The 248 billion-scale Southern Fund has applied to launch a spot BTC ETF in Hong Kong. Industry insiders expect that the relevant Bitcoin ETF application may land as early as the second quarter of this year.
Bitcoin ETFs will continue to land around the world, with South Korea possibly being the next. If you have knowledge of the process of gold ETFs, you will definitely know that it is absurd to think that a bull market comes with a slight increase and a bear market comes with a slight decrease. The landing of gold ETFs opened a 10-year bull market, and although it may not be 5 or 10 years for Bitcoin ETFs, this round is not over yet. The ending is very promising, but the process is very tortuous, and many people fall before their hopes.
Another piece of news is that the mainland has increased its gold reserves for 17 consecutive months, with an increase to 72.47 million ounces in March, an increase of 160,000 ounces from the previous month. Those who understand the chaos of gold and the prosperity of jade will understand.
Yesterday afternoon, the price of Bitcoin broke through the highest point of the converging triangle pattern to 72,797, about 1,000 points away from the previous high. It temporarily broke through and then fell back to 71,769, which is a positive push, but the pressure is still significant, mainly due to the impact of the halving uncertainty. My logic is still that the rebound in the exchange rate and the rise of Ethereum's altcoins must reach a new high in order to resolve the crisis.
The ETH/BTC exchange rate rebounded from 0.04815 to 0.051, finally. The six-month bottom is still effective. The rebound pressure is at 0.053. Pay more attention to Ethereum as the leader, strong altcoins, and new coins such as ENA, ETHFI, ZETA, AEVO, STRK, JTO, JUP, XAI, ALT, MANTA…
Bitcoin Bitcoin has a gap again at 68,000-69,100. Not every gap needs to be filled, but there is still a chance in the oscillating triangle pattern. If Bitcoin breaks through the converging triangle upper boundary and holds the support upon retracement, it will rebound. If it falls back, it will need to fill the gap. There are 11 days until the halving, with the MACD showing a bullish divergence crossing the zero axis, OBV crossing the yellow line, and RSI touching the overbought area and turning.
It broke through the downtrend line on the 4-hour chart, but then fell back to the 69,000-71,769 range. Watch for the retracement and the strength of the rebound.
Support: Pressure:
Ethereum It broke through the upper boundary of the triangle at 3,678, but is still oscillating near this position to see if it can stand firm. The pressure above is at 3,900, with support below at 3,600. The ETH/BTC exchange rate rebound pressure is at 0.053. Maintain the six-month bottom oscillation here and focus more on Ethereum as the leader in the altcoin market.
Support: Pressure:
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