Bitcoin's price remains below $63,000 even after the US markets opened, with the latest drop down to $61,765. While buyer strength is diminishing at higher levels, the support levels are showing promising resistance. However, the gradual decrease in resistance levels is a significant obstacle to an upward trend.

Hong Kong's Cryptocurrency Market

Last June, Hong Kong allowed individual investors to enter the cryptocurrency market and is now permitting the launch of ETFs. Despite expectations of a price surge last year, experts are skeptical that Hong Kong ETFs will attract the massive inflows they had hoped for.

Willy Woo, founder of Woobull, predicts a notable rise in demand according to a 2022 report from Huobi, going against the opinions of many experts.

House of Chimera mentioned that due to regulatory constraints, ETFs will encounter obstacles in mainland China, even though the introduction of Bitcoin ETFs in Hong Kong is a significant milestone. The success and broader market impact of ETFs will heavily rely on regulatory conditions, investor sentiment, and macroeconomic factors influencing cryptocurrency valuations.

The Future of Bitcoin's Price Movement

Given the complex macroeconomic landscape, it appears challenging for Hong Kong ETFs to generate substantial outcomes. It may be prudent not to expect too much until we see volume data from the initial days. The key metric to monitor for Bitcoin's price movement now is the cost region for short-term investors.

STH realized price has been a strong support during various periods, including the lowest points of the 2022 bear market. If the $58,000 level does not hold as support, we might face an extended period of stagnation and negative trends lasting several months.