Bitcoin Hovers Near 200-Hour MA Support; Resistance at $56.6K – CoinDesk

  • 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.

Omkar Godbole is the senior reporter on CoinDesk’s Markets team.

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