Share this article
Bitcoin Holds Support Above $40K; Initial Resistance at $46K
Buyers remain active on pullbacks, keeping support levels intact.
Updated May 11, 2023, 4:55 p.m. Published Mar 23, 2022, 6:04 p.m.
Bitcoin (BTC) pullbacks have been limited during the Asia trading day, suggesting that buyers could remain active above the $40,000 support level. There is room for additional upside, although resistance at $46,700 could stall the price bounce.
The cryptocurrency was trading around $42,300 at press time and is roughly flat over the past 24 hours.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Bitcoin's trading volume remains low relative to prior highs, although a decisive breakout above $46,000 could encourage additional buying activity. For now, BTC remains in a month-long trading range and is attempting to reverse a four-month long downtrend.
Elsewhere, the recent outperformance in alternative cryptocurrencies (altcoins) such as ether (ETH) relative to bitcoin indicates bullish sentiment among traders. That means higher trading ranges are expected over the short term.
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
Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
Top Stories
