PlayIconNav
BTC
$58,518.02-1.27%
ETH
$2,487.09-1.55%
BNB
$526.70-2.60%
SOL
$133.58-3.56%
XRP
$0.55975618-1.07%
DOGE
$0.10015321-1.47%
CD20
$1,849.58-1.88%
TON
$5.42+0.72%
TRX
$0.15650849-1.90%
ADA
$0.34326048-1.69%
AVAX
$22.46-3.63%
WBTC
$58,505.96-1.23%
Ad
Markets

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)

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.

VolumeMuteUnmute

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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.