Bitcoin Price Prediction: BTC Holds Above $65K as Market Awaits Hongkong ETF Approval

The Bitcoin price was trading at $65,946 as of 2:00 am ET, up 1.7% over the last 24 hours.

BTC is up 5% over the last week and 5.5% over the last 30 days. The big crypto remains bullish on longer timeframes after posting 55%, 131% and 55% gains over the last 90 days, six months and year-to-date, respectively.

With a market capitalization of $1.29 trillion, Bitcoin remains in the first position on the CoinMarketCap ranking as the largest crypto according to market value. Bitcoin's dominance has increased to a three-year high above 54%, an indication that investors prefer holding BTC in periods of market turmoil.

Meanwhile, market participants are waiting for the possible approval of a spot Bitcoin ETF in Hong Kong on Monday, April 15. It is expected that this will give Chinese traders access to Bitcoin exposure.

According to Matrixport, a blockchain-based crypto trading platform, these ETFs could unlock up to $25 billion in demand.

Increased demand for Bitcoin is expected to push the price higher, similar to what happened in January when the U.S. Securities and Exchange Commission (SEC) approved the first-ever spot BTC ETF.

Bitcoin price bulls need to hold above $65,000

From a technical standpoint, BTC price is trading at the supporting trendline of its prevailing asymmetrical triangle pattern ahead of the Bitcoin halving event.

The position of the stochastic RSI at 11 suggests that the bears are in control of the price.

A breakdown of the triangle at $65,000, embraced by the 50-day exponential moving average (EMA), would suggest the inability of the bulls to defend this level.

The ensuing selling pressure would pull BTC first toward $62,500 and later to the psychological level at $60,000. This would give bulls a chance to buy more on the dip and take a breather before making another attempt at recovery.

BTC/USD daily chart. Source: TradingView

On the other hand, the bullishness surrounding the Bitcoin halving event may cause an uptick in the entire crypto market, causing BTC to rise above its current levels.

The EMAs were pointing upward and presented areas of strong support on the downside. There were areas where the 50 EMA, 100 EMA and 200 EMA sat at $64,944, 58,636 and $50,021, respectively.

The area defined by the 50-day EMA around $65,000 is a key level for bulls. This zone needs to be defended aggressively in order to avoid more losses. According to IntoTheBlock's In/Out of the Money Around Price (IOMAP) model, this area is between the $63,365 and $65,323 price range, where approximately 648,590 BTC were previously bought by roughly 1.11 million addresses.

Bitcoin IOMAP model. Source: IntoTheBlock

Any attempts to push the price below $65,000 would be met by strong buying from this cohort of investors who would like to increase their profits.

The triangle's upside trendline near the $70,000 psychological level would be the bulls' next stop in the near term. Higher than that, the next logical move would be the $72,000 mark or the all-time high at $73,835.