A fully automated 2D+time myocardial segmentation framework is proposed for Cardiac Magnetic Resonance (CMR) Blood-Oxygen-Level-Dependent (BOLD) datasets. Ischemia detection with CINE BOLD CMR relies on spatio-temporal patterns in myocardial intensity but these patterns also trouble supervised segmentation methods, the de-facto standard for myocardial segmentation in cine MRI. Segmentation errors severely undermine the accurate extraction of these patterns. In this paper we build a joint motion and appearance method that relies on dictionary learning to find a suitable subspace. Our method is based on variational pre-processing and spatial regularization using Markov Random Fields (MRF), to further improve performance. The superiority of the proposed segmentation technique is demonstrated on a dataset containing cardiac phase-resolved BOLD (CP-BOLD) MR and standard CINE MR image sequences acquired in baseline and ischemic condition across 10 canine subjects. Our unsupervised approach outperforms even supervised state-of-the-art segmentation techniques by at least 10% when using Dice to measure accuracy on BOLD data and performs at-par for standard CINE MR. Furthermore, a novel segmental analysis method attuned for BOLD time-series is utilized to demonstrate the effectiveness of the proposed method in preserving key BOLD patterns.