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Bitcoin taps $50K for first time in one month amid heavy BTC price volatility

Bitcoin (BTC) hit $50,000 for the first time in a month on Oct. 5 as a triumphant return to kind continued.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC’s price hits one-month excessive

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD including one other 5% Tuesday to briefly return to the psychologically important price level.

The newest success of Bitcoin’s “Uptober,” bears had been swept apart as resistance ranges tumbled.

The largest cryptocurrency had benefited from macro uncertainty, compounded by a mass social media outage impacting Facebook, Instagram and others.

For Cointelegraph contributor Michaël van de Poppe, a take a look at earlier price conduct prompt upside was the extra seemingly conclusion for present actions, with a dip likewise restricted in scope.

“Given the conclusion from historical price action, it seems more likely that Bitcoin will be breaking upwards towards anything around $50,000 or maybe even the recent high, and then comes down towards $49,000 before we continue to rally back up,” he mentioned in his newest YouTube replace.

He added that an “ideal” bounce zone for a retest could be round $47,500, however any decrease wouldn’t be advantageous for bulls.

Altcoins sluggish off the mark

Bitcoin, in the meantime, led main altcoins on the time of writing, these being slower to react.

Related: Bitcoin beats shares, commodities to greatest performing asset of 2021

Only Dogecoin (DOGE) achieved larger features over the previous 24 hours, these at 10% versus BTC’s 5% thanks as soon as once more to veiled publicity from Elon Musk.

The largest altcoin, Ether (ETH), against this, was 2% greater at simply over $3,400.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView