Bitcoin taps $50K for first time in one month amid heavy BTC price volatility


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

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

BTC’s worth hits one-month excessive

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD including one other 5% Tuesday to briefly return to the psychologically important worth level.

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The most recent success of Bitcoin’s “Uptober,” bears have been swept apart as resistance ranges tumbled.

The biggest cryptocurrency had benefited from macro uncertainty, compounded by a mass social media outage impacting Fb, Instagram and others.

For Cointelegraph contributor Michaël van de Poppe, a take a look at earlier worth habits advised upside was the extra possible conclusion for present actions, with a dip likewise restricted in scope.

“Given the conclusion from historic worth motion, it appears extra possible that Bitcoin might be breaking upwards in direction of something round $50,000 or possibly even the latest excessive, after which comes down in direction of $49,000 earlier than we proceed to rally again up,” he stated in his newest YouTube update.

He added that an “ultimate” bounce zone for a retest can be round $47,500, however any decrease wouldn’t be advantageous for bulls.

Altcoins gradual off the mark

Bitcoin, in the meantime, led main altcoins on the time of writing, these being slower to react.

Associated: Bitcoin beats stocks, commodities to best performing asset of 2021

Solely Dogecoin (DOGE) achieved better features over the previous 24 hours, these at 10% versus BTC’s 5% thanks as soon as once more to veiled publicity from Elon Musk.

The biggest altcoin, Ether (ETH), in contrast, was 2% increased at simply over $3,400.

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