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Bitcoin Faces Initial Resistance at $46K; Support at $42K
Seasonal strength could keep buyers active within the year-long price range.
Bitcoin (BTC) appears to be overbought on intraday charts, which typically leads to a short-term pullback in price. The cryptocurrency faces initial resistance near $46,000, which is the top of a three-month long trading range. Still, support between $40,000-$42,000 could stabilize pullbacks.
BTC was trading around $44,400 at press time and is up 5% over the past week.
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On the weekly chart, BTC established a higher price low relative to the June 2021 bottom of around $28,800. The latest cycle low was achieved this year on Jan. 24 at $33,100, indicating renewed buying strength. Further, momentum signals are on the verge of turning positive, which could support a short-term relief rally.
Stronger resistance is seen at $50,996, which is a 50% retracement of the prior downtrend. At that point, BTC's rally could stall, similar to what occurred in September 2021. This time, however, seasonal strength between April and May could keep buyers active, albeit within a year-long trading range.
On the monthly chart, momentum signals remain negative. That means upside is limited because of strong overhead resistance emanating from the April and November price peaks.
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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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