Bitcoin’s price trajectory is making a sharp turn towards $60,000 amid increasing volatility and substantial daily cryptocurrency liquidations. The recent introduction of new spot price exchange-traded funds (ETFs) in Hong Kong has not met investor expectations, contributing to the downward pressure on Bitcoin’s price.
Market Reactions to New ETFs
As the latest Bitcoin ETFs launched in Hong Kong reported disappointing first-day trading volumes of $12.4 million, market sentiment shifted markedly bearish. Although these figures are modest compared to the U.S. market, Bloomberg Intelligence analyst Eric Balchunas highlighted that, when adjusted for the relative market size, the performance remains notable. On social media platform X (formerly Twitter), Balchunas pointed out the contrast between East and West, noting that while the figures are lower than those in the U.S., they are impressive for the Hong Kong market’s scale.
Also Read: Bull to Bearish: Peter Brandt Updates His Bitcoin Outlook
Bitcoin’s Price Dynamics
During the Asia trading session, Bitcoin lost crucial support at $61,000, setting its sights lower as market analysts and investors reassess its stability and potential floor. The bearish mood was exacerbated by four consecutive days of net outflows from U.S. ETFs, signaling waning confidence among some investors.
Technical Perspectives and Future Prospects
Technical analysis suggests that the $60,000 mark could serve as a strong foundational level for Bitcoin, with potential support also visible around the 50-day exponential moving average (EMA). On-chain analytics firm Glassnode’s co-founders, Yann Allemann and Jan Happel, emphasized the market’s tendency to ‘buy on the dip,’ suggesting that a drop below $60,000 could stabilize around $52,000—a level historically attractive to buyers.
Despite the immediate setbacks, the broader market sentiment leans towards optimism, with the potential for Bitcoin’s price to find renewed support and possibly regain momentum towards the upper end of its current range.
