Share this article
BTC
$88,359.73
+
1.14%ETH
$1,586.65
-
3.27%USDT
$0.9999
+
0.03%XRP
$2.0914
-
1.41%BNB
$600.45
-
0.40%SOL
$139.47
-
1.11%USDC
$0.9998
+
0.02%DOGE
$0.1618
+
0.44%TRX
$0.2460
+
0.65%ADA
$0.6267
-
2.24%LINK
$13.16
-
3.03%LEO
$9.1252
-
2.89%AVAX
$19.97
-
0.33%XLM
$0.2488
-
1.25%SHIB
$0.0₄1248
-
2.20%TON
$2.9290
-
3.21%SUI
$2.2410
+
1.04%HBAR
$0.1709
-
0.26%BCH
$345.44
+
1.76%HYPE
$18.60
+
2.65%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Hovers Near 200-Hour MA and Close to Its Support
The cryptocurrency is down for a second straight day.
Bitcoin pulled back again early Wednesday on the heels of a recent bull run.
- The cryptocurrency was trading near its 200-hour moving average (MA) and close to its support at $54,500 earlier today, representing a 2.6% drop on the day. That follows a 2.58% decline on Tuesday.
- The average acted as strong support during the U.S. trading hours on Tuesday.
- The relative strength index (RSI) on the hourly and four-hour charts remains in bearish territory below 50, and 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 during Asian trading hours to take greater control and attack resistance at $60,000.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
