Bitcoin (
$110,171.00 ) (BTC) hit $50,000 for the first time in a month on Oct. 5 as a triumphant return to form continued.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
BTC price hits 1-month high
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD adding another 5% Tuesday to briefly return to the psychologically significant price point.
The latest success of Bitcoin ( $110,171.00 ) ’s “Uptober,” bears were swept aside as resistance levels tumbled.
The largest cryptocurrency had benefited from macro uncertainty, this compounded by a mass social media outage impacting Facebook, Instagram and others.
For Cointelegraph contributor Michaël van de Poppe, a look at previous price behavior suggested upside was the more likely conclusion for current movements, with a dip likewise limited in scope
“Given the conclusion from historical price action, it seems more likely that Bitcoin ( $110,171.00 ) will be breaking upwards towards anything around $50,000 or maybe even the recent high, and then comes down towards $49,000 before we continue to rally back up,” he said in his latest YouTube update.
He added that an “ideal” bounce zone for a retest would be around $47,500, but any lower would not be advantageous for bulls.
Altcoins slow off the mark
Bitcoin ( $110,171.00 ) meanwhile led major altcoins at the time of writing, these being slower to react.
Related: Bitcoin ( $110,171.00 ) beats stocks, commodities to best performing asset of 2021
Only Dogecoin (
$0.223 ) (DOGE) achieved greater gains over the past 24 hours, these at 10% versus BTC’s 5% thanks once again to veiled publicity from Elon Musk.
Largest altcoin Ether (ETH), by contrast, was 2% higher at just over $3,400.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView
Source
$0.00 ) Poised to Retrace Before Further Gains
