BTC price broke through 57,400 US dollars and soared again towards February resistance

Bitcoin (Bitcoin) Makes the market speculate that Wall Street will open on October 11, after the market was rejected because it hit its highest point since May.

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

BTC price hits February high of $58,000

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD tracked $57,000 after Bitstamp reached $57,450-this is the highest level since May 10.

In doing so, Bitcoin effectively completely offset the impact of the collapse of China’s mining industry and subsequent global hash rate redistribution.

In the cheering atmosphere of analysts, forecasts are roughly concentrated in the six-digit peak period, starting sooner or later.

Trader and analyst Rekt Capital added that day: “All data science models indicate that the peak of BTC in this cycle will be much higher than $100,000.”

Morgan Creek Digital co-founder Anthony Pompliano said that even at current prices, BTC/USD has only increased for 38 days in its life cycle famous.

Bitcoin supply crisis becomes mainstream

This can be helped by the unique macro environment, further increasing Bitcoin as a kind of Limited supply investment, Bloomberg said.

related: The price of BTC reached a five-month high of $57,000-5 things worth paying attention to this week

Bloomberg Information Senior Commodity Strategist Mike McGlone (Mike McGlone) highlighted the upcoming US fiscal policy turmoil in his recent frequent bullish Bitcoin tweets.

“In contrast to rising US debt and potential default tensions, as the market gains trust in the code that defines the supply of cryptocurrency, Bitcoin may be entering a unique fourth-quarter price increase phase,” he said. Tweet.

“The debt ceiling drama may be detrimental to managers who avoid allocating bitcoin”

Graph of the relationship between Bitcoin supply and U.S. debt and GDP.Source: Mike McGraw/Twitter

However, at the beginning of this week, this concern did not worry the US dollar, and the US dollar currency index (DXY) climbed again above the 94 support level.