Share this article
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.
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Di più per voi
Bitcoin could drop to $10,000, one analyst says, spelling doom for ETH, ADA, XRP
Traders are positioning for downside risks, with a significant build-up of put options indicating expectations of a dip below $85,000.
Cosa sapere:
- Bitcoin remains under pressure, hovering near $87,000, with analysts warning of potential further declines into early 2026.
- Traders are positioning for downside risks, with a significant build-up of put options indicating expectations of a dip below $85,000.
- Despite recent resilience, long-term holders have reduced their bitcoin holdings, and geopolitical risks and leverage conditions are expected to drive market volatility into 2026.
Top Stories
