Share this article
Bitcoin Rejected Near $38K After Two-Day Price Gain
Bitcoin's range play continues even as short-term price indicator turns bullish.
Updated Mar 6, 2023, 3:15 p.m. Published Jun 1, 2021, 11:59 a.m.
Bitcoin is struggling to extend its two-day winning trend and remains coiled in a narrowing price range. The cryptocurrency is currently trading 2% lower on the day near $36,600, having faced rejection around $37,900 during the Asian hours.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The cryptocurrency dropped 35% in May, registering one of its biggest monthly drops on record. Prices are still up 25% on a year-to-date basis.
- Bitcoin's recent price congestion between $30,000 and $40,000 has taken the shape of a symmetrical triangle.
- The daily chart MACD histogram has crossed above zero, signaling scope for a triangle breakout.
- Bounce, if any, is likely to be short-lived, as the weekly chart MACD remains biased bearish below zero.
- "Intermediate-term momentum is to the downside, so we assume the rebound will be short-lived, giving way to another lower high within the corrective phase," Katie Stockton, founder and managing partner of Fairlead Strategies, said in a weekly research note published on Monday.
- The immediate resistance comes at $38,900 (upper end of the triangle), followed by the 200-day simple moving average at $41,252.
- The lower end of the triangle may offer support ahead of the psychological level of $30,000.
Also read: Bitcoin's Long-Term Put Options See Sustained Demand as Price Consolidates
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Federal Reserve Cuts Rates 25 Basis Points, With Two Members Voting for Steady Policy
The anticipated move comes as policymakers are still operating without several key economic data releases that remain delayed or suspended due to the U.S. government shutdown.
What to know:
- As expected, the Federal Reserve trimmed its benchmark fed funds rate range by 25 basis points on Wednesday afternoon.
- Today's cut is notable given the unusually large amount of public dissension among Fed members for further monetary ease.
- Two Fed members dissented from the rate cut, preferring instead to hold rates steady, while one member voted for a 50 basis point rate cut.
Top Stories
