RATE Group | Bitcoin Keeps Recovery Hopes Alive With Defense of Major Average Support
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Bitcoin Keeps Recovery Hopes Alive With Defense of Major Average Support

04 Mar Bitcoin Keeps Recovery Hopes Alive With Defense of Major Average Support

Posted at 14:03h in Bitcoin News by

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Bitcoin remains on the hunt for a notable recovery with prices holding above widely tracked average support. 

The top cryptocurrency is currently trading above $8,760, having defended the 200-day moving average (MA) support at $8,720 early on Wednesday. 

The support level is widely considered a barometer of long-term market trends and tends to attract buying or selling pressure, depending on the direction in which it is breached. 

Therefore, a corrective bounce to levels above $9,000 put forward by a bullish reversal candlestick pattern confirmed Monday may remain elusive if prices find acceptance under the long-term average.

The key support has held ground so far today, keeping hopes for a recovery rally alive. The average support withstood selling pressure on Tuesday.

Bitcoin ran into offers during Tuesday’s U.S. trading hours as the stock markets dropped alongside the Federal Reserve’s announcement of a 50 basis point rate cut. Prices briefly fell below the 200-day average but…

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