day at $62,826, with a drop of approximately 1.50%. It is currently trading below its point pivot of $64,379. The first immediate resistance is located at the $67,084 level, while the subsequent ones are at $68,734 and $70,968.

In the event of a decline, the first support level that could cushion the blow is located at $61,062, while the subsequent ones are at $59,660 and $58,175.

Technical indicators, including its relative strength index (RSI) at 43 and its 50-day exponential moving average (EMA) at $64,353, are showing a bearish trend.

There is a bearish engulfing candle on the chart, which, along with resistance near the $64,350 level, suggests the continuation of the downtrend.

Investors will need to keep an eye on Bitcoin’s movement. An overshoot of the level of $64,375, could trigger bullish sentiment, while a drop below could trigger a sharp sell-off.

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