Bitcoin market update: BTC/USD rejected at $11,000: the 61.8% Fib level holding ground

  • BTC/USD still languishes under selling pressure following rejection at $11,000.
  • Bitcoin buying power is still strong enough to keep the price above the 61.8% Fib level.

Bitcoin continued with the uptrend as discussed yesterday after breaking above the hurdle at $10,800. A break occurred above $11,000 later forming a high around $11,097 (Fib swing high). Unfortunately, dwindling selling pressure led to a retreat from the levels above $11,000.

The price dived back towards the resistance turned support at $10,400 but found balance at the rising trendline. BTC/USD has since rebounded above the 100 Simple Moving Average 15-mins as well as the 100 Exponential Moving Average (EMA) 15-mins. Trading at $10,696, the upside is limited by $10,800 broken support (50 SMA 15-mins). $11,000 remains a key resistance level and a breakout point in the near-term.

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Technical indicators show that the bears have the upper hand. Downside correction is imminent with the Relative Strength Index (RSI) moving towards the oversold. The Moving Average Convergence Divergence (MACD) is holding onto the mean level (0.0) as an indicator that buying power is still strong enough to keep the price above the 61.8% Fib retracement level support at $10,600.

BTC/USD 15-mins chart

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