Has Bitcoin Been Building Up Strong Support Near $53,000?

Has Bitcoin Been Building Up Strong Support Near $53,000?

This is a BETA experience. You may opt-out by Analysts weigh in on a crucial support level for bitcoin. Since reaching a fresh, all-time high of nearly $69, 000 earlier this month, bitcoin prices have experienced multiple sell-offs, repeatedly pushing lower. The world's most prominent digital currency reached its latest zenith on November 10, before approaching $62, 000 two days later, CoinDesk data reveals. After that retracement, bitcoin mounted a recovery, climbing above $66, 300 on November 15, additional CoinDesk figures show. Following this upward movement, the digital asset fell back once again, dropping below $56, 000 on November 18, before rising above $60, 000 on November 21. Since that time, bitcoin prices have repeatedly approached $55, 000, reaching a six-week low yesterday. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] Following these continued declines, several market experts weighed in on a key support level that might interest technical traders. "The cost basis of short-term BTC investors has historically served as a bull market support band," noted Alyse Killeen, founder and managing partner of venture capital firm Stillmark. "Blockware Market Intelligence