Share this article
Bitcoin Weakens Amid Slower Volume; Support Around $54K
Volume has significantly slowed over the past two weeks, which is typical of a consolidation phase and could lead to sharp price moves.
Updated Mar 6, 2023, 3:34 p.m. Published Apr 7, 2021, 11:15 a.m.
Sellers remained active during Asia hours as bitcoin (BTC) trades below its 50-period volume-weighted moving average on the four-hour chart. Resistance around $60,000 has set the tone for profit taking, with lower support seen around $54,000.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- BTC has traded in a range between $50,000 and $60,000 over the past month and has since retraced about 20% of the rally from the March 25 price low.
- Volume has significantly slowed over the past two weeks, which is typical of a consolidation phase and could lead to sharp price moves.
- On the daily chart, trading volume peaked on Jan. 11 and has since declined despite the continued price rise. This indicates slowing upside momentum and is consistent with lower highs on the 14-day relative strength index (RSI) explained in previous posts.
- Selling pressure should continue to cap upside moves on intraday charts as buyers await stronger support around $54,000 and $50,000.
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.
Más para ti
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
Lo que debes saber:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
