“Say hello to Uptober”-Bitcoin price soared above US$47,000 within a few minutes, liquidating a short position of US$270 million

Bitcoin (Bitcoin) Surged to nearly US$48,000 on October 1, because the classic “short squeeze” liquidated more than US$270 million in cryptocurrency positions in one hour.

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

“Goodbye Bear”

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD reached 47,800 USD on Bitstamp and jumped 3,000 USD within a few minutes.

For traders, this is a familiar setting. After the signs of a rebound in the BTC price, there have been upward volatility, especially in the Dollar struggling.

At the time of writing, volatility still exists, and BTC/USD is still above the monthly closing price of $47,000-August.

“Goodbye Bear”, Cointelegraph writer Michaël van de Poppe reacted In one of them many Bullish tweets from traders following this move.

At the same time, peer analyst Rekt Capital offered a more gloomy view.

“Bitcoin will retrace deep enough to make you believe that the bull market is over,” he said warn.

“Then it will resume its upward trend.”

The last time Bitcoin saw $47,000 was on September 19th.

1-hour chart of BTC clearing. Source: Bybt

“Uptober” lives up to its name

The sentiment of the major altcoins is also active, and in some cases they have risen by more than 10%, matching BTC/USD.

related: The analyst has determined the monthly closing price of Bitcoin for 2 consecutive months-his October target is $63,000

Bitcoin’s dominance has returned to a new month, at 43.3% at the time of writing.