Previous article Bitcoin Retests Key Support Level as $53k Threshold Looms Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News Bitcoin Retests Key Support Level as $53k Threshold Looms Bitcoin Retests Key Support Level as $53k Threshold Looms By - min read 22 April 2021 Bitcoin has dropped to $53,800, with the technical outlook suggesting further declines to lows of $51,540 seen on 18 April The price of Bitcoin is hovering around $53,657 as of writing, with bulls battling for control amid sell-off pressure. The benchmark crypto asset is down 3.2% and nearly 15% over the past 24-hour and 7-day time frames respectively. Despite attempts for a swift recovery, bears have restricted prices below the 50-day and 100-day moving averages. This means that a downside continuation could see BTC fall towards recent lows. Bitcoin price outlook While Bitcoin’s price is vulnerable to a fresh downside, crypto analyst Rekt Capital suggests that what the market is witnessing is a retracement, not a correction, and that such dips tend to come in multiples and range around 10%-25%. This is not the case yet, however. #BTC retraced -21% recently Technically, this is still not a #Bitcoin correction Corrections tend to be -30% to -40% deep Dips are much more common than corrections & tend to be sharper and shallower In 2017, $BTC experienced 12 dips These dips ranged between -10% and -25% — Rekt Capital (@rektcapital) April 21, 2021 The technical picture for BTC/USD supports the short-term negative outlook. BTC/USD hourly chart. Source: TradingView BTC/USD is trading within a descending triangle pattern, with the RSI firmly below the 50-point mark to indicate bears are in control. A possible rebound, as suggested by the appearance of a hammer candle, has stalled after bulls ran into resistance at $54,893. Recent gains were also capped around the 50-day moving average (MA) ($55,338) and 100-day MA ($55,580). A look at the hourly chart shows that indecision seems to be resolving downwards as BTC/USD courts new losses near $53,800. If bears succeed in pushing prices below this line, the next demand zone is likely to be at the channel support line near $53,300. Bitcoin could soon decline to $52,000, with the next main support level found at $51,500. Share this article Categories Analysis Tags Bitcoin News