Bitcoin Price Holds Firm as SEC Proposes New Custody Rules
Bitcoin's price held firm above its key moving averages, indicating ongoing upward momentum. The cryptocurrency traded at $86,012, recording a daily gain of 2.03%. This price action is in line with market expectations, which had predicted a bullish structure.
The U.S. Securities and Exchange Commission (SEC) proposed new rules clarifying how registered investment advisers and regulated funds can custody crypto assets like Bitcoin. This move aims to introduce greater transparency and access for institutional players, potentially driving increased demand from these entities.
However, this regulatory clarity has not yet translated into a sustained uptrend in spot ETF flows. In fact, Bitcoin spot ETFs experienced a $148.69 million net outflow on Wednesday, marking an interruption in a nine-day inflow streak that had previously brought in $3 billion.
The technical analysis suggests that BTC/USD is currently supported by the Ichimoku Kijun at $84,401 and remains above both the MA-20 and MA-50. The MACD is in buy mode while the ADX is neutral, pointing to moderate trend strength. RSI, Stoch RSI, and CCI all show overbought readings, reflecting stretched conditions.