TL;DR Breakdown
- Bitcoin crossed the $50k zone for the first time in almost a month.
- October can be a crucial month as BTC eyes breaching its previous ATH at $64,000.
Bitcoin (BTC) breached the most awaited level – $50,000 for the first time in almost a month by rising more than 6% in a single day. In September, BTC continued to float between the $40,000 to $48,000 zone, and the Chinese FUD primarily delayed the upward rally.Â
BTC is currently trading at $50250 and does not seem like it would be heading down. Rekt Capital, the famous market analyst, noted that the price is continuously above the 21-day Exponential Moving Average (EMA), which boosted investors’ confidence in BTC, giving it a bullish momentum.Â
Many market experts and analysts predicted that October would bring bulls, calling it “Uptober.” Altcoins, along with BTC, are also working hard to climb up the market, giving each other tough competition.
Shiba Inu’s price surged by 75%, making it the biggest gainer of the day. The market is burning, and the Internet Computer (ICP) is also up by 11%.
As the institutional investment and inflow increased, BTC supply saw a new 30-month low on centralized crypto exchanges. This reduced the possibility of another sell-off (like after September 7) and was another big factor leading to a surge in BTC price.
The speculators say that if everything goes fine without any major crackdown, Bitcoin can see the $100,000 level before this year ends.
Bitcoin aims for $55,000
Bitcoin is working hard to make its position stable above the $50,000 zone before starting another upward rally aiming to $55,000, a major resistance level in the previous bull-run.
The last quarter of 2021 could play a crucial role for BTC as it will try to stay above the $50,000 level. BTC is eyeing $52,000-$59,500, and the $55,000 resistance level could be touched in no time.
The market cap has crossed $900 billion, winning over Facebook. Coincidentally, Facebook shut down last night, which motivated crypto fans to make fun of the company.
The next aim of the largest cryptocurrency is breaching its previous All-Time High (ATH), at $64,000, by creating a new one.
