Share this article
Bitcoin Downtrend Stabilizes, Resistance at $40K-$43K
Expect choppy price action within the current trading range.
Updated May 11, 2023, 3:52 p.m. Published May 4, 2022, 5:20 p.m.
Bitcoin (BTC) is attempting to reverse a short-term downtrend on intraday charts, albeit within a three-month trading range. Choppy price action could occur as buyers try to defend support at $37,500 ahead of sell orders near the $40,000-$43,000 resistance zone.
BTC was trading at around $39,000 at press time and is up 2% over the past 24 hours. The cryptocurrency is roughly flat over the past week, reflecting uncertainty among traders.
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 hovering near oversold levels, which could keep short-term buyers active, especially if momentum signals improve.
Still, upside appears to be limited despite the potential for intraday price swings. For example, there has been a loss of upside momentum on the weekly chart, similar to what occurred last November, which preceded a price drop.
This time, however, the weekly chart isn't overbought. That means BTC's current price range could persist until a decisive breakout above $46,000 or breakdown below $30,000 occurs.
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
Bitcoin Faces Japan Rate Hike: Debunking The Yen Carry Trade Unwind Alarms, Real Risk Elsewhere
Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
What to know:
- Impending BOJ rate hike largely priced in; Japanese bond yields near multi-decade highs.
- Speculators maintain net bullish positions in the yen, limiting scope for sudden yen strength.
- BOJ tightening may contribute to sustained upward pressure on global yields, impacting risk sentiment.
Top Stories
