- Mundane trading clouded Bitcoin trading with low activity experienced macros the weekend session.
- Bitcoin buyers have the upper supported by slightly better technical levels.
The cryptocurrency market remained largely depressed across the weekend session. Mundane trading clouded Bitcoin trading with low activity experienced for all major cryptos. BTC, for example, managed to stay above the 50 Simple Moving Average (SMA) 1-hour and the 100 SMA 1-hour but failed to sustain growth above the 50% Fibonacci retracement level taken between the last swing high of $10,283.66 and a swing low of $9,770.57.
A weekend high formed at $9,840.64 allowing for an ongoing retracement. At press time, BTC/USD is dancing at $9,774 while supported by slightly improving technical levels. The Relative Strength Index (RSI) is inside holding ground at 70, although a retreat occurred on hitting 77.50.
On the other hand, the Moving Average Convergence Divergence (MACD) is sitting comfortably within the positive region. A positive divergence suggests that the buyers have control at the moment. However, it is important that Bitcoin stays above $9,700 to give room for the bulls to focus on $10,000. On the downside, other support areas include $9,600, $9,400 and $9,300.
BTC/USD 1-hour chart
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