u.today
In a recent post on the X social media platform, Glassnode co-founder Yann Allemann has opined that the price of Bitcoin, the leading cryptocurrency, could end up crashing all the way back to the $52,000 where it would be expected to find some stability.
However, he is bullish on the largest cryptocurrency since he believes that it will be able to attract buyers and reinforce the current uptrend.
Even though the largest cryptocurrency experienced a significant correction over the weekend, Allemann still sees potential signs of recovery that are currently emerging.
The analyst sees the Exponential Moving Average (EMA) as potential support. For now, the $60,000 level seems to be like "robust bottom" as the flagship cryptocurrency continues its streak of range-bound trading.
At press time, the leading cryptocurrency is trading at $60,860 on major spot exchanges. According to the 100eyes Crypto Scanner account, the cryptocurrency has now approved its critical horizontal support.
An ETF market for ants
The latest drop came after the launch of Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong ended up being a rather underwhelming event. These products managed to attract only a puny $12 million worth of trading volume.
Yet, according to ETF analyst Eric Balchunas, the launch of these ETFs was not a complete disaster since they managed to attract $141 million worth of inflows. In fact, it was quite a success since these numbers have to be adjusted for the size of Hong Kong's relatively small ETF market.
"That said, HK ETFs launched at good time as US slowing, so their $141m+ in inflows going to more than offset slightly negative US flows," he added.