Bitcoin (BTC) reached $ 50,000 for the first time in a month on October 5 while the triumphant return of all-currencies continues.
1-hour candlestick chart BTC / USD (Bitstamp). Source: TradingView
The Bitcoin price rises in a month
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair gained another 5% on Tuesday to briefly return to the psychologically important price point.
Bitcoin’s latest “Uptober” success was pushed back by the bears as the level of resistance eased.
The largest cryptocurrency has benefited from the general uncertainty, which has been exacerbated by social media shutting down Facebook, Instagram and others.
For Cointelegraph contributor Michael van de Poppe, a look at past price action suggests that a rise was the most likely implementation of the current move, with a limited number of falls as well.
“Given the end of the historic price movement, it seems likely that Bitcoin will rise to about $ 50,000, or maybe even the last rally, and then fall to $ 49,000 before continuing to collect again,” he said in his last update on YouTube.
He added that the “ideal” retracement range for retesting would be around $ 47,500, but a fall would not benefit the bulls.
Altcoins are slowing down growth
Meanwhile, Bitcoin has led the usual all-time currencies at the time of writing, and their response has been slower.
About the topic: Bitcoin outperforms stocks and commodities to reach the most efficient assets by 2021
Only Dogecoin (DOGE) has made more money in the last 24 hours, a gain of 10% against a 5% BTC win thanks to Elon Musk’s veiled propaganda again.
In contrast, the largest altcoin, Ether (ETH), was 2% higher at just over $ 3,400.
