Bitcoin (Bitcoin) Soared higher on October 6th because its spot price suddenly soared above US$55,000, the highest level since May 12th.
Bitcoin completely offsets the rout of China’s mining industry
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.
We are less than $15 billion from the milestone of Bitcoin once again surpassing $1 trillion in market value.
-Pump (@APompliano) October 6, 2021
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.
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.
“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.