Share this article
Bitcoin Rises to $50K, Next Resistance Around $52K-$55K
A decisive breakout above $50,000 could yield further upside toward the all-time high near $60,000, unless buyers start taking profits.
Updated May 11, 2023, 5:12 p.m. Published Oct 5, 2021, 8:06 p.m.
Bitcoin is trading around $50,000 for the first time since early September as short-term momentum improves. The cryptocurrency has broken above a series of lower price highs last month and indicators suggest continued upside, initially toward the $52,000-$55,000 resistance range. (Resistance is the price at which the price of an asset meets pressure on its way up by the emergence of a growing number of sellers who wish to sell at that price.)
The sell-off last month was limited to the 100-day moving average around $40,000, which is also where a breakout occurred on Aug. 6. Buyers gathered strength as the price consolidated for several days, which preceded a fresh breakout above $46,000 last week.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The relative strength index (RSI) on the daily chart is not yet overbought, suggesting short-term buyers could remain active toward upper resistance levels.
- A decisive breakout above $50,000 could yield further upside toward the all-time high near $60,000, although buyers could start to take profits ahead of that level, given the slowing momentum seen on the weekly chart.
- For now, the intermediate-term trend is improving, with limited corrections and rising support levels.
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
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
