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Bitcoin Pulls Back Ahead of $50K Resistance, Support at $46K
Upside momentum is improving, which suggests pullbacks could be limited.
Updated May 11, 2023, 4:33 p.m. Published Sep 16, 2021, 11:32 a.m.
is roughly flat over the past 24 hours as upside momentum wanes over the short term. The cryptocurrency was trading at around $47,000 at press time, and support is nearby at about $46,000.
There is strong resistance near $50,000, which can limit upside moves. Buyers, however, will likely defend lower support levels as BTC consolidates.
STORY CONTINUES BELOW
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- The relative strength index (RSI) on the four-hour chart is declining from overbought levels reached on Wednesday. That could encourage brief selling toward $46,000 support.
- The RSI on the daily chart is around neutral levels, indicating that a period of price consolidation could persist at around the 200-day moving average of $45,800.
- Upside momentum is slowing on intraday charts, but improving on the daily and weekly charts, which suggests pullbacks could be limited.
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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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