Advertisement
Singapore markets closed

  • Straits Times Index

    3,290.70
    +24.75 (+0.76%)
     

  • Nikkei

    38,229.11
    +155.13 (+0.41%)
     

  • Hang Seng

    18,963.68
    +425.87 (+2.30%)
     

  • FTSE 100

    8,433.76
    +52.41 (+0.63%)
     

  • Bitcoin USD

    60,754.45
    -1,775.82 (-2.84%)
     

  • CMC Crypto 200

    1,302.78
    -55.23 (-4.07%)
     

  • S&P 500

    5,222.68
    +8.60 (+0.16%)
     

  • Dow

    39,512.84
    +125.08 (+0.32%)
     

  • Nasdaq

    16,340.87
    -5.40 (-0.03%)
     

  • Gold

    2,366.90
    +26.60 (+1.14%)
     

  • Crude Oil

    78.20
    -1.06 (-1.34%)
     

  • 10-Yr Bond

    4.5040
    +0.0550 (+1.24%)
     

  • FTSE Bursa Malaysia

    1,600.67
    -0.55 (-0.03%)
     

  • Jakarta Composite Index

    7,088.79
    -34.81 (-0.49%)
     

  • PSE Index

    6,511.93
    -30.53 (-0.47%)
     

Bitcoin Hovers Near 200-Hour MA and Close to Its Support

Omkar Godbole
Updated ·1-min read

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.