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Bitcoin Under Pressure; Support at $27K-$30K
BTC's breakdown is confirmed and upside appears limited.
Updated May 11, 2023, 3:52 p.m. Published May 9, 2022, 4:48 p.m.
Bitcoin (BTC) confirmed a break below its short-term uptrend and is now targeting lower support at $27,000 and $30,000. Sellers could remain active given the loss of upside momentum on the daily, weekly and monthly charts.
BTC was trading around $32,200 at press time and is down 6% over the past 24 hours and 15% over the past week.
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Further, bitcoin is roughly 50% below its all-time high near $69,000, achieved in November of last year, compared to an 80% peak-to-trough decline during the 2018 crypto bear market. At this point, price action does not indicate a major cycle low.
The relative strength index (RSI) on the daily chart is the most oversold since Jan. 24, which preceded a relief rally. This time, however, BTC is at risk of breaking below its year-long price range, which means buyers could continue to take profits on short-term recoveries.
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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.
What to know:
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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