Bitcoin is facing increasing pressure as key indicators signal a potential drop to $53,541. With sellers gaining momentum and technical charts flashing red, the cryptocurrency is struggling to find a foothold in a volatile market.

Traders are closely watching to see if the downtrend will continue or if a trend reversal will occur. horizon as BTC holds near critical support levels. The next few days could be crucial in determining Bitcoin’s short-term trajectory.

As Bitcoin’s value increases sales pressureThis article examines the recent bearish signals influencing price action by examining key technical indicators that suggest potential drop to $53,541. By analyzing the critical support levels to watch out for, you can get an idea of ​​whether BTC will find stability or continue to fall.

At the time of writing, Bitcoin was trading at around $56,691, down 4.04% on a market capitalization of over $1 trillion and trading volume of over $31 billion. Over the past 24 hours, BTC’s market capitalization is down 3.96% while trading volume is up 22.55%.

Analysis of recent BTC price action and key metrics

On the 4-hour chart, Bitcoin showed a sturdy downtrend momentum below the 100-day basic moving average (SMA) after failing to break through the $60,152 level. The price is now trying to decline towards the $53,541 level. If the cryptocurrency successfully breaks through this key level, it could start a more pronounced downtrend, potentially pushing the price down towards other key support levels.

Moreover, on the 4-hour chart, the Relative Strength Index (RSI) fell below 50% and currently stands at 32%. This drop underscores the rising bearish dynamics and suggests that selling pressure may intensify.

On the daily chart, BTC is showing a significant negative move below the 100-day SMA, printing two bearish momentum candles. This bearish rally reflects sturdy selling pressure and negative market sentiment, increasing the probability of BTC hitting $53,541 soon.

Finally, the 1-day RSI shows that bearish pressure on BTC is intensifying. The signal line recently fell below 50%, now resting at 39%, which also signals growing selling pressure and negative attitude towards digital assets.

Investor Outlook: Preparing for a Potential Bitcoin Drop

As bear pressure increases and key indicators pointing to further declines, Bitcoin looks poised to fall towards $53,541. Should the cryptocurrency break through this level, it could signal a more significant bearish move, potentially pushing the price down towards the next support at $50,604 and beyond.

However, if Bitcoin reaches the support level of $53,541 and the bulls manage to organize returnprice may start to rise towards resistance at USD 60,152. Successful breakout of this level resistance could see BTC test its all-time high of $73,811, with the potential to set a fresh record high if surpassed.

Featured image from iStock, chart from Tradingview.com