WILLIAM SUBERG

4 HOURS AGO

Bitcoin returns to $1T asset as BTC price blasts to $55K

It’s full bull all over again as $56,000 and a trillion-dollar market cap become the focus again for Bitcoin bulls.

MARKET UPDATE

Bitcoin (BTC) surged even higher on Oct. 6 as its spot price saw a sudden surge upward to over $55,000, its highest since May 12.

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

Bitcoin fully cancels out China mining rout

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD hurtling to $55,500 on Oct. 6.

The level beats a previous line in the sand for bulls at $53,000, which Bitcoin reached and then reversed nearby during its previous uptick in early September.

Amid various calls for $57,000 to be hit in the short term, however, futures markets fluctuated in step with aggressive volatility.

CME Group Bitcoin futures, previously trading a full $400 above the spot price, were overtaken during the abrupt breakout.

CME Group Bitcoin futures 1-day candle chart. Source: TradingView

In so doing, BTC/USD thus fully removed any trace of what China’s ban on mining had achieved in May and became a trillion-dollar asset class again.

No loss of faith

Enthusiasm among market participants, with longer-term BTC price projections firmly bullish, was impossible to avoid.

Related: Bitcoin beats stocks, commodities to become best-performing asset of 2021

“Honestly, I think we’ll be continuing to see strength on Bitcoin,” Cointelegraph contributor Michaël van de Poppe said.

“USDT pairs will be fine on altcoins, but perhaps we’ll be having 6-8 weeks of some corrections on the $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 retracement for BTC/USD should the pair retest all-time highs this month.