Bitcoin (BTC), which hit $50,000 on Oct. 5, was a triumphant return of form.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC price reaches a one-month high
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD added 5% Tuesday to briefly return the psychologically significant price point.
Bitcoins latest success, “Uptober,” saw bears swept aside by resistance levels falling.
The biggest cryptocurrency was able to benefit from macro uncertainty compounded with a massive social media outage affecting Facebook, Instagram, and other platforms.
Michael van de Poppe (Cointelegraph contributor) said that a review of past price behavior indicated that upside was the most likely conclusion for current moves, with a dip also limited in scope.
He stated that “Given historical price action, it seems likely that Bitcoin will break upwards towards any around $50,000, maybe even the most recent high, then falls towards $49,000 before we rally back up,” in his latest YouTube video update.
He said that a “ideal” bounce area for a retest would have been around $47.500, but any lower would be detrimental for bulls.
ltcoins are slow to the mark
Bitcoin led all major altcoins as of the writing date, although these are slower to react.
Related: Bitcoin surpasses stocks and commodities to be the best performing asset in 2021
Dogecoin (DOGE), which has a 10% gain versus BTCs 5.5%, had the most gains in the last 24 hours. This was due to Elon Musks veiled publicity.
The highest altcoin, Ether, was 2% more at just over $3,000.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView