Share this article
Bitcoin Rallies From Oversold Levels; Faces Resistance at $40K
The short-term trend is improving after a series of lower price highs since May.
Updated Mar 6, 2023, 3:39 p.m. Published Jun 10, 2021, 11:28 a.m.
Bitcoin (BTC) broke above initial resistance at $36,000 after a near 13% rise on Wednesday. The next resistance level is seen at $40,000, which capped upside moves over the past two weeks.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The short-term trend is improving after a series of lower price highs since May. The weekly chart is showing initial signs of downside exhaustion, which could stabilize the month-long corrective phase.
- Bitcoin returned above the 100-day moving average on the four-hour chart and is approaching short-term overbought levels.
- Buyers could remain active towards $40,000, which is also near the 200-day moving average. The cryptocurrency was trading around $38,000 at press time.
- If a pullback occurs, bitcoin should find initial support around $34,000. Lower support around $30,000 was tested multiple times over the past two weeks as buyers return.
- Bitcoin will need to break free of the short-term consolidation phase to maintain the bullish uptrend. For now, recoveries appear limited given strong overhead resistance.
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
Fidelity's Jurrien Timmer: Expect lame 2026 as four-year bitcoin cycle appears intact
The director of global macro at the asset management giant remains a secular bull on bitcoin, but isn't optimistic about the next year.
What to know:
- A number of notable market analysts of late have dismissed the idea of bitcoin's four-year cycle and the nearly certain bear market that might imply.
- Fidelity's Jurrien Timmer, however, says the action so far this time around lines up about perfectly with past four-year cycles and the current bearish action should last deep into 2026.
Top Stories
