BTC Bulls to Re-Target $31,500 after Saturday Consolidation

Key Insights:

• On Saturday, BTC fell by 0.51% to end the day at $30,556.
• It was a quiet start to the week, with no crypto events or external market forces to provide direction.
• The technical indicators remain bullish, signaling a return to $32,500.

On Saturday, bitcoin (BTC) fell by 0.51%. Partially reversing a 2.65% gain from Friday, BTC ended the day at $30,556. Significantly, BTC avoided sub-$30,000 for the first time since April.

A mixed start to the day saw BTC rise to an early high of $30,820. Falling short of the First Major Resistance Level (R1) at $31,483, BTC fell to a late afternoon low of $30,278. However, steering clear of the First Major Support Level (S1) at $29,888, BTC revisited the $30,700 handle before falling back into the red.

ETF and EDX Markets Chatter Provide Support in a Quiet Session

It was a particularly quiet Saturday session. There were no US economic indicators or Fed chatter for investors to consider. The lack of external market forces left BTC and the broader crypto market in the hands of the crypto news wires.

However, there were also no crypto events to move the dial, leaving BTC to move within a $542 range throughout the session.

Investor sentiment toward the Volatility Shares Trust 2x Bitcoin Strategy ETF approval and Blackrock (BLK) ETF filing continued delivering support. The launch of EDX Markets was also a bullish market event considering the big names behind the platform.

However, regulatory scrutiny, uncertainty toward the global economic outlook, and central bank policy goals left BTC short of $31,000 and in the red.

The Day Ahead

It is a quiet Sunday session, with no US economic indicators to influence investor sentiment. Another quiet session could see bullish sentiment return as investors consider several events that would move the dial.

The SEC v Ripple case would certainly be a market mover, with a Ripple victory likely to support a broad-based crypto rally. However, Coinbase (COIN) and Binance-related news will also need consideration.

Importantly, more crypto-ETFs could be on the horizon following last week’s SEC approval.

Bitcoin (BTC) Price Action

This morning, BTC was down 0.11% to $30,521. A mixed start to the day saw BTC rise to an early high of $30,602 before falling to a low of $30,494.

BTC Technical Indicators

Looking at the EMAs and the 4-hourly candlestick chart (below), the EMAs sent bullish signals. BTC sat above the 50-day EMA ($28,894). The 50-day EMA pulled further away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, sending bullish signals.

A hold above the Major Support Levels and the 50-day EMA ($28,894) would support a move through R1 ($30,825) to give the bulls a run at R2 ($31,093) and the Friday high of $31,430. However, a fall through S1 ($30,283) would bring S2 ($30,009) into view. A fall through the 50-day EMA ($28,294) would signal a near-term bullish trend reversal.

Resistance & Support Levels