As the price of BTC soared to USD 55,000, Bitcoin returned to its 1T USD asset

Bitcoin (Bitcoin) Soared higher on October 6th because its spot price suddenly soared above US$55,000, the highest level since May 12th.

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

Bitcoin completely offsets the rout of China’s mining industry

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD soared to 55,500 US dollars on October 6.

This level surpassed the previous line of the bulls at $53,000, which Bitcoin reached during the last rally in early September and reversed nearby.

In various telephone However, in order to reach US$57,000 in the short term, the futures market fluctuates with violent volatility.

The Chicago Mercantile Exchange Group’s bitcoin futures, which had previously traded at a price that was a full 400 dollars higher than the spot price, were surpassed during the sudden breakthrough.

CME Group Bitcoin Futures 1-day candlestick chart. Source: TradingView

In this way, BTC/USD completely erased the traces of China’s mining ban in May and once again became a trillion-dollar asset class.

Did not lose confidence

The enthusiasm of market participants and the firm and bullish long-term BTC price forecast are inevitable.

related: Bitcoin beats stocks and commodities to become the best performing asset in 2021

“To be honest, I think we will continue to see the power of Bitcoin,” Cointelegraph writer Michaël van de Poppe Said.

“The USDT pair will be great on altcoins, but we may adjust the $BTC pair for 6-8 weeks before the new party starts. December/January is usually the best time to buy alternatives.”

As reported by Cointelegraph, If the currency pair retests all-time highs this month, November may see a further retracement of BTC/USD.