Bitcoin Price is Sealed Below $64K; Here is Why BTC is Still Bullish

The Bitcoin price is trading at $63,483 as of 12:30 am EST, up 1.36% over the last 24 hours.

BTC's price action has been drab since the April 20 Bitcoin halving event that reduced Bitcoin miner rewards from 6.25 BTC to 3.125 BTC. Subsidy halving is engraved in the Bitcoin code and is designed to make Bitcoin deflationary, increasing its demand amid decreasing supply. This is, in turn, expected to increase its price in the long run, setting it on a path to a parabolic uptrend.

Despite all these expectations, BTC is still down 14% from its all-time high of $73,835, reached on March 14. Six weeks later, market participants are wondering when Bitcoin price will embark on a sustained recovery and lead the crypto bull market.

TradingView chart: BTC/USD

One of the things that may drive BITC's price higher is the market debut of spot Bitcoin ETFS in Hong Kong on April 30. Three Chinese firms are expected to launch their BTC ETFs on the Hong Kong Stock Exchange (HKEY) on Tuesday.

This will mark another important milestone in Bitcon's history and crypto investment products around the world after the success of spot Bitcoin ETFs in the United States following their approval on January 10.

As the Hong Kong ETFs enter the market, increased capital inflows into Bitcoin is expected to increase, positively impacting its price.

In addition, data from Coinglass shows that Bitcoin Open Interest (OI)-weighted futures funding rate turned negative and was resting at -o.0028% on April 29.

A negative funding rate means traders who are holding positions that are opposite to the prevailing market trend receive a fee from the traders who hold positions that are aligned with the trend.

BTC OI-Weighted Funding Rate. Source: Coinglass

This is beneficial during periods of high volatility when the market is trending strongly and displays the same setup that was seen in October 2023 before the price embarked on a sustained uptrend.

BTC price bull flag projects ascent to $100K

The lul in BTC's price action is not something to worry about, according to an independent analyst and X user, Crypto Rover. The analyst shared the chart below in an April 29 post on X showing the appearance of a bull flag on the daily chart.

This technical setup is formed by two rallies separated by a brief consolidating retracement period. The flagpole forms on an almost vertical price spike as sellers get blindsided by the buyers, then a pullback that has parallel upper and lower trendlines, which form the flag.

TradingView Chart: BTC/USD

The technical formation is confirmed when the price breaks above the upper boundary of the flag to the upside. The target is reached by adding the percentage in the flag's posts to the breakout point.

In this case, Crypto Rover sets the target at $100,000 for the BTC price and beyond. Whether Bitcoin price will hit $100,000 in the near future or not, it remains to be seen.