Bitcoin price extended its decline and tested the $53,000 zone against the US Dollar.
Bitcoin failed to recover above the $57,000 barrier and it extended its decline.
There was a break above the 23.6% Fib retracement level of the recent drop from the $59,040 swing high to $52,943 low.
It is now trading well below the $56,000 level and the 100 hourly simple moving average.
If there is an upside break above the trend line resistance, it could correct higher towards the $55,500 resistance zone.
If bitcoin fails to clear the $55,500 resistance or $56,000, it could start a fresh decline.
The first key support is near the $53,400 level, below which the price might revisit the $52,943 low.
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