FX.co ★ iMeta | #Bitcoin chart analysis

Bitcoin's (BTC) price is poised for a potentially turbulent week as the macroeconomic landscape presents several critical events. With increased volatility on the horizon, investors are keeping a close eye on Hong Kong's debut of BTC and ETH ETFs and the upcoming release of the FOMC minutes. Regulatory Scrutiny and Approval Process: The detailed research report, a result of the legal opinion and due diligence, must be submitted to the China Securities Regulatory Commission (CSRC). This report is crucial for obtaining the final approval needed to offer these ETFs to professional investors. The CSRC's approval marks the beginning of the process, allowing the asset to trade once it reaches a specified liquidity threshold. Initially, the ETFs will be available exclusively to professional investors. Once the assets attain sufficient liquidity and meet the criteria to be included in an index, they will be introduced to retail traders. This phased approach ensures that the market can handle the new products without excessive volatility, protecting both investors and the market's integrity. Technical Analysis: Key Resistance Levels The recent weekly close has identified $67,500 as a new resistance level for Bitcoin, effectively trapping its price between $65,700 and a significant liquidity pool between $60,600 and $59,004. This range is crucial as it highlights the potential zones for price action in the coming days. Analysts suggest that Bitcoin is more likely to experience further downside movement within this timeframe.

The Relative Strength Index (RSI), a momentum indicator, is currently trending downward, indicating waning buying pressure. The RSI's position below the median level of 50 signals growing bearish sentiment in the market. This trend is concerning for bullish investors, as it suggests that Bitcoin's price might continue to decline.