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Bitcoin Upside Stalls; Lower Support at $38K-$40K
Bitcoin is up about 20% over the past week, compared to a 25% rise in ether, the world’s second-largest cryptocurrency by market value.
Updated Mar 6, 2023, 3:25 p.m. Published Aug 10, 2021, 11:13 a.m.
Bitcoin (BTC) is roughly flat over the past 24 hours as the rally near $45,000 appears exhausted. Short-term overbought signals could encourage profit-taking, although buyers will likely return around the $38,000 to $40,000 support zone.
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Bitcoin is up about 20% over the past week, compared to a 25% rise in ether (ETH), the world’s second-largest cryptocurrency by market value.
- The relative strength index (RSI) on the four-hour chart registered lower highs and is declining from overbought territory. Typically, short-term overbought signals precede price declines of about 5% to 10%.
- Initial support is seen at the $40,000 breakout level, which resolved a two-month consolidation to the upside.
- Bitcoin will need to hold above the 200-day moving average, currently around $45,000, to confirm a reversal of the intermediate-term downtrend since April.
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- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin Market Echoes Early 2022 as Onchain Stress Mounts: Glassnode
Rising bitcoin supply in loss, weakening spot demand and cautious derivatives positioning were among the issues raised by the data provider in its weekly newsletter.
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- Off chain indicators show softening demand and fading risk appetite, with declining ETF flows and weakening spot volumes.
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