Due to the violent fluctuations in the price of BTC, Bitcoin exceeded $50,000 for the first time in a month

Bitcoin (Bitcoin) It reached $50,000 for the first time in a month on October 5th, as the triumphant return continues.

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

BTC price hits a 1-month high

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD rose another 5% on Tuesday to briefly return to an important psychological price.

The latest success of Bitcoin “Uptober”, as the resistance level fell, the bears were swept aside.

The biggest cryptocurrency benefits from Macro uncertainty, By a Mass social media disruption Affect Facebook, Instagram and others.

For Cointelegraph writer Michaël van de Poppe, looking at the previous price behavior shows that for the current trend, the upside is a more likely conclusion, and the downside is also limited.

“Given the conclusion of historical price movements, it seems that Bitcoin is more likely to break through to around $50,000 or even recent highs, and then fall to $49,000 before we continue to rebound,” he said in his latest report. YouTube updates.

He added that the “ideal” rebound area for retesting would be around $47,500, but any lower price would not be good for the bulls.

Altcoins slow down the target

At the same time, at the time of writing, Bitcoin is ahead of the major altcoins, and their response has been slower.

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

Only Dogecoin (dog) Greater gains have been made in the past 24 hours, these gains are 10%, while BTC is 5%, thank you again Covert propaganda From Elon Musk.

The largest altcoin, Ether (Ethereum) In comparison, it is 2% higher and slightly higher than $3,400.

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