Share this article
Bitcoin Holds Support, Bounces to $61.4K
A potential technical breakdown would expose a support level near $54,000.
Updated May 11, 2023, 6:43 p.m. Published Oct 27, 2021, 5:53 a.m.
Bitcoin looks to regain poise during overnight trading, after it avoided a short-term bullish-to-bearish trend change with the help of a crucial support level.
- The top cryptocurrency by market value is trading near $61,400 at press time, representing a 1.4% gain on the day.
- While prices fell by 4.3% on Tuesday, sellers failed to break the support level near $59,800 and confirm a “head-and-shoulders” breakdown on the four-hour chart.
- Chart analysts consider a head-and-shoulders breakdown as a bearish signal. The pattern often yields an extended sell-off to the downside.
- A potential head-and-shoulders breakdown on the four-hour chart would expose support near $54,000.
- Resistance is seen at $63,700, which was the high on Monday. A higher break could take bitcoin to record highs.
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
Federal Reserve Cuts Rates 25 Basis Points, With Two Members Voting for Steady Policy
The anticipated move comes as policymakers are still operating without several key economic data releases that remain delayed or suspended due to the U.S. government shutdown.
What to know:
- As expected, the Federal Reserve trimmed its benchmark fed funds rate range by 25 basis points on Wednesday afternoon.
- Today's cut is notable given the unusually large amount of public dissension among Fed members for further monetary ease.
- Two Fed members dissented from the rate cut, preferring instead to hold rates steady, while one member voted for a 50 basis point rate cut.
Top Stories
