Key Insights:
- On Saturday, BTC bucked the broader market trend, falling by 0.17% to end the day at $29,490.
- A lack of crypto events and the ongoing SEC review of the spot BTC ETFs left BTC within a tight range.
- However, the near-term technical indicators remain bullish, signaling a return to $30,000.
On Saturday, bitcoin (BTC) fell by 0.17%. Partially reversing a 0.77% gain from Friday, BTC ended the day at $29,490. Significantly, BTC avoided sub-$29,000 for the second session while falling short of $30,000 for the third consecutive session.
Bitcoin (BTC) Price Action
This morning, BTC was down 0.09% to $29,462. A range-bound start to the day saw BTC rise to an early high of $29,493 before falling to a low of $29,446.
Daily Chart
The Daily Chart showed BTC/USD sitting below the $30,750 โ $31,250 resistance band. However, BTC sat above the 50-day ($29,453) and 200-day ($27,169) EMAs, sending bullish near and longer-term price signals. Notably, the 50-day EMA widened from the 200-day EMA, signaling further gains.
However, looking at the 14-Daily RSI, the 46.94 reading reflects bearish sentiment. The RSI signals a fall through the 50-day EMA to bring sub-$28,500 and the $27,500 โ $26,850 support band into view. However, a hold above the 50-day EMA ($29,453) would give the bulls a run at the $30,750 โ $31,250 resistance band.
4-Hourly Chart
Looking at the 4-Hourly Chart, BTC remains below the $30,750 โ $31,250 resistance band. BTC sits above the 50-day EMA ($29,431) while remaining below the 200-day EMA ($29,606) EMAs, sending bullish near-term but bearish longer-term price signals.
Significantly, the 50-day EMA eased back from the 200-day EMA, a bearish price signal. A BTC more through the 200-day EMA ($29,606) would give the bulls a run at the $30,750 โ $31,250 resistance band. However, a fall through the 50-day EMA ($29,431) would bring sub-$28,500 and the $27,500 โ $26,850 support band into view.
The 14-4H RSI reading of 51.87 indicates a bullish stance, with buying pressure outweighing selling pressure. Significantly, the RSI aligns with the 50-day EMA, signaling a return to $30,000.
BTC Moves Sideways on Crypto Market Uncertainties
BTC joined the broader market in the red on Saturday. However, a lack of crypto events left BTC in another range-bound session.
Investors are waiting for the SEC decisions on the spot BTC ETF applications and whether the SEC will appeal the SEC v Ripple Court ruling. Both outcomes will likely have a material impact on investor sentiment.
The crypto market remains in limbo, with the Binance, Coinbase (COIN), and Terraform Labs Court cases creating more uncertainty. SEC wins against Binance and Coinbase, in particular, would likely be detrimental to the digital asset space. The combination of a successful appeal and wins against Coinbase and Binance could be catastrophic.
The Day Ahead
It is likely to be another quiet session. However, investors should continue to monitor the crypto news wires. SEC v Ripple and SEC v Terraform Lab chatter, ETF updates, and Binance and Coinbase (COIN)-related news will move the dial.
US lawmaker chatter and SEC activity would also need consideration. The talk of reining in the SEC and its regulation by enforcement mantra would be a price-positive scenario.
