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Bitcoin’s Bull Flag Breakout Suggests More Upside; Support at $57K
The cryptocurrency could break the six-figure mark in Q4, one firm said.
Updated May 11, 2023, 6:43 p.m. Published Nov 15, 2021, 11:48 a.m.
Bitcoin’s price bounced to $66,000 on Monday, partially erasing the losses from last Wednesday. Technical charts signal an impending boost from a bullish continuation pattern.
- “BTC has broken out of the Flag pattern, and buying momentum is expected to continue,” MintingM, a Mumbai-based crypto asset management company, said in its weekly market report. “Bitcoin could break the six-figure mark in Q4.”
- A bull flag represents consolidation after a notable uptrend. It’s a pause that usually recharges the bulls’ engines for a continued move higher.
- Friday’s defense of $62,500 and the subsequent recovery have established another higher low on the daily chart and reinforced the flag breakout confirmed last Monday. The 14-day relative strength index (RSI) is biased bullish with an above 50 print.
- The immediate resistance is seen at $68,990, the record high reached on Wednesday following the release of a hotter-than-expected U.S. inflation data. The move was quickly undone with prices falling to $62,500 on renewed fears of faster rate hikes by the Federal Reserve.
- Eqonex, a Singapore-based crypto exchange, foresees a rally to $88,000.
- Eqonex mentioned $58,500 as the level to defend for bulls in its weekend newsletter, while MintingM cited $58,000 as key support.
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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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Barclays Sees ‘Down-Year’ for Crypto in 2026 Without Big Catalysts
Spot trading volumes are cooling, and investor enthusiasm is fading amid a lack of structural growth drivers, analysts wrote in a new report.
What to know:
- Barclays forecasts lower crypto trading volumes in 2026, with no clear catalysts to revive market activity.
- Spot market slowdowns pose revenue challenges for retail-focused platforms like Coinbase and Robinhood, the bank said.
- Regulatory clarity, including pending market structure legislation, could shape long-term market growth despite near-term headwinds.
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