Share this article
Bitcoin Short-Term Bounce Faces Resistance at $40K
Extreme oversold readings preceded an uptick in BTC.
Updated May 11, 2023, 6:21 p.m. Published Jan 24, 2022, 7:29 p.m.
Make us preferred on Google
Bitcoin (BTC) returned above $35,000 after multiple oversold signals appeared on the charts. The cryptocurrency faces initial resistance at $40,000, which could limit upside over the short term.
Bitcoin is up 3% over the past 24 hours after rising from an intraday low near $33,000, while the broader crypto market has stabilized.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The relative strength index (RSI) on the daily chart registered the most extreme oversold reading since the March 2020 crash. The previous extreme low was on Nov. 20, 2018, which preceded a few months of rangebound price action before a rally took place.
For now, a downtrend of lower price highs since November remains intact, which means sellers could remain active at resistance levels.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
More than half of bitcoin’s invested supply has a cost basis above $88,000
Most invested bitcoin supply sits above current prices, increasing price vulnerability if key support levels fail.
What to know:
- Around 63% of invested bitcoin wealth has a cost basis above $88,000.
- An onchain measure shows heavy concentration of supply between $85,000 and $90,000, combined with thin support below $80,000.
Top Stories
