Share this article
Bitcoin Attempts Range Breakout, Faces Resistance at $42K
Bitcoin is attempting to break out of a monthslong range but faces resistance at $40K-$42K.
Updated Mar 6, 2023, 3:28 p.m. Published Jun 14, 2021, 11:27 a.m.
Bitcoin (BTC) held support at around $34,000 over the weekend and is approaching resistance at $40,000-$42,000. The world's largest cryptocurrency has been consolidating for nearly a month as buyers established a solid base at $30,000.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
A breakout from the range would yield further upside toward $50,000. Sellers, however, remain in control given the strong overhead resistance.
Bitcoin was trading at about $39,300 at press time, up about 9% over the past 24 hours.
- The short-term trend is improving as prices returned above the 100-period moving average on the four-hour chart.
- There is immediate resistance at $40,000, which could limit upside, especially as the relative strength index (RSI) appears to be overbought on the four-hour chart.
- Minor support is seen at around $34,000, which is the midpoint of the short-term range. If support holds, a decisive breakout above $42,000 could shift the downtrend from May.
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
Galaxy Digital’s head of research explains why bitcoin’s outlook is so uncertain in 2026
Galaxy Digital’s Alex Thorn says options markets, falling volatility and macro risks make next year hard to forecast even as the firm keeps a bullish long-term view.
What to know:
- Galaxy Research, the research arm of Galaxy Digital (GLXY), says overlapping macroeconomic and market risks make bitcoin unusually difficult to forecast in 2026.
- The firm says that options pricing and volatility trends indicate that bitcoin is maturing into a more macro-like asset, rather than a high-growth trade.
- Galaxy maintains a long-term bullish outlook, projecting that bitcoin could reach $250,000 by the end of 2027.
Top Stories
