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 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.
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%.
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.
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.