Share this article
Bitcoin Stabilizes Near Support; Resistance Around $56K-$58K
Bitcoin has fully recovered from a late Thursday decline and is approaching resistance around $56K-$58K.
Updated Mar 6, 2023, 2:47 p.m. Published Apr 30, 2021, 11:34 a.m.
Bitcoin (BTC) has fully recovered from Thursday's price drop of almost 5%.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The cryptocurrency was trading around $54,000 at the time of writing after holding support at around $52,000. The short-term trend is improving, although there is strong resistance around $56,000 and $58,000 that could limit upside into the weekend.
- The relative strength index (RSI) on the hourly chart is not yet overbought, which could keep buyers active short-term.
- Bitcoin will need to show a decisive break above $56,000 to continue the long-term uptrend. So far, oversold signals from the April 25 low of around $47,000 wasn't enough to push BTC above the 50-day moving average.
- BTC is down about 7% month-to-date and is on track for its first monthly loss this year, also its worst month since September.
Correction (13:37 UTC, April 30, 2021): This story has been corrected to show that bitcoin is headed for its worst monthly performance since September, and its first monthly loss in 2021. An earlier version of the story incorrectly stated that it was the worst month since January.
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
Crypto Markets Today: Traders Seek Catalysts After Bitcoin’s Post-Fed Pullback
The crypto market slipped to the lower end of its range after the Federal Reserve’s 25bps rate cut failed to spark fresh momentum.
What to know:
- BTC is trading near $90,350 after defending the $88,200 support zone, but momentum remains capped below the key $94,500 resistance level.
- Implied volatility fell to its lowest since November, ETH/BTC IV spreads widened, and risk reversals stayed negative across tenors while open interest declined—most sharply in ADA.
- Low-liquidity conditions dragged tokens like ETHFI, FET, ADA and PUMP down more than 8%, while privacy-focused XMR stood out with gains as the broader altcoin season index slumped to 19/100.
Top Stories
