Bitcoin (BTC) rose even higher on October 6, when the spot price suddenly surged above $ 55,000, its highest level since May 12.
Bitcoin completely eliminates the Chinese mining route
Data from Cointelegraph Markets Pro and TradingView show BTC / USD will drop to $ 55,500 on Wednesday.
This level surpasses the previous line in the sand for bulls at USD 53,000, which Bitcoin hit during the previous rally in early September and then reversed nearby.
We’re less than $ 15 billion away from Bitcoin topping the $ 1 trillion mark again.
– Pomp (@APompliano) October 6, 2021
Between different calls At US $ 57,000 that can be reached in the short term, however, the futures market fluctuates gradually with high volatility.
CME Group’s Bitcoin futures, which previously traded at a spot price of a full $ 400, were outperformed in the abrupt breakout.
With that, BTC / USD has completely erased any trace of what China’s mining ban hit in May and returned to being a one-of-a-kind trillion dollar asset class again.
Don’t lose faith
The excitement of market participants in anticipation of a long-term BTC price spike is inevitable.
Related: Bitcoin beats stocks, commodities become the most powerful investment of 2021
“To be honest, I think we will continue to see the strength of Bitcoin,” said Cointelegraph employee Michaël van de Poppe speak.
“USDT pairs should be fine for altcoins, but we will probably have 6-8 weeks of correction for $ BTC pairs before a new party starts. December / January is usually the best time to buy. “
As Cointelegraph reported, there could be a sustained retracement for BTC / USD in November if the pair tests all-time highs again this month.