Bitcoin market update: BTC/USD upside capped under the 23.6% Fibonacci level

Bitcoin hovers around $8,300 unable to break above the short-term 23.6% Fib level.
The path of least resistance remains to the south as selling pressure prevails.

Bitcoin is in a slightly bullish momentum following a weekend largely characterized with little to no action. Major cryptocurrencies continued with consolidation after the drop on Friday last week. Bitcoin, in particular, failed to make headway above $8,400. A move that allowed the bears to swing into action forcing another drop below $8,200.

The price has since recovered from the minor correction and is now pivotal at $8,300. The immediate upside is limited by the 23.6% Fib level taken between the last swing high of $8,840 to a swing low of $8,161. Also standing in the way of upward movement is the 100 Simple Moving Average (SMA) on the hourly chart.

The Moving Average Coverage Divergence (MACD) is back in the negative territory. The big divergence shows that the bears have more influence on the price. An initial support is observed at $8.200. The ascending trendline will come in handy in the event losses progressed under $8,200. Also in line to offer support is $8,100, $7,800 and $7,700.

BTC/USD hourly chart

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