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Bitcoin declined for the first time in six trading sessions alongside a broader easing of risk-on sentiment in financial markets.

The worlds largest cryptocurrency slumped as much as 4.4% Friday before trimming some losses to trade at $55,600 at 8:58 a.m. in New York. It hit an all-time high of $58,350 on Feb. 21. The Bloomberg Galaxy Crypto Index, tracking Bitcoin, Ether and three other cryptocurrencies, slipped as much as 4.9%.

The bears last stand is the $57,800 level, and it looks like we might be seeing that battle play out before the week is over," said Matt Blom, global head of sales trading at EQUOS. On the downside, continued selling above $57,000 will see us slip back towards $56,620 and potentially $55,000. Any move below here will be supported by dip-buying bulls and dip-buying bears alike."

The digital asset is up nearly tenfold in the past year as optimism over rising institutional demand pushed prices to record highs. While some say that Bitcoin is a stimulus-fueled bubble likely to burst, industry participants argue that institutional adoption will prevent Bitcoin from plummeting from its highs as was witnessed in 2017-2018.

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Bitcoin snaps five-day rally after flirting with record high - Mint