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Technical Analysis: Gala jumps 37% higher as Crypto Bulls Return

During the weekend, when bitcoin rose to a two-week high, it was Gala that stole the show after climbing 37%. The global crypto market capitalization rose by around 8% on Saturday. Bulls were back in action.

Biggest gainers

Following a huge week of news in the gaming and crypto space, it was only a matter of time till traders turned their attentions to gala (GALA).

Crypto bulls flocked to GALA to start the weekend, pushing prices of the gaming-based blockchain almost 40% higher

GALA/USD, rose to an intraday high of $0. 2668, following its low of $0. 1865 during yesterday’s session.

Today’s move has come just as the price of GALA broke out of its 2-week resistance level of $0. 2115, which has been held since January 21.

GALA/USD – Daily Chart

As seen from the chart, this rally led to two consecutive breakouts of recent ceilings in the 14-day RSI, firstly the 35 level, followed by 41.

Overall, GALA’s ATH is $0. 8415, which was established on November 26, despite this, some still have hopes of this eventually reaching $1.

Biggest losers

Similar to yesterday, there were not many bears at the start of the weekend , with around five of the top 100 cryptocurrencies marginally falling.

However, the two biggest to remain red today were quant (QNT) and maker (MKR), with QNT stealing the honor of biggest loser on Saturday.

Following four consecutive sessions of rallies to start the week, QNT/USD was down by almost 5% as of writing, hitting an intraday low of $130. 77 in the process.

QNT/USD – Daily Chart

The move came as the 14-day RSI began to stall at the 54 resistance level, with prices selling off at the price ceiling of $140.00.

With short-term momentum still bullish, is today’s decline only temporary? We’d love to hear your comments.

eliman@bitcoin.com'

Eliman Dambell

Eliman has a broad perspective on market analysis. He is a former brokerage director, educator in retail trading, and commentator in Crypto, Stocks, and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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