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  • Bitcoin price narrows towards $10,300 support after recovery on Monday failed to make headway above $10,500.
  • Limiting immediate upward correction is the 50-day Simple Moving Average (SMA) at $10,433.

Spot rate: $10,296

Relative change: -7.229

High: $10,387.07

Low: $10,278.84

Trend: Bearish

BTC/USD Daily chart

Despite the lower correction following the rejection at $11,000, BTC/USD is still trading above the long-term bullish trendline.

The short-term analysis is bearish with the full stochastic oscillator sharply drop towards 50 after hitting highs of 86.364 in September.

BTC/USD 4-hour chart

Bitcoin buyers defend short-term ascending channel support. A breakout above the channel resistance could send BTC above $11,500.

$9,400-$9,200 is the major support zone after being tested three times in the last three months.