Bitcoin Price Eyes Recovery After Defense of Long-Term Support

Bitcoin‘s defense of key long-term support for the second time in four days is a positive sign for a potential recovery rally.

The leading cryptocurrency by market value fell below $4,242 (low of Wednesday’s inside-day candle) in the Asian trading hours, putting the bears back into the driver’s seat. As a result, BTC fell below the 200-week exponential moving average (EMA) of $4,182 earlier today.

The breach of the EMA support, however, seems to have trapped bears on the wrong side of the market, as BTC is currently trading at $4,330 on Bitstamp, having clocked an intraday low of $4,061 earlier today.

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