Share this article
Bitcoin Struggles Below $40K; Upside Limited as Trend Weakens
BTC remains in a tight trading range as the uptrend weakens. Upside appears limited this week.
Updated Mar 6, 2023, 3:29 p.m. Published Jun 7, 2021, 11:25 a.m.
Bitcoin (BTC) failed to sustain moves above $39,000 last week, which was followed by a series of lower price highs. There is strong resistance around $37,600 which could limit upside this week.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
At press time, the largest cryptocurrency was changing hands around $36,500.
While the long-term uptrend remains intact, slowing momentum and tighter trading ranges are keeping buyers on the sideline.
- The relative strength index (RSI) is not yet overbought on the hourly chart, which could support a brief price bounce towards $37,000 resistance.
- The daily RSI continues to hover around oversold levels. However, the weekly RSI is not yet oversold suggesting sellers could remain in control.
- Bitcoin is down about 2% over the past seven days and has been stuck in a tight range between $34,000 and $39,000.
- Volatility has declined from extreme levels in May, but remains elevated relative to April.
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 derivatives point to broad price range play between $85,000-$100,000
BTC options flow points to expectations for a broad range play rather than a massive surge or crash.
What to know:
- Bitcoin's derivatives market shows stability, with strong support at $85,000 and resistance between $95,000 and $100,000.
- Traders are selling put options at $85,000, indicating confidence that bitcoin won't fall below this level soon.
- Call options are being sold at $100,000.
Top Stories
