Share this article
Bitcoin Oversold Bounce Faces Resistance at $40K-$43K
Long-term momentum remains very weak and BTC is at a critical point.
Updated May 11, 2023, 5:13 p.m. Published Jan 26, 2022, 7:33 p.m.
Bitcoin (BTC) rose from deeply oversold levels over the past two days, indicating renewed buying after a sharp sell-off. The cryptocurrency faces initial resistance at $40,000-$43,000, which could stall the current price bounce.
BTC was trading around $38,000 at press time and is up 4% over the past 24 hours.
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 is rising from extreme oversold levels, which could keep buyers active this week. On the weekly chart, the RSI is approaching oversold territory, similar to July 2021, which preceded a strong price rally.
Still, momentum signals remain very weak, indicating limited upside from here. That means buyers will need to make a decisive move above $40,000 to signal a recovery phase.
For now, the downtrend from November remains intact with immediate support at $37,000 and lower support at $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
CF Benchmarks views bitcoin as portfolio staple, projects $1.4 million price target by 2035
The index provider applies capital market models to bitcoin, arguing institutional adoption supports long-term valuations and structured portfolio allocation.
What to know:
- CF Benchmarks applies traditional capital market assumptions to bitcoin for institutional inve
- The framework derives bear, base and bull price scenarios through 2035.
- The analysis argues that bitcoin can improve portfolio efficiency at modest allocation levels.
Top Stories
