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Bitcoin Recovering, Faces Short-Term Resistance Near $46K
Upside appears to be limited as the largest cryptocurrency trades at $43,700.
Updated May 11, 2023, 5:20 p.m. Published Sep 23, 2021, 8:02 p.m.
is recovering above its $40,000-$42,000 support zone after oversold signals appeared on the charts. Initial resistance is seen at around $46,000, which could limit further upside short term.
BTC was trading at around $43,700 at press time and is up 4% over the past 24 hours.
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- The relative strength index (RSI) on the four-hour chart is rising from oversold levels that appeared earlier this week. The RSI is not yet overbought, which could keep buyers active, albeit limited toward $46,000 resistance.
- On the daily chart, however, the RSI is approaching neutral levels, which suggests further consolidation is needed to recapture upside momentum.
- Resistance remains strong toward $50,000 as bitcoin registered a series of lower price highs over the past two weeks.
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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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What to know:
- 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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