Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Bitcoin Price Prediction: Hong Kong Bitcoin ETFs Likely To Keep The Price Above Pivotal $61,095 Support

It’s another turbulent start to the week for Bitcoin amid many geopolitical uncertainties.  As of 08:37 UTC, Bitcoin was trading at $62,329, down by 2.35%. One big geopolitical news weighing down Bitcoin today is Russia’s announcement banning non-Russian cryptocurrencies starting September 1, 2024. 

Russia Set To Ban Crypto

Russia’s announcement of a ban on non-Russian cryptocurrencies starting September 1, 2024, has sent shockwaves through the crypto community. Anatoly Aksakov, Chairman of the State Duma Committee, emphasized the intention to tighten control over the digital currency market within Russia in an increasingly hostile geopolitical environment. 

Hong Kong ETFs Not For Mainland China

Meanwhile, news from Hong Kong regarding the launch of Bitcoin ETFs indicates that the ETFs will not be available to mainland China customers. This has dampened the mood because investors expected an influx of money from mainland China to help drive Bitcoin demand in the short term. That’s especially the case now when Bitcoin is facing so many headwinds in the global market.

Australia Set To Launch Bitcoin ETFs

Despite these challenges, there are bright spots on the horizon. The potential launch of a Bitcoin ETF in Australia could mark a significant milestone in the mainstream acceptance of cryptocurrencies as legitimate investment assets. 

The Australian Securities Exchange (ASX), a major player in the country’s equity market, is reportedly considering approving spot Bitcoin ETFs before the end of 2024. This development could open avenues for institutional and retail investors to gain exposure to Bitcoin through traditional financial channels.

South Africa’s Crypto Policy Not An Election Issue

Another positive news hitting the market is that South Africa’s forward-thinking approach to crypto regulation will not be affected by the upcoming elections. Establishing a licensing regime for crypto firms by the Financial Sector Conduct Authority (FSCA) was big for the country, and the government wants to ensure that the system will not be affected by politics. It is a positive indicator of the positive reception Bitcoin is getting despite a lot of pressure from different quarters. 

Impact On Bitcoin’s Price 

The combination of these positive developments serves to counterbalance the negative news emanating from other parts of the world, helping drive positive sentiment that is helping keep Bitcoin above the $61,095 critical support level. The $61,095 mark has emerged as a key indicator of bullish sentiment. Investors are watching closely to see if Bitcoin can hold above this level for 48 hours. 

While geopolitical uncertainties and regulatory challenges continue to shape the landscape for Bitcoin, the emergence of favorable developments in Australia and South Africa underscores its resilience. Such news also offers hope for the broader cryptocurrency market. 

Bitcoin Consolidates Around $62,200 Amid Bearish Sentiment

Bitcoin has been bearish for the last 24 hours, but signs of consolidation around the $62,200 mark are emerging. This consolidation phase aligns with the broader picture on the monthly chart, where Bitcoin has held steady above the critical support level of $61,095. Understanding this price action can offer insights into potential price movements in the short term.

Intra-Day Support and Resistance Levels

The current intra-day support stands at $62,200, a level Bitcoin has been hovering around for the last 48 hours. If this support holds and Bitcoin gains upside momentum, Bitcoin could hit a high of $64,000 soon.  However, trading volumes will be the critical determinant of Bitcoin’s trajectory today.

Should trading volumes remain low, Bitcoin could trade between the $62,500 resistance and $62,200 support throughout the day.

Bearish Scenario and Potential Targets

Conversely, if bears take control in the day, the key target to the downside would be the monthly support level of $61,095. A breach of this crucial support level could trigger a crash to around $57,000. 

Bitcoin Price Prediction – Why It’s Another Rangebound Day

Of the scenarios that could play out today, Bitcoin price prediction will likely consolidate between $62,200 and $62,500 for the remainder of the day. That’s because there is nothing much-driving momentum, either up or down. However, the consolidation signals that a breakout could be imminent during the week.