Share this article
Bitcoin Extends Pullback; Support at $37K, Resistance at $46K
BTC has been struggling to sustain positive momentum over the past few days.
Updated May 11, 2023, 4:50 p.m. Published Apr 22, 2022, 6:12 p.m.
Bitcoin (BTC) dipped below $40,000 on Friday, the midpoint of a three-month long trading range. The cryptocurrency could find support at $37,500, although upside appears to be limited toward the $46,000 resistance level.
BTC was trading around $39,400 at press time and is down by 5% over the past 24 hours. So far this year, BTC is down by 17%, compared with a 9% loss in the S&P 500 and a 6% gain in gold over the same period.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
A positive momentum signal on bitcoin's daily chart was invalidated on Thursday, which typically precedes a period of price weakness. On the weekly chart, however, momentum remains slightly positive, suggesting that rangebound trading could persist over the next few days.
Most technical indicators are neutral, although a significant loss of upside momentum on the monthly chart increases the probability of a break below BTC's year-long price range. Further, the recent increase in sell volume relative to buy volume means traders have been reluctant to maintain long positions after the 2020 crypto rally.
For now, the upward sloping 100-week moving average, currently at $35,693, has kept the uptrend intact. If price breaks below that level, the next support zone is between $27,000-$30,000.
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.
More For You
BTC, Nasdaq Futures Drop as Oracle Earnings Revive AI Bubble Fears
Oracle shares tanked after the firm revealed an earnings miss.
What to know:
- Bitcoin slipped below $90,000 as traders treated the Fed’s rate cut as a sell the news event, unwinding optimism that had been priced in ahead of the decision.
- Oracle shares fall 12% on earnings and capex guidance, yet credit market signals suggest a repricing of risk rather than distress.
Top Stories
