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Bitcoin (BTC) hit $ 50,000 for the first time in a month on October 5 as a triumphant return to form continued.
BTC price peaks in one month
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD added an additional 5% on Tuesday to briefly return to the psychologically significant price.
The latest hit of Bitcoin’s “Uptober”, bears were swept away by falling resistance levels.
The largest cryptocurrency had benefited from macroeconomic uncertainty, made worse by a massive social media outage affecting Facebook, Instagram and others.
For Cointelegraph contributor Michaël van de Poppe, a look at the previous suggested price behavior on the rise was the most likely conclusion for the current moves, with a decline also limited.
“Given the historical price action’s conclusion, it seems more likely that Bitcoin will crash to something around $ 50,000 or maybe even the recent high and then drop back down to $ 49,000 before continuing. to go up, ”he said in his latest YouTube Update.
He added that an “ideal” rebound zone for a retest would be around $ 47,500, but a drop would not be beneficial to the bulls.
Altcoins are slowing down
Bitcoin, meanwhile, was leading the major altcoins at the time of writing, with these being slower to respond.
Related: Bitcoin Beats Shares, Commodities Are The Best Performing Asset Of 2021
Only Dogecoin (DOGE) has made larger gains in the past 24 hours, these at 10% vs. 5% BTC thanks once again to veiled advertising by Elon Musk.
The biggest altcoin, Ether (ETH), on the other hand, was 2% higher at just over $ 3,400.
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