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Bitcoin Drops Below $56K as Momentum Slows, Support at $53K

Buying has been weak despite short-term oversold signals.

By Damanick Dantes
AccessTimeIconDec 3, 2021 at 9:40 p.m. UTC
Updated May 11, 2023 at 6:33 p.m. UTC
Bitcoin daily price chart shows support/resistance with RSI in second panel (TradingView)

Bitcoin daily price chart shows support/resistance with RSI in second panel (TradingView)

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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.

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Damanick Dantes
Damanick Dantes

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

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