2024

Bitcoin

CRYPTO

KONG

In the realm of <a href="https://cryptonews.com/news/bitcoin-price-prediction.htm">Bitcoin price prediction</a>, the premier digital currency recently saw a dip below the $43,000 mark, impacted by a downturn in the US stock market and Coinbase shares’ performance. 
Despite these headwinds, <a href="http://tradingview.com/symbols/BTCUSD/">Bitcoin</a> demonstrated resilience, buoyed by a ‘buy the dip’ sentiment among investors, and managed to stay above $42,000. 
 A fascinating data for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> bulls. 
Bitcoin balance on exchanges is at the lowest point (yellow) despite <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> trading above 42K. 
Why 
Whales storing their BTC in cold wallets and expecting hire price in future with <a href="https://twitter.com/hashtag/ETFs?src=hash&amp;ref_src=twsrc%5Etfw">#ETFs</a> on hand. 
I personally don't think <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> will get… <a href="https://t.co/7QMtkeWcH9">pic.twitter.com/7QMtkeWcH9</a> 
— Zia ul Haque (@ImZiaulHaque) <a href="https://twitter.com/ImZiaulHaque/status/1754750968040694086?ref_src=twsrc%5Etfw">February 6, 2024</a> 
This steadiness persists despite rising US Treasury bond yields and comments from Federal Reserve Chair Jerome Powell, which moderated expectations for a March rate cut. 
Amid these economic indicators, influential figures like Cathie Wood offer their outlook on Bitcoin, while regulatory changes in Hong Kong signal potential shifts in the cryptocurrency’s valuation and market dynamics. 
<h2 id="cathie-wood-s-outlook-on-bitcoin">Cathie Wood’s Outlook on Bitcoin&nbsp;</h2> 
 Cathie Wood, CEO of ARK Invest, believes <a href="https://finance.yahoo.com/news/cathie-wood-bitcoin-now-substituting-042615510.html#:~:text=Cathie%20Wood%2C%20the%20CEO%20of,gold%2C%20Bitcoin%20has%20been%20rising.">Bitcoin could become more valuable than gold</a>. She sees it as “digital gold” because it’s seen as a safe place to put money during uncertain times. 
In a recent interview, Wood and ARK’s Brett Winton talked about how Bitcoin has been doing better than gold lately, especially during tough economic times. 
Even when other investments were struggling, Bitcoin went up by 40% during a regional bank crisis in March 2023. 
Despite a temporary drop in Bitcoin’s price after ETF approval, Wood thinks it will keep growing, especially as more people can invest through Spot Bitcoin ETFs, which could attract big investors. 
CRYPTO BREAKING NEWS ARK Invest CEO Cathie Wood Believes Bitcoin Will Overtake Gold, Here’s Why. ARK Invest Chief Executive Officer (CEO) and Chief Information Officer (CIO) Cathie Wood, has expressed her optimism about Bitcoin’s capabilities … check us out @… <a href="https://t.co/H3cfpyhNTK">pic.twitter.com/H3cfpyhNTK</a> 
— InnovatekMobile (@Neome_com) <a href="https://twitter.com/Neome_com/status/1754866226910629898?ref_src=twsrc%5Etfw">February 6, 2024</a> 
Cathie Wood’s positive outlook on Bitcoin as ‘digital gold’ and its ability to stay strong during crises might make investors more confident. 
This could lead to the price of Bitcoin going up, even if there are ups and downs in the short term. 
<h2 id="hong-kong-s-crypto-regulation-impact-on-btc-price">Hong Kong’s Crypto Regulation Impact on BTC Price</h2> 
 Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), wants all crypto exchanges to get a license by February 29 or face closure by May 31. This follows a global trend of stricter rules for cryptocurrencies. 
The SFC advises people to use licensed platforms. Only two, HashKey and OSL, have licenses, while 14 others, like Bybit and OKX, are waiting. 
Hong Kong wants to regulate crypto but still be friendly to it. They are also thinking about making it easier to approve Bitcoin ETFs. 
Harvest Fund Hong Kong has already applied. This shows Hong Kong wants to be a top spot for digital assets in Asia-Pacific. 
HONG KONG REGULATOR WARNS CRYPTO EXCHANGES TO GET LICENSE 
Hong Kong's Securities and Futures Commission (SFC) has issued a warning to crypto exchanges, instructing them to submit a license application by February 29 or cease operations in the region by the end of May. 
Source:… <a href="https://t.co/wlzsrm5H2y">pic.twitter.com/wlzsrm5H2y</a> 
— Crypto Town Hall (@Crypto_TownHall) <a href="https://twitter.com/Crypto_TownHall/status/1754737837105455269?ref_src=twsrc%5Etfw">February 6, 2024</a> 
Therefore, the deadline for crypto exchange licenses in Hong Kong might create some uncertainty at first. However, it shows that regulators are starting to accept and regulate cryptocurrencies more seriously. 
This could ultimately make Bitcoin more legitimate and stable in the long run, which could positively impact its price. 
<h2 class="c-message_attachment" id="bitcoin-price-prediction">Bitcoin Price Prediction</h2> 
As of February 6, <a href="https://cryptonews.com/coins/bitcoin/" target="_blank" rel="noopener">Bitcoin</a> hovers around the $43,000 mark, underscoring a pivotal moment as reflected in the 4-hour chart analysis. The pivot point, set at $42,208, serves as a barometer for immediate market direction. 
The cryptocurrency faces resistance at $42,895, $43,704, and $44,727, marking thresholds that could challenge bullish advances. In contrast, support levels established at $41,444, $40,532, and $39,541 provide a buffer against price dips. 
Technical analysis yields a nuanced perspective. The Relative Strength Index (RSI), at 47, indicates a balanced market dynamic, neither overbought nor oversold. Bitcoin Price Chart – Source: Tradingview 
Bitcoin’s price movement is further delineated by the Moving Average Convergence Divergence (MACD), which, at a value of -37 below the signal line’s -31, subtly hints at bearish pressure. 
Meanwhile, the 50-day Exponential Moving Average (EMA) at $42,895 emerges as a critical resistance zone, suggesting a battleground for bullish persistence. 
Currently, Bitcoin’s price activity, navigating the range between $43,000 and $42,000, signals a market exercising caution. The overall sentiment tilts towards optimism above the $42,200 pivot, implying a potential uplift should Bitcoin maintain or exceed this level. 
<h2 id="top-15-cryptocurrencies-to-watch-in-2023">Top 15 Cryptocurrencies to Watch in 2023</h2> 
 Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments. 
Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed. <a style="text-decoration: none;color: white" href="https://cryptonews.com/news/new-cryptocurrency.htm" target="_blank" rel="nofollow noindex noopener" data-darkreader-inline-color="">See the 15 Cryptocurrencies</a> 
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.

Bitcoin Price Prediction as ‘Buy The Dip’ Sentiment Floats It Above $43K – Can It Sustain the Momentum?

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