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

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Bitcoin (BTC) sellers have been lively on Friday, pushing the cryptocurrency towards the underside of its weeklong worth vary. Lower help at about $53,000 may stabilize the present pullback.

BTC was buying and selling at round $55,000 at press time and is down about 2% over the previous 24 hours.

Upside momentum is beginning to sluggish on the day by day and weekly worth charts, which suggests upside might be restricted towards $60,000 resistance. For now, the intermediate-term uptrend stays intact given the upward sloping 100-day transferring common.

Further, the relative power index (RSI) on the day by day chart is slightly below impartial territory, though shopping for has been weak following an oversold studying on Nov. 26.