Bitcoin Price Analysis as BTC Dropped Below $70,000, Leading to $175 Million in Liquidation – The TechLead

Bitcoin (BTC) has been volatile these past few days, with the price hitting $71,000 on Monday before plummeting to around $68,000 today. CoinGlass data shows that this drop caused almost $200 million worth of leveraged derivates trading positions to be liquidated.

BTC trades at $69,000, representing a more than 2.5% decrease in the last 24 hours. Bitcoin’s current price represents an almost 7% drop from its newly attained all-time high of $73,750. 

With halving fast approaching, will Bitcoin regain momentum to reclaim lost gains? The following analysis will provide hints.

Bitcoin Dips, But Indicators Still Bullish; Halving Could Boost Price

Bitcoin is down almost 3% over the past 24 hours, according to CoinMarketCap data. However, the technical indicators still look bullish.

BTC’s price is currently trading above both its 50-day and 200-day simple moving averages. The chart shows Bitcoin’s price has stayed above the SMA lines since February 8, 2024. This suggests that longer-term buyers are still holding the coin and preventing any bigger drop.

The relative strength index (RSI) is 53, indicating that Bitcoin is trading slightly away from the neutral zone. This suggests BTC is far from being oversold.

Also, with BTC holding above key moving averages and RSI still in bullish territory, long-term investors may want to consider holding onto their coins despite the recent short-term dip.

One potential bullish catalyst on the horizon is Bitcoin’s halving event, which is expected in the coming days. If demand remains consistent, this supply cut could provide upward price pressure. Given the historical impacts of halving, investors may want to accumulate BTC ahead of this event.

Speaking of market-moving events that could shift Bitcoin’s price trajectory, traders are closely watching Hong Kong’s anticipated BTC ETF launch in April.

Potential Approval of Hong Kong’s First Bitcoin ETFs in April: Will It Impact Prices?

A few hours ago, sources shared that Hong Kong will likely approve its first spot bitcoin ETFs this month. The move would position Hong Kong as Asia’s pioneer in offering such an investment product.

According to the report, regulators have accelerated approvals, aiming to bolster the city’s status as a global financial centre. Experts anticipate this move will attract fresh global investments and boost crypto adoption.

Recall in January, the U.S. launched its first exchange-traded funds (ETFs) for spot Bitcoin, attracting significant investments and propelling the price of BTC. Notably, BTC surged over 60% this year, reaching an all-time high in March.

Several mainland China and Hong Kong-based asset managers, including China Asset Management, Harvest Fund Management, and Bosera Asset Management, have submitted applications for ETF launches. 

How Will BTC Price React?

The approval of spot bitcoin ETFs in Hong Kong could potentially impact the price of BTC in several ways. Firstly, it could increase demand for Bitcoin as the ETFs would provide easier access for institutional and retail investors.

Secondly, introducing ETFs could lead to greater liquidity in the bitcoin market, as ETFs are traded on traditional stock exchanges. This will allow for easier buying and selling of Bitcoin-related assets.

Moreover, approving ETFs in Hong Kong could signal a broader acceptance of Bitcoin and cryptocurrencies by global traditional financial institutions and regulators. This will potentially boost investor confidence and drive further price appreciation.

While the exact impact on bitcoin’s price remains uncertain, introducing spot bitcoin ETFs in Hong Kong could contribute to increased demand, liquidity, and legitimacy for the cryptocurrency.

However, the price of Bitcoin is high, and traders can consider low-cap gems like Dogecoin20, which have the potential to surge 10x in the coming bull cycle. 

Dogecoin20 Expected to Surge 100x This Month Ahead of Doge Day Listing

Meme coin investors are getting excited because Dogecoin20 (DOGE20) is about to launch on Uniswap on Doge Day. With just ten days until this big event, a lot of people are speculating about DOGE20’s next big move. Some traders say DOGE20 could increase 100 times from its presale price. But can the meme token surge 100X?

Dogecoin20: The Fun and Rewarding Meme Coin

Dogecoin20, a meme token based on the ERC-20 standard, keeps things simple with a hilarious vibe in its branding and online presence. But there are some bonuses for traders who want more than just a laugh.

Dogecoin20 lets you stake your tokens and earn a juicy 49% APY. That’s an impressive percentage for just holding the tokens. It has a limit on how many tokens (140 billion) can exist to avoid the endless inflation issue the original Dogecoin faced.

But the real kicker for Dogecoin20 is its timing; it’s launching on Uniswap right in the middle of the Doge Day craze on April 20. That’s the same day Bitcoin halving is expected to occur.

Doge Day is like a party for meme coin fans, where everyone gets hyped up and starts trading like crazy. So, by picking April 20 for the launch, the team hopes to ride the wave of excitement and get people talking about Dogecoin20 even more. It’s smart to jump into the fun when everyone’s already in the mood to celebrate meme coins.

Dogecoin20 on Crypto Influencer’s Radar

Backed by strong presale numbers and support from influencers, Dogecoin20 is attracting serious attention. Two weeks ago, DOGE20’s presale reached its $10 million fundraising goal, showing how eager meme coin fans are for the next big thing.

Even after hitting $10 million, there’s still a last chance for buyers to grab DOGE20 at $0.00022 per token before it goes live on Uniswap.

The excitement about this launch is huge. Big crypto YouTubers like Jacob Bury are talking about DOGE20, suggesting it could increase 100 times in value if the community stays engaged. Whether those ambitious goals are reachable or not, the hype around Dogecoin20 is undeniable. So, to join now, head straight to the presale site.