Bitcoin looks to regain poise during overnight trade having avoided a short-term bullish-to-bearish trend change with the help of a crucial support level.
The top cryptocurrency 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 (H&S) breakdown on the 4-hour chart.
Chart analysts consider H&S breakdown as a bearish signal. The pattern often yields an extended sell-off to the downside.
A potential H&S breakdown on the 4-hour chart would expose support near $54,000.
Resistance is seen at $63,700 (Oct. 25 high). A higher break could take bitcoin to record highs.