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Bitcoin Drops Below $56K as Momentum Slows, Support at $53K
Buying has been weak despite short-term oversold signals.
Updated May 11, 2023, 6:33 p.m. Published Dec 3, 2021, 9:40 p.m. 1 min read
Bitcoin 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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Investors are abandoning bitcoin and gold, perhaps sensing a coming end to Middle East hostilities.
What to know:
- JPMorgan says the pandemic-era “debasement trade,” centered on bitcoin and then gold, is cooling, with recent outflows from bitcoin and gold ETFs and reduced institutional futures positions reflecting a broader pullback from macro hedges.
- The bank's report suggested investors may be getting ahead of a U.S.-Iran peace deal.
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