Bitcoin returns to $1T as BTC price surges to $55,000

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Bitcoin (BTC) surged higher on October 6 as the spot price saw a sudden rise above $55,000, the highest level since May 12.

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

Bitcoin completely cancels the defeat of mining in China

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell to $55,500 on Wednesday.

The level is beating the previous line in the sand for the bulls at $53,000, and bitcoin reached and then reversed nearby during the previous rally in early September.

middle different calls For $57,000 to take a hit in the short term, however, the futures markets are volatile with extreme volatility.

CME Group Bitcoin futures, which were previously trading at $400 above the spot price, were breached during the sudden breakout.

One-day candlestick chart for CME Group Bitcoin futures. Source: TradingView

In doing so, Bitcoin/US Dollar (BTC/USD) completely removed any trace of what the Chinese ban on mining achieved in May, becoming a trillion-dollar asset class once again.

No loss of faith

It was impossible to avoid enthusiasm among market participants, with long-term BTC price expectations strongly bullish.

Related: Bitcoin Overtakes Stocks and Commodities to Become the Best-Performing Asset of 2021

“Honestly, I think we will continue to see the strength of Bitcoin,” Michael van de Poppe, Cointelegraph contributor. She said.

“USDT pairs will be good on altcoins, but we will probably have 6-8 weeks of some retracement on the BTC/dollar pairs, before starting a new party. December/January is often the best period to buy the alternatives.”

As Cointelegraph reported, November could see an additional BTC/USD bounce if the pair retests all-time highs this month.