After the price hit a 4-month high, Bitcoin hinted that it would retest the market value of 1T USD

Bitcoin (Bitcoin) Fell below $54,000 on October 7, as traders were watching how far the retracement of Wednesday’s $5,000 increase could go.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

BTC flirting provides $1 trillion in asset backing

Data from Cointelegraph Markets Pro with Transaction view BTC/USD looked significantly less confident on Thursday, falling 3% while aiming at $53,000-and its market value of $1 trillion-and then rebounded.

This pair of currencies hit a local high of $55,800– the best Before the miners’ defeat in May-but it didn’t take long before the overly optimistic market became apparent Signs of fatigue.

As volatility still exists, analysts are taking this opportunity to shrink spot price movements again.

“Historically, the average monthly return of BTC in October is often +32%,” Rekt Capital famous.

“In October of this year, the BTC dollar has risen by 29%, and this is only the first week of the month.”

Although impressive, this performance may herald the beginning of consolidation, positioning Bitcoin as a higher support, and then reaching the estimated $63,000 by the end of the month.

This kind of month end, Dubbing Nevertheless, the “worst case” will still far exceed the average historical increase in October. Currently, the best year on record is 2017, during which BTC/USD rose by 47%.

Bitcoin historical returns calculated on a monthly basis. Source: Bybt

Dogecoin stands out among altcoins

After Bitcoin’s rise on the day, altcoins continued to stall-even in the mainstream media this has not been lost.

related: If the BTC price stays above $50,000, Bitcoin may be trapped-this is the reason

The weekly increase of BTC/USD only matches Dogecoin (dog), echoing the familiarization actions in the first quarter of this year. At the time of writing, both are up 25% in 7 days.

The largest altcoin Ethereum (Ethereum) Is quieter, with a weekly return rate of 20%, which is about $3,575.

ETH/USD 1-hour candlestick chart (Bitstamp). Source: TradingView