Bitcoin Drops Below $56K as Momentum Slows; Support Around $53K

Bitcoin (BTC) sellers were active on Friday, pushing the cryptocurrency toward the bottom of its weeklong price range. Lower support near $53,000 could stabilize the current pullback.

BTC was trading 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.