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Bitcoin Capped Below $40K Resistance; Support at $35K
Buyers have consistently lost ground to sellers.
Updated May 11, 2023, 4:59 p.m. Published Feb 3, 2022, 7:51 p.m.
Bitcoin (BTC) buyers and sellers are at a stalemate, evidenced by low trading volume and muted price action over the past few days.
The cryptocurrency is trading in a tight range between $35,000 support and $38,000-$40,000 resistance. Most technical indicators are neutral, which means BTC could remain in a narrow price range going into the Asia trading day.
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At press time the bitcoin price was $36,506, down 3% over the past 24 hours, based on CoinDesk pricing.
Buyers have consistently lost ground to sellers given the persistent downtrend since November. Based on the overwhelming selling pressure, the downward-sloping 100-day moving average on the four-hour chart has been a useful gauge of downtrend resistance.
Still, initial support at $35,000 could stabilize the current pullback. Stronger support is seen around $30,000, a critical price zone that could determine a shift from a bullish to bearish price trend.
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What to know:
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- 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.
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Bitcoin bounces from Monday's worst levels, but sub-$80,000 may come next, analyst says
Crypto markets remain "fragile," said Samer Hasn from XS.com. Traders are either stepping aside or being forced out.
What to know:
- Crypto markets stabilized in early U.S. trading Tuesday with bitcoin rising about 3% from late Monday afternoon to above $87,000.
- Crypto-related equities, including Strategy (MSTR), Robinhood (HOOD) and Circle (CRCL) saw early gains after yesterday's plunge.
- Despite the bounce, one analyst warned that crypto markets remain "fragile," with bitcoin likely to fell below November lows.
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