Bitcoin dropped below $59,000 before dropping sharply below $54,000. Although it tested a low of $53,533, it found support at the 100-day SMA. Now that the support is broken and RSI shows the indicator is headed towards oversold territory. We think the breakout below the $56,000 is actually a fake-out and Bitcoin could find support soon – possibly at the 1.272 Fib near $51,000.
