BTC Stuck in a Rut with Sub-$29,000 in View on ETF Silence

This morning, BTC found support. The SEC and the ETF applications continue to be a source of worry, as evidenced by the Thursday decline to below $30,000.

Bitcoin (BTC) had a loss of 0.38% on Thursday. BTC finished the day at $29,896, reversing a gain of 0.18% from the previous day. Notably, BTC only fell below $30,000 on that day for the second time since July 6.

Bitcoin Price Action (BTC)

BTC went up 0.24% to $29,966 this morning. BTC had a mixed day's start, dropping to an early low of $29,822 and then rebounding to a high of $29,992.

Daily chart

On the daily chart, BTC/USD was seen retreating from the $30,750–31,250 resistance band while clinging to the psychological resistance level of $30,000.

The 50-day ($29,419) and 200-day ($26,765) EMAs of BTC/USD remained above them, indicating bullish momentum throughout the short- and long-terms. Notably, the 50-day EMA exhibited bullish momentum and kept moving farther away from the 200-day EMA.

The 14-Daily RSI, on the other hand, indicated a moderately bearish picture with a reading of 49.49, indicating a likely decline through the 50-day EMA ($29,419) to bring sub-$29,000 into view.

But if the price stays above the 50-day EMA ($29,419), the bulls will have a shot at the $30,750-$31,250 resistance zone.