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Market News BTC Bulls and a Return to $32,000 Hinged on Spot ETF Progress

BTC Bulls and a Return to $32,000 Hinged on Spot ETF Progress

This morning, BTC was once more in the red. Investors went on the defensive due to uncertainty around the SEC's decision to approve one, part, or all of the ETF applications.

TOP1Markets 分析師

2023-07-17

8133

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Bitcoin (BTC) saw a gain of 0.18% on Saturday. BTC finished the day at $30,463 after falling by 3.57% from Friday.

Bitcoin Price Action (BTC)

BTC was down 0.28% at $30,378 this morning. BTC had a conflicted start to the day, rising to a high of $30,496 before dropping to a low of $30,214.

Daily chart

The BTC/USD price continued to avoid falling below $30,000 but was seen hovering below the $30,750 - $31,250 resistance zone on the daily chart.

The 50-day ($29,288) and 200-day ($26,598) EMAs of BTC/USD remained above them, 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.

By aligning with the 50-day and 200-day EMAs and signaling a bullish view, the 14-Daily RSI reading of 53.69 supported a move through the $30,750-$31,250 resistance area to retarget $32,000.