Bitcoin Clicks $50K for the First Time in a Month Amid High BTC Price Volatility


Related articles

Bitcoin (BTC) hit $50,000 for the first time in a month on October 5 as the altcoin’s triumphant return continues.

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

BTC price reached its highest level in 1 month

Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair added another 5% on Tuesday to briefly return to a psychologically important price point.

Bitcoin’s latest ‘Uptober’ success has been pushed aside by the bears as resistance levels eased.

The largest cryptocurrency benefited from the overall uncertainty, which was exacerbated by the social media outage affecting Facebook, Instagram, and others.

For Cointelegraph contributor Michael van de Poppe, a look at past price behavior suggests that an uptrend was the most likely conclusion to the current moves, with also limited range declines.

“Given the inference from historical price action, it seems likely that Bitcoin will break higher towards anything near $50,000 or maybe even the most recent rally, and then drop to $49,000 before we continue higher again,” he said in his recent YouTube update.

He added that the “ideal” retracement area for a retest would be around $47,500, but any dip would not be beneficial for the bulls.

Altcoins are slowing the mark

Meanwhile, Bitcoin has led the major altcoins at the time of writing, and their reaction has been slower.

Related: Bitcoin Outperforms Stocks and Commodities to Reach Top Performing Assets for 2021

Only Dogecoin (DOGE) has gained more in the last 24 hours, that’s 10% vs 5% BTC thanks again veiled propaganda From Elon Musk.

By contrast, the largest altcoin, Ether (ETH), was 2% higher at just over $3,400.

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