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Bitcoin Holds Short-Term Support, Faces Resistance at $40K
BTC held minor support along a series of lower price highs. Upside appears limited going into the weekend.
Updated Mar 6, 2023, 3:40 p.m. Published Jun 11, 2021, 11:23 a.m.
Bitcoin (BTC) is stuck in a consolidation phase after a volatile May. A nearly 13% rise on Wednesday was short-lived as buyers took profits. There is strong resistance near $40,000 despite oversold readings on the daily chart.
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Bitcoin registered a series of lower price highs over the past two weeks, although buyers have defended support at around $34,000 and $30,000.
The cryptocurrency was trading at about $37,500 at press time.
- The relative strength index (RSI) on the daily chart is improving from an initial oversold reading on May 19, which suggests the downtrend from May is stabilizing.
- However, there is strong overhead resistance, which could limit price rallies beyond $40,000.
- The weekly chart is not yet oversold, although there are initial signs of downside exhaustion. That means buyers and sellers are at a stalemate until a decisive break above $40,000 or below $30,000 is confirmed.
- The longer-term trend is weakening following extreme overbought signals in March. For now, upside remains limited into the weekend given the intermediate-term downtrend.
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Bilinmesi gerekenler:
- 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.
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Bitcoin bounces from Monday's worst levels, but sub-$80,000 may come next, analyst says
Crypto markets remain "fragile," said Samer Hasn from XS.com. Traders are either stepping aside or being forced out.
Bilinmesi gerekenler:
- Crypto markets stabilized in early U.S. trading Tuesday with bitcoin rising about 3% from late Monday afternoon to above $87,000.
- Crypto-related equities, including Strategy (MSTR), Robinhood (HOOD) and Circle (CRCL) saw early gains after yesterday's plunge.
- Despite the bounce, one analyst warned that crypto markets remain "fragile," with bitcoin likely to fell below November lows.
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