Bitcoin (BTC) rose to nearly $ 48,000 on October 1, when a classic “short squeeze” liquidated over $ 270 million in crypto positions in less than an hour.
Data from Cointelegraph Markets Pro and TradingView show that BTC / USD has hit $ 47,800 on Bitstamp, up $ 3,000 in minutes.
Upward volatility, a setup familiar to traders, followed signs that BTC price was in the middle of a rebound on Thursday, particularly as the dollar struggled.
– Daniel Joe (@ DanielJoe916) October 1, 2021
$ 270 million liquidation in one hour
Say hello to the elders
– Lex Moskovski (@mskvsk) October 1, 2021
At the time of writing, volatility remains with BTC / USD still above $ 47,000 – closing August.
Meanwhile, analyst Rekt Capital made a darker comment.
“Bitcoin will be retraced deep enough to convince you that the bull market is over,” Mr. warning.
“And then it will continue the upward trend.”
The last time Bitcoin hit $ 47,000 was on September 19.
“Uptober” lives up to its name
The mood is also good with the big altcoins, in some cases they have rebounded by more than 10% and are equivalent to BTC / USD.
Related: Analyst pegs Bitcoin monthly for 2 straight months – His October target is $ 63K
Bitcoin’s dominance has increased in the new month, standing at 43.3% at press time.