Share this article
Bitcoin Rangebound Above $46K Support, Resistance at $55K
Selling pressure could slow into the Asia trading day as indicators appear oversold.
Updated May 11, 2023, 6:27 p.m. Published Dec 8, 2021, 10:36 p.m.
Bitcoin continues to stabilize around the $50,000 price level after a near 20% sell-off over the past weekend.
For now, the cryptocurrency remains above $46,000 support, which could stabilize short-term pullbacks. Buyers will need to break above $55,000 resistance to yield further upside targets.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Momentum signals are improving on intraday charts, which suggests buyers could remain active around current support levels. And the relative strength index (RSI) on the daily chart is the most oversold since late September, which preceded a price rally.
Bitcoin is stuck in a short-term downtrend, defined by lower price highs over the past month. However, price indicators suggest selling pressure could slow into the Asia trading day. This means intraday trading volume could rise around the 100-period moving average (currently around $54,500) on the four-hour chart.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- 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.
More For You
SGX's Crypto Futures Draw New Liquidity, Not Diverted Cash, Exchange Boss Says
Institutions are pursuing cash-and-carry arbitrage, not outright bullish plays, Syn said.
What to know:
- SGX's bitcoin and ether perpetual futures are building liquidity incrementally, Michael Syn, president of the Singapore exchange, said.
- Institutions are pursuing cash-and-carry arbitrage, not outright bullish plays, he added.
- The exchange's regulated perpetual futures offer improved risk-management practices, avoiding the high-leverage auto-liquidations common in unregulated markets.
Top Stories
