And by spinning the wheel, the most amazing thing happens which can be watched in the following video link provided at the end of this article.
This odd behavior displayed by the bicycle wheel appears very irrational which makes us think the logic behind the axle of the bicycle hanging in mid-air like that. The same logic is applicable to the gyroscope which when supported loosely at one end would describe a circular motion, instead of just falling under the influence of gravity.
The logic of precession can also be observed in a spinning top. Once the sting of the top is let loose, the top instead of falling, as might be expected, appears to defy gravity by remaining with its axis horizontal, when the other end of the axis is left unsupported and the free end of the axis slowly describes a circle in a horizontal plane, the resulting precession turning.
Another distinguished property of the gyroscope is called as nutation. Nutation is a minor irregular motion (etymologically a "nodding") in the axis of rotation of a largely axially symmetric object, such as a gyroscope or a planet. It is this property of the nutation that gives a slight wobble to the spinning object.
These distinctive properties of a gyroscope make it a very unique and puzzling object. The simple gyroscopic properties are made use in aircrafts and space shuttle for navigation purpose.