Markets are anything but calm on Tuesday as bulls grapple for control of significant price points.
Bitcoin (BTC) hit $50,000 for the first time in a month on Oct. 5 as a triumphant return to form continued.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC’s price hits one-month high
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Data from Cointelegraph Markets Pro and TradingView showed BTC/USD adding another 5% Tuesday to briefly return to the psychologically significant price point.
The latest success of Bitcoin’s “Uptober,” bears were swept aside as resistance levels 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 look at previous price behavior suggested upside was the more likely conclusion for current movements, with a dip likewise limited 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 said in his latest YouTube update.
He added that an “ideal” bounce zone for a retest would be around $47,500, but any lower would not be advantageous for bulls.
Altcoins slow off the mark
Bitcoin, meanwhile, led major altcoins at the time of writing, these being slower to react.
Related: Bitcoin beats stocks, commodities to best performing asset of 2021
Only Dogecoin (DOGE) achieved greater gains over the past 24 hours, these at 10% versus BTC’s 5% thanks once again to veiled publicity from Elon Musk.
The largest altcoin, Ether (ETH), by contrast, was 2% higher at just over $3,400.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingViewSource: cointelegraph.com
