Bitcoin Price Prediction as BTC Is Back Above $60,000 Before the Weekend – Bullish Week Incoming?

Forex
May 4, 2024
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Bitcoin Price Prediction

Bitcoin’s price shows a robust ascent, now trading at approximately $63,200, with recent highs of $64,446. This activity is part of a wider trend that has seen the global crypto market cap increase to $2.36 trillion, up over 7% over the last day.

The uptick is influenced by the Federal Reserve’s decision, as indicated by Chair Jerome Powell, to halt further interest rate increases, a policy move that often favors investments like Bitcoin by enhancing their appeal.

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

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

Bitcoin ETFs See $378M Inflows, Marking Market Confidence Resurgence

Bitcoin ETFs have recently witnessed a notable surge in inflows, totaling $378 million on May 3, marking a recovery after a week of outflows.

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

FINAL 5/3 U.S. Bitcoin ETF inflows of +$378 million

Bitcoin ETFs bought 6,123 #Bitcoin today (~14 days supply) pic.twitter.com/hxdSY6sbVQ

— HODL15Capital (@HODL15Capital) May 4, 2024

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

Grayscale’s Surprise Recovery: GBTC secures $63 million, reversing previous declines.Market Recovery: Indicators suggest rising institutional confidence and potential positive impacts on Bitcoin’s price.

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

Hong Kong Bitcoin ETFs Attract $258M, Fueling BTC Price Surge and Market Stability

Hong Kong’s Bitcoin ETFs have made a remarkable entrance, attracting $258 million in just three days of trading. This surge in capital inflows highlights a growing investor appetite for Bitcoin and underscores the strength of Hong Kong’s crypto market, especially compared to the global landscape.

While the US Spot Bitcoin ETF market experienced $860 million in outflows, Hong Kong’s market saw nearly $300 million in inflows, demonstrating its robustness during global market volatility.

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

Rapid Growth: Hong Kong ETFs quickly gathered $258 million, indicating strong investor confidence.Market Contrast: Outshines US market dynamics with substantial weekly inflows.

The significant interest in Hong Kong’s Bitcoin ETFs likely played a pivotal role in the recent BTC price uptick, reinforcing positive market sentiment amid broader economic uncertainty.

Bitcoin Price Prediction

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

Conversely, if Bitcoin’s price falls, it encounters 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 it from a resistance to a support level.

As discussed in the morning story on Bitcoin price prediction, the ‘three white soldiers’ candlestick pattern suggests strong bullish momentum. Nonetheless, a resistance near $63,200 could temper the ascent, demanding a breakthrough for further gains.

Bitcoin Price Prediction – Source: Tradingview

Should Bitcoin overcome this barrier, it is likely to challenge the next resistance at $64,564 promptly.

Overcoming this could thrust Bitcoin towards $67,084 and potentially reach as high as $70,000, especially if it surpasses 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:

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

With these dynamics, Bitcoin’s prospects appear favourable above the $61,650 pivot. Remaining above this level could lead Bitcoin to test upper resistances. However, slipping below could trigger significant sell-offs, targeting lower support levels as the market reassesses its direction.

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