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Bitcoin (BTC) Falls Below $63,000, What Happens Now?
On Monday, Bitcoin (BTC) and the rest of the cryptocurrency market experienced a pullback, causing concern among some speculators as they await a Federal Reserve meeting later this week, which could indicate a stance favoring higher-for-longer interest rate.
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Bitcoin (BTC) price went down to its lowest level in a week before partially recovering, trading 1.94% lower at $62,298.13 as of this writing. Other smaller tokens such as ETH, BNB, and XRP also saw declines.
The Depository Trust Company — which offers settlement and clearing services in the US — announced last Friday that crypto-linked ETFs would not receive collateral value for line-of-credit facilities, prompting questions about potential implications for digital asset markets.
In addition, the demand for spot Bitcoin ETFs continues to moderate. Bitcoin’s 2024 gains have decreased to about 47% from over 70% in mid-March, when BTC reached a new record high of nearly $74,000.
Veteran trader Peter Brandt suggests that the price of Bitcoin has been following an upward trend through exponential decay, characterized by diminishing returns. After examining the historical data, Brandt contends that this exponential decay shows that Bitcoin has already reached its cycle peak of slightly above $70,000.
However, Brandt pointed out that there is only a 25% chance that the exponential decay will be successful. Additionally, the price of Bitcoin is driven by various factors, such as the continued mainstream adoption of digital assets and web3 protocols.
In a previous report by Coinspeaker, the Hong Kong-based spot Bitcoin ETFs are set to start trading tomorrow, April 30th. The spot Bitcoin ETFs in Hong Kong are expected to amplify the buying pressure already generated by US-based fund managers. Consequently, Brandt remarked that he anticipates a significant probability of Bitcoin’s price surging beyond $100,000 in the upcoming months.
As Bitcoin (BTC) steadily decreases, a week after the Bitcoin halving, short-term investors are branching out into the altcoin market.
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