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.

Bitcoin

  • 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.

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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