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Bitcoin Price Jump Faces Resistance at $40K-$46K; Support at $35K
For now, selling pressure has waned, which supports a short-term price bounce.
Updated May 11, 2023, 6:16 p.m. Published Feb 25, 2022, 7:20 p.m.
Bitcoin (BTC) experienced a sharp reversal on Thursday, and extended gains into Friday. For now, selling pressure has faded, which means buyers could remain active between the $30,000 and $46,000 range.
BTC returned above $38,000 and is up 6% over the past 24 hours. Still, the cryptocurrency is down 2% over the past week, which means the recent bounce has not shifted the short-term downtrend.
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Thursday’s price action triggered initial downside exhaustion signals, per the DeMARK indicators, similar to what occurred on Jan. 24, which preceded a 30% upswing in price. Still, in bear markets, counter-trend signals can be brief or invalid depending on the status of long-term momentum readings. Currently, momentum remains negative on the weekly and monthly charts.
Immediate resistance is seen at $40,000, which could stall the current price bounce. There is stronger resistance at $46,700, which capped upside moves earlier this month.
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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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