Bitcoin hovers near 200-hour ma support, resistance at $56.6k

What to know

• Bitcoin remains on the offer following Tuesday’s 2.58% drop.

• The cryptocurrency is currently trading near the 200-hour moving average (MA) support at $54,500 earlier today, representing a 2.6% drop on the day.

• The average acted as strong support during the U.S. trading hours on Tuesday.

• The relative strength index (RSI) on the hourly and 4-hour charts remains in bearish territory below 50. So, a continued decline cannot be ruled out.

• Acceptance under the 200-hour MA would expose support at $50,000.

• Bulls will need to clear the lower high at $56,612 created in Asian hours to take greater control and attack resistance at $60,000.