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Bitcoin Eases After Rejection at $58.5K, Support at $54K
A key technical indicator signals that upward momentum may be over.
Updated May 11, 2023, 6:43 p.m. Published Oct 14, 2021, 10:49 a.m.
Bitcoin looks heavy on short-duration technical charts after it failed to keep gains above $58,000 early Thursday. The cryptocurrency was trading near $57,350 at press time.
- On the chart above, the relative strength index (RSI) has decoupled from the rising price since Oct. 6. The indicator’s negative divergence suggests a loss of upward momentum and scope for a pullback.
- The immediate support is seen at $54,000, a level where buyers have consistently stepped in over the past week. A drop below there would allow for a slide to $50,000.
- Progress above daily highs near $58,500 is needed to negate RSI’s bearish divergence and open the doors for new record highs above $64,801.
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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.
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Bitcoin Faces Japan Rate Hike: Debunking The Yen Carry Trade Unwind Alarms, Real Risk Elsewhere
Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
What to know:
- Impending BOJ rate hike largely priced in; Japanese bond yields near multi-decade highs.
- Speculators maintain net bullish positions in the yen, limiting scope for sudden yen strength.
- BOJ tightening may contribute to sustained upward pressure on global yields, impacting risk sentiment.
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