Bitcoin Drops Below $56K as Momentum Slows, Support at $53K
Buying has been weak despite short-term oversold signals.
Updated May 11, 2023 at 6:33 p.m. UTC
![Bitcoin daily price chart shows support/resistance with RSI in second panel (TradingView)](https://www.coindesk.com/resizer/6xj1js1TLTfndhzEIbSOr4AzJeM=/567x425/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/6RVAEBOYPZBY7JSEMWCN5FA2HE.png)
Bitcoin (BTC) sellers were active on Friday, pushing the cryptocurrency toward the bottom of its weeklong price range. Lower support at about $53,000 could stabilize the current pullback.
BTC was trading at around $55,000 at press time and is down about 2% over the past 24 hours.
Upside momentum is starting to slow on the daily and weekly price charts, which means upside could be limited toward $60,000 resistance. For now, the intermediate-term uptrend remains intact given the upward sloping 100-day moving average.
Further, the relative strength index (RSI) on the daily chart is just below neutral territory, although buying has been weak following an oversold reading on Nov. 26.