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Bitcoin Rally Holds Support Above $52K, Next Resistance Near All-Time High
Pullbacks could be limited given strong upside momentum.
Updated May 11, 2023, 6:36 p.m. Published Oct 7, 2021, 11:24 a.m.
Bitcoin continues to strengthen after breaking above $50,000 earlier this week and rallying Thursday to a five-month high.
The cryptocurrency was trading around $54,000 at press time and is up 5% over the past 24 hours. Overbought signals suggest risk of a pullback, albeit limited to support around $50,000-$52,000.
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The intermediate-term uptrend has improved over the past few months, which could keep buyers active toward the all-time high near $64,000.
- The relative strength index (RSI) is the most overbought since September, which preceded a correction. However, a similar downturn is unlikely given strong upside momentum and a series of breakouts on the charts.
- Buyers will need to hold support above $48,000-$50,000 in order to resume the recent rally.
- BTC is not yet overbought on the weekly chart, which points to further upside.
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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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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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