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Market News BTC Bulls Need to Crack Resistance at $31,500 with ETF Approvals

BTC Bulls Need to Crack Resistance at $31,500 with ETF Approvals

BTC gained support this morning following a dismal Fourth of July. To support a breakout from $31,500, though, it might be necessary for an ETH to receive SEC approval.

TOP1Markets Analyst

2023-07-06

8468

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Bitcoin (BTC) lost 1.15% of its value on Tuesday. BTC finished the day at $30,867, partially reversing a Monday rise of 1.94%. BTC avoided sub-$30,500 for a second session in a row despite the gloomy day.

As a result of a bullish start to the day, BTC increased to a high of $31,391 early on. During the initial advance, BTC crossed the resistance band between $30,750 and $31,250, breaking over the higher resistance level. BTC, however, dropped to a low of $30,710 in the early evening following a gloomy afternoon session. BTC gained support at the lower end of the resistance zone between $30,750 and $31,250, closing the day at $30,867.

the price of bitcoin

BTC went up 0.16% to $30,917 this morning. Following a tumultuous morning, BTC dropped to an early low of $30,843 before recovering support.

Daily

As investors wait for SEC judgments on the ETF registrations, the Daily Chart shows a BTC/USD decline below the key $31,000 support level. However, the 200-day ($26,146) and 50-day ($28,620) EMAs of BTC/USD were not broken, indicating bullish momentum over the medium and long term.

Notably, the 50-day EMA exhibited bullish momentum and kept moving away from the 200-day EMA.

A breach from the higher level of the $30,750 - $31,250 resistance band would be supported by the 14-Daily RSI's reading of 65.94, which indicated a bullish view and was in line with the 50-day and 200-day EMAs.