Bitcoin pullback reaches trendline and Fibonacci support

Markets have been on the back foot over the course of this week thus far, with that risk-off sentiment bringing strength for the US dollar. Unfortunately for Bitcoin bulls, a strong dollar and rising US yields has dampened sentiment for the cryptocurrency. However, we are looking at a clearly defined trend that remains in place despite recent losses. With price falling back into the 50% Fibonacci retracement level, we can see that both prior occasions saw an upturn from a similar mid-sized pullback. A rebound from this level would also bring a third touch to a trendline that has been building over the course of the year. With that in mind, watch out for a potential bullish reversal, with a break below this confluence of support signalling the potential for a deeper pullback for this crypto posterchild.