Bitcoin price trying to stabilize after the recent sell-off around the 200-day moving average. BTCUSD managed to test and rebound yesterday from the 8500 monthly lows as the correction from recent highs is intact. The correction started two weeks ago after bitcoin rejected at the 10500 mark. We have discussed yesterday morning that the cryptopair needs to close above the 8500 support to keep the 2020 rally alive.
The SEC earlier this week, rejected the last application for a Bitcoin exchange-traded fund (ETF) it had to review. There are no more bitcoin ETF applications pending, and it seems the SEC isn’t going to make Bitcoin ETFs happen soon. The SEC has rejected all previous bitcoin ETF proposals filed to date. The main reason behind the rejections was the failure to demonstrate that the proposed rules are designed to prevent fraudulent and manipulative acts and practices.
Bitcoin price is 0.69% lower at $8765 testing the 200-day moving average. Bears have returned to bitcoin. The correction yesterday extended down to $8500 from where managed to rebound up to 895. The technical outlook for bitcoin is neutral as the price trapped between the 200 and 50-day moving average. BTCUSD bulls are fighting hard to protect the critical 200-day moving average and $8,500 support levels.
On the downside, initial support for bitcoin will be met at $8698 the daily low. If bitcoin price breaks below, the next support stands at $8521 the low from yesterday trading session. Next support provides the 100-day moving average at $8287.
On the upside, initial resistance for BTCUSD stands at $8900 the daily top. More selling pressure will be met at $8969 the high from yesterday’s trading session. More offers might emerge at $9249 the 50-day moving average.