Share this article
Bitcoin Holding Support Above $37K; Resistance at $40K-$45K
BTC's January sell-off could attract short-term buyers.
Updated May 11, 2023, 3:41 p.m. Published Jan 31, 2022, 6:50 p.m.
Bitcoin (BTC) is rising toward the top of a week-long trading range as oversold signals remain intact. Oversold refers to investors believing the asset is trading below its true value. BTC was trading around $38,400 at press time and is up 4% over the past week.
Initial resistance is seen at $40,000, which is an old support level that was rejected on Jan. 20. Buyers will need to make a decisive move above $40,000-$45,000 in order to shift the downtrend since November.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
For now, BTC’s 20% price decline in January could attract short-term buyers. Traders could place additional bids into the Asia trading day if support at $37,000 holds.
Over the long term, upside appears limited given negative momentum signals.
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
Proposed ‘AfterDark’ Bitcoin ETF Would Skip U.S. Trading Hours
The fund would hold bitcoin only overnight, betting on data showing bitcon gains mostly occur outside regular market hours.
What to know:
- Nicholas Financial has filed with the SEC to launch a bitcoin ETF that holds BTC only during overnight hours.
- The “AfterDark” ETF buys bitcoin after U.S. stocks close for the day and then sells bitcoin and shifts into Treasuries during the American session.
- Data shows bitcoin tending to perform better when traditional U.S. markets are closed.
Top Stories
