Bitcoin Price Tumbles Below $60,000 as ETF/Macro Headwinds Mount – Is the BTC Bull Market Over?
The Bitcoin (BTC) price has tumbled more than 5% on Tuesday to below $60,000 following a disappointing first day of spot Bitcoin ETF trade in Hong Kong, and following fresh US economic data that points to sticky inflation and strengthens the argument that the Fed should wait before cutting interest rates.
Having pushed nearly as high as $65,000 in early Asia trade, Bitcoin was last changing hands in the $59,900s.
And as macro/fundamental headwinds build, technical analysis suggests that BTC could be headed for a near-term correction into the $50,000s.
Since mid-April, the Bitcoin price has consistently found resistance at its 21 and 50DMAs, suggesting the bears are in control.
Moreover, the Bitcoin price has also formed a descending triangle in the last few weeks. Descending triangles typically form ahead of bearish breakouts.
Should Bitcoin break to the south of its recent range lows at $60,000, a quick retest of $53,000 is possible. That could mean a 12% near-term drop from current levels.
That would take the Bitcoin price’s pullback from its March all-time highs near $74,000 to nearly 30%.
The launch of spot Bitcoin and Ether ETFs in Hong Kong on Tuesday fell flat.
Hong Kong ETF providers had been pumping hype prior to the launch, claiming that the Hong Kong launch could surpass the US launch.
Instead, total trading volumes amounted to just under $12.5 million, as per Bloomberg data circulated on X. Hong Kong’s new Bitcoin ETFs saw less than $10 million in trade volumes.
Hong Kong Crypto ETFs were predicted to have $300 million inflows on the first day.
Instead they had a total of $12.4m in total trading volume. pic.twitter.com/YUGgD6ugjh
— wallstreetbets (@wallstreetbets) April 30, 2024
That was a big disappointment to the
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