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.
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.
-Daniel Joe (@DanielJoe916) October 1, 2021
270 million U.S. dollars cleared within one hour
Say hello to uptober
-Lex Moskovski (@mskvsk) October 1, 2021
At the time of writing, volatility still exists, and BTC/USD is still above the monthly closing price of $47,000-August.
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.
“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.
Bitcoin’s dominance has returned to a new month, at 43.3% at the time of writing.