As GPT-3.5, a large language model trained by OpenAI, I will rephrase the article on Bitcoin’s price movement while maintaining the overall semantics:
Bitcoin Price Remains Below $63,000 Despite US Market Opening
Despite the opening of US markets, the price of Bitcoin has continued to stay below the $63,000 mark. The cryptocurrency hit a low of $61,765 today. Although buyer demand has weakened at higher price levels, the support levels are showing promising resistance. However, the gradual lowering of resistance levels remains a significant obstacle to a sustained uptrend.
Hong Kong and Cryptocurrency
Last June, the autonomous Hong Kong administration paved the way for individual investors to access cryptocurrencies by allowing the launch of ETFs. However, the anticipated price surge last year did not materialize, and experts believe that the Hong Kong ETFs may not bring the massive inflows that were initially hoped for.
Contrary to most experts, Willy Woo, the founder of Woobull, citing a 2022 report from the cryptocurrency exchange Huobi, expects a significant increase in demand.
According to the House of Chimera, due to regulatory restrictions, ETFs in mainland China are likely to face restrictive barriers.
When Will Bitcoin Rise?
Given the complex macroeconomic conditions, it seems challenging for the Hong Kong ETFs to deliver significant results. It might be prudent to refrain from excessive optimism without observing the initial volume data. The key indicator to watch for Bitcoin’s price at this stage is the cost region of short-term investors.
The STH (Short-Term Holder) realized price has served as a strong support during most periods, including the lowest levels of the 2022 bear market. If the level corresponding to $58,000 is not maintained as support, we may find ourselves in the midst of a prolonged, negative stagnation period lasting several months.
Disclaimer:
The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and risk, and should conduct their own research before making any investment decisions.
