Bitcoin Tumbles to 3-Week Low Under $60K; Next Support at $53K

Bitcoin BTC$74,079.01 fell below $60,000 as sellers remained active over the past few hours, pushing the price to its lowest in three weeks.

The largest cryptocurrency by market value was down 4.2% over the past 24 hours to around $57,800 as of 17:53 UTC (12:53 p.m. ET) on Thursday, after failing to sustain an all-time high around $69,000 last week.

If further declines materialized, the next level of price support is seen around $53,000, which could then stabilize the pullback, based on a CoinDesk analysis.

Bitcoin’s price retreat came amid a broad sell-off in cryptocurrency markets, with the CoinDesk 20-listed digital assets trading in the red. Ether, the native cryptocurrency of the Ethereum blockchain and the second-largest overall, was down 4.2% over the past 24 hours, slipping below the key psychological level of $4,000 earlier Thursday.

Bitcoin price momentum

For bitcoin, upside momentum continues to slow on the daily price chart, suggesting continued profit-taking among buyers. And the relative strength index (RSI) on the daily chart is not yet oversold, which provides scope for further downside in BTC over the short-term.

The 100-day moving average, currently around $53,000, could attract buyers similar to late September, which preceded a price recovery.

For now, intraday charts appear deeply oversold. This means buyers could defend immediate support around $56,000, albeit briefly given strong overhead resistance on the charts.