Bitcoin made an attempt to maintain higher levels on April 30, supported by a significant institutional development in Hong Kong that boosted market momentum.

The cryptocurrency reached local highs of $64,714 on Bitstamp after the daily close, coinciding with the launch of new spot Bitcoin exchange-traded funds (ETFs) in Hong Kong. This development is seen as a crucial moment for the industry in Asia, signaling a shift in stance towards Bitcoin as a mainstream asset in the region.

Adam Back, co-founder and CEO of Blockstream, highlighted positive differences between the Hong Kong ETF setup and the first months of the United States' spot ETFs. The positive sentiment surrounding the Hong Kong ETFs provided some relief to Bitcoin's price action, which had started the week at lows of under $62,000.

Popular trader Daan Crypto Trades noted a breakout from a falling wedge pattern, which was now being retested as potential support, indicating a possible bullish continuation.

However, Keith Alan, co-founder of trading resource Material Indicators, cautioned about the longer-term impact of ETFs on price behavior. He pointed out that the U.S. Federal Reserve's decision on interest rates, scheduled for May 1, could lead to sell-side pressure on crypto markets.

In the derivatives market, funding rates remained slightly negative, indicating a cautious sentiment among traders. DecenTrader noted that while funding rates were negative, suggesting uncertain market conditions, traders could still bet on higher or lower prices.

QCP Capital, in its market update, also highlighted the uncertain market conditions despite low short-term volatility. The firm warned of possible complacency in the market given prevailing macro developments, which could lead to increased speculative activity in leveraged long positions in Bitcoin and altcoins.