Bitcoin up on the day but stays below 100 and 200 hour MAs

Rally yesterday fizzled

The price of bitcoin is higher on the day (up $84 at $6415), but the price has risen to the 100 and 200 hour MAs at $6436 and $6458 and found mostly sellers. It will take a move above to get the buyers more excited (or the potential at least).

Yesterday, the price ran higher - moving up about $400 on the big spike - but tumbled in late day NY trading. The price moved back toward the $6200 floor area (the low reached $6250) but held. The $6200 will be a level to get below for the sellers.

Fundamentally, the fate of the latest application for a digital ETF will be decided today.

ProShares, has a proposal for two ETFs with the SEC.

• One is a long bitcoin ETF
• The other is a short bitcoin ETF

In the past month, the SEC has declined applications from the Winklevoss twins and delayed a decision on the VanEck and SolidX application. As a result, there is not a lot of confidence for their proposal passing.