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


  • The Asian trading session surge was incredibly ballistic with Bitcoin extending the gains from yesterday’s low.
  • From a technical perspective, Bitcoin is bearish and the trend is likely to continue in the short-term.

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

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

What BTC/USD needs to reclaim the ground above $10,000?

Bitcoin bulls fight the effects of the price sliding below a rising wedge pattern. Recovery from lows at $9,500 has been steady. However, the momentum appears to have fizzled out at $9,800. 

More Bitcoin News

Ripple Price Analysis: XRP/USD bulls match to jumpstart rally to $0.35

Ripple is making a comeback towards the broken support at $0.30. The recovery follows a slump from highs marginally under $0.35 to lows of $0.27119. The Bollinger bands daily middle curve formed ...

More Ripple News

ETH/USD tug of war at $270 intensifies as $280 beckons

Ethereum managed to stay above the support at $240 during the bearish Monday. Also contributing to the support was the long term ascending trendline. The recovery from the support has been steady enough to hit levels slightly above $270. 

More Ethereum News

XMR/USD bulls make a comeback after finding support on the SMA 20 curve

XMR/USD bulls jumped up from the support provided by the SMA 20 curve to rise from $82.68 to $83.13. Before this, the market suffered from three straight bearish days following its repeated failure to ...

More Monero News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP