Bitcoin Mining $ 50,000 For First Time In A Month Amid High BTC Price Volatility

[ad_1]

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

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewBTC Price Hits One-Month High

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD added an additional 5% on Tuesday to briefly return to the psychologically significant price.

Bitcoin Uptober’s latest hit, bears have been swept away by falling resistance levels.

The largest cryptocurrency had benefited from macroeconomic uncertainty, made worse by a massive social media outage affecting Facebook, Instagram and others.

For Cointelegraph contributor Michal van de Poppe, a look at the previous suggested price behavior on the rise was the most likely conclusion for the current moves, with a decline also limited.

Considering the conclusion of the historical price action, it seems more likely that Bitcoin will collapse towards an amount of around $ 50,000 or maybe even the recent high and then drop back down to $ 49,000 before continuing. to go up, he said in his latest YouTube update. .

He added that an ideal rebound area for a retest would be around $ 47,500, but a drop would not be beneficial for the bulls.

Altcoins are slowing down

Bitcoin, meanwhile, was leading the major altcoins at the time of writing, with these being slower to respond.

Related: Bitcoin Beats Stocks, Commodities Are the Best Performing Asset of 2021

Only Dogecoin (DOGE) has made larger gains in the past 24 hours, these at 10% vs. 5% BTC thanks once again to Elon Musk’s veiled ad.

The biggest altcoin, Ether (ETH), on the other hand, was 2% higher at just over $ 3,400.

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

[ad_2]