Bitcoin price faces resistance at $300

For the second time this year, bitcoin tested the $300 levels but was unable to break above. It dropped from $290 to as low as $272 and now trades at 289.81 levels.

BTC/USD was unsuccessful to hold ground above $300 levels, following the build-up around the launch of Coinbase Exchange. It hit $304 in January, but quickly reverted within hours as traders sold on the news.

The retracement seen over the past weekend is in line with the long-term uptrend. Prices are still holding above the 50-day moving average. Any convincing break above $300 is expected to see heavy buying activity as traders return to the floor.