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Bitcoin remains on the offer following Tuesday’s 2.58% drop.
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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.
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The average acted as strong support during the U.S. trading hours on Tuesday.
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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.
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Acceptance under the 200-hour MA would expose support at $50,000.
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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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