Bitcoin price struggles to maintain $63K support as bulls cautioned for being ‘complacent’

Bitcoin (BTC) made an attempt to maintain higher levels on April 30 as a significant development in Hong Kong provided a boost to its momentum. The launch of new spot Bitcoin exchange-traded funds (ETFs) in Hong Kong coincided with the cryptocurrency reaching local highs of $64,714 on Bitstamp after the daily close. This is a significant moment for the industry in Asia, where Bitcoin has not been widely adopted as a mainstream asset. Adam Back, co-founder and CEO of Blockstream, noted positive differences between the Hong Kong ETFs and the first months of the United States’ spot ETFs. BTC price action received some relief after starting the week at lows below $62,000. A breakout from a falling wedge pattern was observed, which is now being retested as potential support. Keith Alan, co-founder of trading resource Material Indicators, questioned whether the ETFs alone could bring about longer-term changes in price behavior. He also highlighted the upcoming U.S. Federal Reserve decision on interest rates and its potential impact on the crypto market. Funding rates across derivatives platforms remained slightly negative, suggesting overall uncertain market conditions. Traders could easily bet on higher or lower prices. QCP Capital, a trading firm, warned that despite the low short-term volatility, the market may be too complacent given prevailing macro developments. It is important for readers to conduct their own research and analysis before making any investment decisions.