Share this article
Bitcoin Downtrend Intact; Support at $37K
A decisive breakout or breakdown could occur this month.
Updated May 11, 2023, 3:52 p.m. Published May 2, 2022, 6:43 p.m.
Make us preferred on Google
Bitcoin (BTC) has been in a short-term downtrend since late March, confirmed by a series of lower price highs. That indicates persistent selling pressure, although support at $37,500 could sustain the current price range.
Further, BTC has been anchored around $40,000, the midpoint of a three-month price range, which suggests indecision among buyers and sellers.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Typically, BTC consolidates within a three-month price range following an extreme move such as the 50% sell-offs that occurred after the April and November price peaks around $64,000 and $69,000 last year. That means a decisive breakout or breakdown could occur sometime this month.
On the weekly chart, bitcoin has experienced a loss of upside momentum, which suggests limited upside beyond the $46,000-$50,000 resistance zone. A bearish set-up on the monthly chart increases the risk of a breakdown in price.
For now, BTC is on watch for a countertrend bullish signal on the weekly chart, per the DeMARK indicators. If confirmed, BTC could experience a brief price bounce, consistent with strong seasonal trends in May.
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.
Mehr für Sie
Meta and Microsoft continue going big on AI Spending. Here's how bitcoin miners could benefit
In its fourth quarter earnings report, Meta said capital spending plans for 2026 should be in the range of $115-$135 billion, well ahead of consensus forecasts.
Was Sie wissen sollten:
- Fourth-quarter earnings results from Microsoft (MSFT) and Meta (META) suggested no slowdown in AI-related spending.
- Microsoft highlighted that AI is now one of its largest businesses and pointed to long-term growth.
- Meta projected sharply higher capital spending in 2026 to fund its Meta Super Intelligence Labs and core business.
Top Stories
