Bitcoin Holds Support, Bounces to $61.4K
A potential technical breakdown would expose a support level near $54,000.
Updated May 11, 2023 at 6:43 p.m. UTC
![Bitcoin's four-hour chart (TradingView)](https://www.coindesk.com/resizer/QPdQGJWe81WEkZWylXSGBFekJF4=/567x437/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/IRNBNM2OUNH27HBOSMGFWKDLZY.png)
Bitcoin looks to regain poise during overnight trading, after it avoided a short-term bullish-to-bearish trend change with the help of a crucial support level.
- The top cryptocurrency by market value is trading near $61,400 at press time, representing a 1.4% gain on the day.
- While prices fell by 4.3% on Tuesday, sellers failed to break the support level near $59,800 and confirm a “head-and-shoulders” breakdown on the four-hour chart.
- Chart analysts consider a head-and-shoulders breakdown as a bearish signal. The pattern often yields an extended sell-off to the downside.
- A potential head-and-shoulders breakdown on the four-hour chart would expose support near $54,000.
- Resistance is seen at $63,700, which was the high on Monday. A higher break could take bitcoin to record highs.