Bitcoin (BTC) spiked even higher on October 6 when its spot price spiked to over $ 55,000, its highest level since May 12.
BTC / USD 1-day candlestick chart (Bitstamp). Source: TradingView
Bitcoin completely cancels China’s mining route
Data from Cointelegraph Markets Pro and TradingView shows that BTC / USD plunged to $ 55,500 on October 6.
The level surpasses a previous line in the arena for bulls at $ 53,000, which Bitcoin reached and then reversed nearby during its previous rally in early September.
We are less than $ 15 billion away from Bitcoin crossing the $ 1 trillion market capitalization milestone again.
– Pomp (@APompliano) October 6, 2021
However, amid several calls for $ 57,000 to be reached in the near term, the futures markets fluctuated in the wake of aggressive volatility.
CME Group’s Bitcoin futures, which were previously trading $ 400 above the spot price, were outmatched during the abrupt breakout.
CME Group Bitcoin futures 1-day candlestick chart. Source: TradingView
In doing so, BTC / USD completely removed any trace of what China’s mining ban had accomplished in May and became a trillion-dollar asset class again.
No loss of faith
The excitement among market participants, with long-term BTC price projections firmly bullish, was impossible to avoid.
Related: Bitcoin Outperforms Stocks And Commodities To Become The Best-performing Asset Of 2021
“Honestly, I think we’ll be continuing to see Bitcoin’s strength,” Cointelegraph contributor Michaël van de Poppe said.
“USDT pairs will be fine in altcoins, but we may have 6-8 weeks of some corrections in $ BTC pairs, before a new party starts. December / January is often the best period to buy alts. “
As Cointelegraph reported, November could see a further pullback for BTC / USD if the pair retests all-time highs this month.