‘Say hi to Uptober’ — Bitcoin price surges above $47K in minutes, liquidating $270M in shorts

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Bitcoin (BTC) shot to just about $48,000 throughout Oct. 1 as a basic “brief squeeze” liquidated over $270 million of crypto positions in beneath an hour.

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

“Goodbye bears”

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting $47,800 on Bitstamp, leaping $3,000 in minutes.

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A well-recognized setup for merchants, the upward volatility adopted indicators {that a} BTC worth restoration was already on the best way Thursday, significantly as the dollar struggled.

On the time of writing, volatility remained, with BTC/USD nonetheless above $47,000 — the location of August’s month-to-month shut.

“Goodbye bears,” Cointelegraph contributor Michaël van de Poppe reacted in one in all many bullish tweets from merchants following the transfer.

Fellow analyst Rekt Capital, in the meantime, supplied a extra sombre take.

“Bitcoin will retrace deep sufficient to persuade you that the Bull Market is over,” he warned.

“After which it can resume its uptrend.”

The final time Bitcoin noticed $47,000 was on Sept. 19.

BTC liquidations 1-hour chart. Supply: Bybt

“Uptober” lives as much as its identify

The temper was simply as buoyant amongst main altcoins, which in some instances noticed good points of over 10%, matching BTC/USD.

Associated: Analyst nails Bitcoin monthly close 2 months running — His October target is $63K

Bitcoin dominance had already picked up into the brand new month, standing at 43.3% on the time of writing.