Bitcoin regains $50,000 during the first week of ‘Uptober’
Bitcoin managed to revisit the $50,000 level on Binance for the first time since September 7, the day El Salvador adopted the largest cryptocurrency as legal tender.
The Crypto Fear and Greed Indicator, a popular tool for measuring Bitcoin market sentiment, is now shining with “greed.”
Bitcoin Fear and Greed indicator is 59
Current price: 49,482 dollars pic.twitter.com/U1C5j8SIWR
Bitcoin Fear and Greed Indicator October 5, 2021
The crypto benchmark peaked at $49,811 on the Bitstamp exchange earlier today, and has yet to reach the psychological price level. However, the bulls intervened to push the price of Bitcoin higher after several rejections.
After recovering from the sell-off in El Salvador, bitcoin tumbled due to problems in the Chinese real estate market that affected the global economy in late September. In the same week, the largest cryptocurrency was also hit hard after the Chinese government took its toughest action yet against the cryptocurrency industry.
On September 28, the sentiment index fell into the “extreme fear” area when Bitcoin was teetering on the verge of sliding below the $40,000 support. This, some predicted, marks the bottom of the correction.
The biggest cryptocurrency is now up 21% over the past week, with “Uptober” so far living up to its name.