Bitcoin market update: BTC/USD struggling to hold above the 50% Fibonacci Level

Mixed signals are observed across the cryptocurrency market. The grandparent of cryptocurrencies Bitcoin is leading the bearish park following the rejection from the two weeks high at $10,671 on Monday. The Asian trading session surge was incredibly ballistic with Bitcoin extending the gains from yesterday’s low around $9,906.75.

The correction from the highs failed to find support at the tentative support; $10,300. The price action dived to $10,200 before bouncing back up to the resistance at $10,400. At press time, Bitcoin price is seeking balance at $10,300 support which is slightly above the 50% Fib retracement level taken between the last swing high of $10,671 to a low of $9,906.75.

The price is also teetering between a moving average support and resistance. The 50 Simple Moving Average 15-mims chart offering support marginally below the 50% Fibo while the 21 SMA limiting movement at $10,333.

From a technical perspective, Bitcoin is bearish and the trend is likely to continue in the short-term. The Relative Strength Index (RSI) is retreating from the overbought. The gradual slope shows a gradual increase in the bear pressure. The Moving Average Convergence Divergence is almost crossing into the positive region as an indication of a stronger selling activity.

BTC/USD 15-mins chart