Cryptocurrency

Bitcoin

April

Daily

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) experiences a significant drop, losing its $61,000 support.</li>
 <li>Hong Kong’s new Bitcoin ETFs trading volumes fall below expectations.</li>
</ul>
<h2 id="bitcoin-drops-to-two-week-lows">Bitcoin Drops to Two-Week Lows</h2>
<p>Bitcoin (BTC) experienced a significant drop around the April 30 Wall Street open. This came as a disappointment after the introduction of new spot price exchange-traded funds (ETFs).</p>
<p>Data tracked a sharp drop in BTC/USD after the Asia trading session, leading to the loss of $61,000 support. The crypto market quickly reacted, with liquidations totaling $275 million over 24 hours.</p>
<h2 id="hong-kong-s-new-bitcoin-etfs-underperform">Hong Kong’s New Bitcoin ETFs Underperform</h2>
<p>The mood turned firmly bearish as it was revealed that the first day’s trading volumes for Hong Kong’s new Bitcoin ETFs had fallen considerably below expectations. Despite managing $12.4 million in trades, the numbers were still below anticipated levels.</p>
<p>Bloomberg Intelligence analyst Eric Balchunas gave a positive impression of the first day’s performance. However, he noted that the timing of the Hong Kong launch would contribute to overall spot ETF flows at a time when U.S. volumes had turned slightly negative.</p>
<p>The latest data showed four straight days of net outflows for the U.S. ETFs through April 29. As the BTC price weakness continues, market participants are looking at both $60,000 and the ground immediately below for potential reversal.</p>
<h2 id="concerns-over-bitcoin-futures-shorting">Concerns Over Bitcoin Futures Shorting</h2>
<p>Co-founders of on-chain analytics firm Glassnode, Yann Allemann and Jan Happel, argued that the 50-day EMA stands as potential support, while the $60k level seems like a robust bottom for the current consolidation range. However, they warned that a breach of the $60k support may lead to further stability at the $52k level.</p>
<p>Trader Axel Adler added that Bitcoin futures were being shorted, casting doubt on nearby support.</p>

Bitcoin Dips Below $60K Amidst Nearly $300M in Daily Cryptocurrency Liquidations

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