Bitcoin price shed 3.5% on Tuesday

Bitcoin price shed 3.5% on Tuesday to extend losses to fresh May lows below $53,000 before bouncing into positive territory. The BTCUSD pair has settled above the descending 20-DMA since then, lacking upside momentum despite the recent recovery. The largest cryptocurrency by market capitalization has been struggling to stage a robust and sustained rebound since its rejection from all-time highs last seen in mid-April. Furthermore, the coin derailed the critical 100-DMA in the second half of last week and it looks like the prices are threatening this support zone again. If this moving average that now arrives at $51,800 fails to withstand the selling pressure, a more pronounced retreat could be expected in the short term. In a wider picture, a break below the $50,000 figure would be a negative sign in the short term. At the same time, lower levels could attract a fresh wave of long-term investors including the institutional ones.