Share this article
Bitcoin Breaks Below Short-Term Uptrend, Lower Support Around $50K
Bitcoin's uptrend continues to slow after breaking short-term support.
Updated Mar 6, 2023, 3:39 p.m. Published Mar 23, 2021, 11:19 a.m.
Sellers were active during Asia hours, pushing bitcoin (BTC) below intraday trend support. The broader uptrend continues to slow, with lower support around $50,000 and then $42,000.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- BTC is roughly 15% below its March high after failing to sustain moves above $61,000.
- Sideways trading over the past few days resulted in a 10% decline from trend line support on the four-hour chart.
- The relative strength index (RSI) is now oversold on the four-hour chart, which could encourage minor short covering at current levels.
- Resistance around $58,000 could limit short-term recoveries, especially as the longer-term trend continues to slow, as CoinDesk has reported.
- “We expect the long-term uptrend to moderate as intermediate-term overbought conditions are absorbed,” said Katie Stockton, managing partner of Fairlead Strategies. “Initial support for bitcoin remains near $42,000, far enough below current levels to dictate attention to risk management for long positions.”
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
Eric Trump's American Bitcoin and Anthony Pompliano's ProCap Add to BTC Holdings
The shares of both bitcoin-related firms are posting modest early gains Wednesday, but remain sharply lower over the past several days.
What to know:
- American Bitcoin (ABTC) added 416 bitcoin in the past week, raising its holdings to 4,783 coins.
- ProCap Financial (BRR) — whose SPAC merger was completed last week — marginally lifted its holdings to 5,000 bitcoin.
Top Stories
