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Bitcoin Rallies Above $47K, Resistance at $50K
Technical indicators show improving upside momentum.
Updated May 11, 2023, 5:20 p.m. Published Oct 1, 2021, 3:02 p.m.
returned above $47,000 for the first time in two weeks, indicating strong demand from short-term buyers. The next level of resistance is seen at $50,000, where some profit taking occurred in early September.
Technical indicators show improving upside momentum on the daily chart, which is the first positive reading since July. This means the intermediate-term uptrend is stabilizing, albeit within a range of $40,000 support and $50,000 resistance.
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- The relative strength index (RSI) is not yet overbought on the daily chart, which could keep buyers active over the short term.
- On the weekly chart, the RSI is neutral, and upside momentum remains weak. This suggests a period of consolidation could persist below the $50,000 to $55,000 resistance range.
- Buyers defended support around $40,000 over the past few days, which is also where a price breakout occurred on Aug. 6. Further, BTC is back above the 200-day moving average, which provides an advantage for buyers aiming to return on pullbacks.
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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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