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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.
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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.
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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.
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Bitcoin trades near key price safety net that Strategy already breached
The safety net is the 100-week average, which has stalled the downtrend.
What to know:
- Bitcoin trades near a critical 100-week simple moving average, a key support level for bulls.
- Strategy shares have already fallen below this average, signaling potential bearish trends for bitcoin.
- Bulls must defend this support to prevent further declines similar to Strategy's recent losses.
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