Bitcoin (BTC/USD) Bounces Off 200-MA Support to Retest $57,000

Key Bitcoin Points Bitcoin rose ahead of the New York opening bell on Tuesday. Traders flocked to re-accumulate the cryptocurrency as it reached a classic support level. Trading inside a short-term falling wedge, bitcoin now anticipates extending its rebound towards $58,000.

Bitcoin climbed higher ahead of the US trading hours Tuesday after dipping to $53,000 during the Asia-Pacific session.

The level also coincided with the cryptocurrency 200-4H moving average (the orange wave in the chart below). Its historical significance as support in capping Bitcoin’s downside attempts allowed traders to treat it as their accumulation level. As a result, the BTC/USD exchange rate rebounded by more than 2.5 percent during the European session.

As the New York opening bell neared, Bitcoin climbed above $55,000, a psychological price floor. That raised expectations that the cryptocurrency would hold above the said level to the further upside during the US session. A

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