Last week, Bitcoin closed positively, above the short-term moving average MA20d and the all-time high of 2021.
This is another positive signal for the price.
But the struggle for the $69,000 level has been going on for more than a month, within the framework of our sideways scenario.
Judging by the price dynamics and metrics, a new wave of growth will begin very soon.
🔎 There are massive outflows of BTC from exchanges to personal wallets, which indicates active accumulation.
And wallets with balances from 100 to 100,000 BTC continue to buy out any drawdowns. At the same time, wallets with a balance of less than 100 BTC are actively selling.
🕵️ Local Hong Kong funds are starting an active advertising campaign for spot BTC-ETFs in the country.
Hong Kong is rumored to allow the creation of spot BTC ETFs, which could attract significant capital from Chinese investors.
And some Hong Kong funds have already applied for spot BTC-ETFs. The launch may take place as early as May.
We've all already seen what happens to the price just from rumors of ETF approval in the US.
And if the ETF is approved in Hong Kong, then imagine how much new money will be able to enter the market.
🕯 Technical analysis
Price correction technique$BTC Bitcoin still went through the Symmetrical Triangle pattern. Moreover, the price is already at the final stage of pattern formation.
The downward trend of the indicator was already broken, and volumes fell as the pattern formed.
Everything is ready for the price to continue growing, all that remains is to break through the $71,000 mark and you can go set a new high.
In a negative scenario, we can still go up to $59,000-$60,000 to complete the bullish Flag and then continue to grow, but apparently growth may begin as early as this week.
✔️ For many alts$OM $WBETH trend continuation patterns are already forming, but more on that in the next post.
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