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Bitcoin (BTC) rose again on October 6, with its spot price suddenly rising to over $ 55,000, its highest since May 12.
Bitcoin Completely Cancels China’s Mining Rout
Data from Cointelegraph Markets Pro and TradingView shows that BTC / USD hit $ 55,500 on October 6.
The level beats a previous line in the sand for bulls at $ 53,000, which Bitcoin hit and then reversed nearby during its previous rise in early September.
We’re less than $ 15 billion of Bitcoin once again crossing the $ 1,000 billion market cap.
– Pump (@APompliano) October 6, 2021
In the midst of various calls for $ 57,000 to be touched in the short term, however, the futures markets have fluctuated with aggressive volatility.
The CME Group’s Bitcoin futures contracts, which previously traded at $ 400 above the spot price, were breached during the sharp break.
In doing so, BTC / USD has thus completely removed all traces of what the Chinese mining ban achieved in May and reverted back to a trillion dollar asset class.
No loss of faith
The enthusiasm of market participants, with longer-term BTC price projections firmly bullish, was impossible to avoid.
Related: Bitcoin Beats Shares, Commodities To Become Top Performing Asset Of 2021
“Honestly, I think we will continue to see strength on Bitcoin”, Cointelegraph contributor Michaël van de Poppe noted.
“USDT pairs will be fine for altcoins, but we may have 6-8 weeks of corrections on $ BTC pairs, before a new game begins. December / January is often the best time to buy alternatives.
As Cointelegraph reportedNovember could see a new retracement for BTC / USD if the pair retests all-time highs this month.
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