Bitcoin break below 55k extends to test important support point

Well, it did not happen the last time Bitcoin broke below 55k, but it has this time around to a greater degree. The price was already under pressure last night when it dipped below the 21 day moving average, right as the wider US markets were drawing to a close. Following an early Asian session attempt to rebound the price has extended further to the downside so far today. The reason for that is very technical and in part comes from the fact that this time around the break below 55k also tied in with the almost exact price point of that 21 day moving average. That is in place right now at 55,070. The extension to the downside today has taken the price almost to an equally important trend line support area. That trend line is in place at 52,994 and if it breaks it could easily deliver a move to below 50k. It has held so far, with the low being set not long ago at 53,157, but it remains a price point of high importance today. Bitcoin is currently trading at 53,290