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Bitcoin Extends Pullback Toward $37K-$40K Support Zone

BTC is in a wide trading range with strong overhead resistance. Technical indicators are mostly neutral.

Na-update May 11, 2023, 4:57 p.m. Nailathala Mar 4, 2022, 7:12 p.m. Isinalin ng AI
Bitcoin weekly chart shows support/resistance (Damanick Dantes/CoinDesk, TradingView)
Bitcoin weekly chart shows support/resistance (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) was unable to catch a bid after overbought conditions appeared on the charts earlier this week. The pullback generated a loss of upside momentum, although lower support around $37,000-$40,000 could stabilize the down move.

BTC was trading around $40,600 at press time and is up 3% over the past week.

STORY CONTINUES BELOW
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Resistance at $46,700 remains intact, which capped a series of price rallies since the Jan. 24 low at $32,930. That could signal an extended period of consolidation, especially as trading volume continues to fade.

Still, there is potential for higher volatility this month. Bitcoin has been capped within the $30,000-$69,000 price range over the past year – a wide trading zone with sharp price swings.

The previous trading range from May to October 2020 resulted in a strong rally. This time, however, monthly momentum gauges are at an all-time low, which lowers the chance of a significant upside move in March and April.

For now, market conditions are tradable (small position sizes and tight stop losses) from a short-term perspective. And over the long-term, the 40-week moving average, which is currently neutral/flat, has been a useful guide for trend direction.

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KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market

16:9 Image

KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.

Ano ang dapat malaman:

  • KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
  • This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
  • Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
  • Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
  • Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.

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Bitcoin to silver ratio nears levels last seen during the FTX capitulation

BTCUSD/Silver (TradingView)

Volatility, historical timing, and relative value signals raise questions around a potential blow off top for silver.

Ano ang dapat malaman:

  • Historical silver tops have consistently clustered in the first half of the year.
  • The bitcoin to silver ratio has declined toward levels last observed near bitcoin’s 2022 cycle low.