Bitcoin looks to regain poise during overnight trade having avoided a short-term bullish-to-bearish trend change with the help of a crucial support level.

  • The top cryptocurrency is trading near $61,400 at press time, representing a 1.4% gain on the day.

  • While prices fell by 4.3% on Tuesday, sellers failed to break the support level near $59,800 and confirm a head-and-shoulders (H&S) breakdown on the 4-hour chart.

  • Chart analysts consider H&S breakdown as a bearish signal. The pattern often yields an extended sell-off to the downside.

  • A potential H&S breakdown on the 4-hour chart would expose support to near $54,000.

  • Resistance is seen at $63,700 (Oct. 25 high). A higher break could take bitcoin to record highs.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

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