Bitcoin unlocks $ 50,000 for the first time in a month amid strong BTC price volatility


Bitcoin (BTC) hit $ 50,000 for the first time in a month on Oct 5th as the triumphant return to form continued.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

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.

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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.

ETH / USD 1-hour candle chart (Bitstamp). Source: TradingView