As others have said, great effects! Hitting other beyblades was really fun and it was satisfying to knock others off! I'm not exactly sure what you were going for here, but I think it would have been nicer to restart at round you were on. At least for a jam game, it would reduce the tedium of having to go through previous rounds. I was stuck on round 3 for a while and still can't get past it, and having to restart previous rounds is a little annoying.
I also wasn't too sure what the UI indicators were (hit bars and knockback bar?). I think a short explanation would help. I saw the instructions in the bottom right, but I think some things were still unclear.
Otherwise, there's lots of cool stuff you could implement! To add more decisions to the gameplay, you can add a jump for the player, and if you land on another beyblade then that does a lot of knockback! And there's lots of cool ideas for like special attacks and abilities and such, so really great foundation here!
Congrats on your submission! Really great stuff!