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Bitcoin Drops as Low as $53.5K in Quick Sell-Off, Then Recovers

Bitcoin fell after the U.S. market close.

By Daniel Cawrey

Updated Sep 14, 2021, 12:53 p.m. Published May 10, 2021, 9:05 p.m.

The world's oldest cryptocurrency, bitcoin (BTC) dropped as low as $53,500 on spot exchanges such as Bitstamp in a spate of selling Monday, right after the 21:00 UTC (4 p..m. ET) close of traditional markets in the U.S.
The bitcoin price had fallen by more than 5% in the past 24 hours during the sell-off. It has now recovered to just over $55,000 as of press time.
The U.S. S&P 500 lost 0.50% Monday, led by a dump in Tesla stock, down 6% to close the day.
"We think strong support near $42,000 (per BTC) may be tested as the range is resolved to the downside, before an intermediate-term low is established," noted Katie Stockton, a technical analyst for consulting firm Fairlead Strategies, in a Monday market update.

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Daniel Cawrey

Daniel Cawrey has been a contributor to CoinDesk since 2013. He has written two books on the crypto space, including 2020’s “Mastering Blockchain” from O'Reilly Media. His new book, “Understanding Crypto,” arrives in 2023.