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Bitcoin Testing Resistance Near $40K; Support at $35K-$37K
BTC's price range could persist, although there is less chance of another major sell-off.
Updated May 11, 2023, 4:55 p.m. Published Mar 17, 2022, 5:49 p.m.
Bitcoin (BTC) continues to hover around the $40,000 price level amid choppy trading conditions. The cryptocurrency faces strong overhead resistance, which could stall the recent upswing in price. Still, lower support at $35,000 and $37,000 could stabilize pullbacks into the Asia trading day.
BTC was recently trading around $40,800 and is up 3% over the past week.
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The relative strength index (RSI) on the four-hour chart is approaching overbought levels, similar to what occurred earlier this month, which preceded brief pullbacks in price. On the weekly chart, however, the RSI is rising from oversold levels, decreasing the likelihood of a significant price sell-off.
Typically, BTC consolidates for about two months following an extreme upswing or downtrend. That means the current trading range between $30,000 and $40,000 could persist until a decisive breakout or breakdown occurs.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Ce qu'il:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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Dek: This article is created to test tags being added to image overlays
Ce qu'il:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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