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.