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Bitcoin Returns Above $30K, Resistance at $35K
BTC appears oversold, although trading conditions have been choppy over the past few days.
Updated May 11, 2023, 6:10 p.m. Published May 19, 2022, 5:55 p.m.
Bitcoin (BTC) held short-term support above $27,500 as buyers reacted to oversold conditions on the charts. The cryptocurrency could face resistance at $35,000, which is where the current downtrend accelerated earlier this month.
BTC was trading at $30,100 at press time and was up by 3% over the past 24 hours.
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The relative strength index (RSI) on the daily chart is rising from oversold levels, which could keep short-term buyers active. Further, short-term momentum is improving, similar to what occurred in early March, which preceded a brief relief rally in price.
A countertrend reversal signal, per the DeMARK indicators, appeared on BTC's daily chart on May 12 alongside major equity indices. That suggests a relief rally in speculative assets could delay additional breakdowns in price.
Still, BTC will need to register a weekly close above $30,000 (and above 4,000 for the S&P 500) to confirm short-term bullish signals. For now, upside appears to be limited because of negative momentum signals on the weekly and monthly charts.
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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.
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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
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- 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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