Bitcoin is testing a level that has capped upside in recent sessions, starting the Hong Kong trading day under $80,000. This comes as Asia's bid for the currency has faded and Hong Kong's three spot Bitcoin ETFs have gone largely dormant. Meanwhile, Hong Kong’s IPO market raised HK$110 billion in Q1, its highest start in five years, with heavy emphasis on mainland China AI and technology listings. The market is now looking at whether the market can sustain its momentum without global participation. The U.S. payrolls report is a key factor, potentially giving Western momentum to push higher again.