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Crypto vs. Dollar

📌 Bitcoin price prediction amid Hong Kong’s launch of $1 billion liquidity fund for cryptocurrency ETFs – will Asia lead the next bull market?

Bitcoin Price Forecast. Bitcoin

– Bitcoin Price Forecast

While bitcoin hovered at US$61,368 after falling 2.60% , market watchers are closely watching the impact of a new US$1 billion liquidity fund for cryptocurrency ETFs in Hong Kong. The fund is designed to stabilize and possibly revive the Asian bull market and influence bitcoin price forecasts across Asia.

Market maker Wintermute is partnering with OSL and HashKey to boost liquidity for the new Hong Kong bitcoin and Ethereum ETFs. The strategic move is aimed at expanding Wintermute’s influence in the Asian cryptocurrency market. According to Wintermute CEO Eugene Gaivoy, by providing liquidity, Wintermute helps institutional and retail investors enter the cryptocurrency market through Facilitation.

As a recognized leader in cryptocurrencies in the Asia-Pacific region, Hong Kong aims to set a precedent that can inspire other countries to introduce similar innovations in the cryptocurrency market.

In addition, three venture capital firms – LD Capital, Antalpha Ventures and Highblock – have launched a HK$1 billion (US$128 million) fund to provide liquidity to these ETFs. The fund aims to reduce price volatility and increase overall market stability by providing uninterrupted trading activity.

The main participants in the fund are the following companies

LD Capital: a blockchain investment specialist.

Antalpha Ventures: deep understanding of the industry.

Highblock: specializes in quantum trading of digital assets.

The initiative coincides with the launch of Tiger Broke digital asset trading for professional investors in Hong Kong, a key week in the development of financial technology in the region.

The pivot point for bitcoin is the $62,500 level, which bitcoin recently breached, indicating a bearish outlook for the bitcoin price; immediate support at $59,164 is the next threshold that could be tested to generate significant buying interest. Further support levels are located at $56,677 and $54,336, which could become relevant if the downtrend continues.

On the resistance side, bitcoin is facing several barriers. The immediate resistance is at $64,564, followed by $67,084 and $69,356. These numbers represent key points that bitcoin must overcome to confirm a possible bullish reversal.

Technical indicators provide additional insight into bitcoin’s position in the market. The Relative Strength Index (RSI) is currently at 63, indicating slight bullish momentum, albeit close to overbought.

The 50-day exponential moving average (EMA), located around $62,585, is closely aligned with the pivot point, solidifying it as a key resistance level; as the EMA is currently above price, resistance in this area is likely to persist.

Conclusion: The current BTC/USD price is showing a bearish trend below the $62,500 pivot point. If prices continue to remain below this point, it could trigger a further decline to the USD 59,164 support level. Conversely, a break above this point would signal a shift to a more bullish trend and could trigger a price rally to higher resistance levels above USD 64,564.

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