Summary
TLDR: Bitcoin’s price is recovering after Hong Kong approved spot Bitcoin and spot Ethereum ETFs, boosting investor confidence and potential for a new all-time high. If BTC breaks through current resistance levels, it could rally 8.29% and reach a new high, but failure to hold support levels could lead to further price decline. Always conduct your own research and consult with a professional before making financial decisions.
Key Points
1. Bitcoin’s price is showing signs of recovery after recent corrections, with a major development taking place in Hong Kong.
2. Approval of spot Bitcoin and spot Ethereum ETFs in Hong Kong is expected to boost accumulation among investors, potentially leading to a quicker recovery for Bitcoin’s price.
3. The Reserve Risk metric indicates high investor confidence in Bitcoin, making it an attractive asset in terms of risk/reward and potentially paving the way for a new all-time high in BTC price.