Bitcoin (BTC) hit $ 50,000 for the first time in a month on Oct 5th as the triumphant return to form continued.
The price of BTC hits a monthly high
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD added another 5% on Tuesday to briefly return to the psychologically significant price point.
Bitcoin’s recent “Uptober” success, bears, was swept aside as resistance levels fell.
The largest cryptocurrency had benefited from macroeconomic uncertainty, compounded by a mass social media outage affecting Facebook, Instagram, and others.
For Cointelegraph employee Michaël van de Poppe, a look at past price behavior indicated an upward move, which was the more likely conclusion for current moves, with a decline also limited.
“Given the conclusion from historical price action, it seems more likely that Bitcoin will break out towards around $ 50,000, or perhaps even its recent high, and then drop to $ 49,000 before we continue to recover,” he said in his latest YouTube update.
He added that an “ideal” retesting zone would be around $ 47,500, but a lower value would not benefit bulls.
Altcoins slow down the brand
Bitcoin led the major altcoins at the time of writing, which responded more slowly.
Something similar: Bitcoin beats stocks and commodities as the top performing asset of 2021
Only Dogecoin (DOGE) posted larger gains in the past 24 hours, up 10% versus BTC’s 5%, again thanks to Elon Musk’s disguised advertising.
The largest altcoin, Ether (ETH), on the other hand, was 2% higher at just over $ 3,400.