Bitcoin price analysis: BTC/USD struggling to stay afloat at $5,300

BTC/USD brought smiles to investors yesterday after it escaped a strong resistance zone at $5,200. The largest digital asset was trending sideways between $5,100 and $5,200 following the correction from the dip that tested the support areas at $5,000 and $4,950 during the declines last week.

The entire cryptocurrency market beamed with hope as Bitcoin scaled the levels above $5,250 and even stepped above $5,300. However, the price lost momentum before clocking $5,350 and formed a high on 1 May at $5,342.76 resulting in a correction towards $5,300.

Bitcoin short-term technical picture

Bitcoin is currently exchanging hands at $5,302 and struggling to defend the short-term support at $5,300. Technical levels remain intact in spite of the asset failing to move past $5,350. The Relative Strength Index (RSI) is heading lower at 65 to show that the sellers are gaining traction. The moving average convergence divergence (MACD) is, however, sitting comfortably within the positive region to show that the bulls are still present and could defend the next support at $5,250 and $5,200 in the event declines increase momentum.

BTC/USD 1-hour chart