Bitcoin is above $ 55,000 for the first time in five months!

Bitcoin (BTC) maintained its bullish momentum on October 6, surpassing $ 55K for the first time since May 12.

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

Bitcoin completely erases the effects of the migration of Chinese miners

According to data from Cointelegraph Markets Pro and TradingView, the BTC / USD pair rose as high as $ 55,500 on October 6.

Hence, Bitcoin has broken above the $ 53,000 level, which is considered critical for bulls. The largest cryptocurrency reached this level in early September, but was unable to hold on.

Although it is discussed that 57 thousand dollars will be spent in a short time,The futures markets began to show high volatility.

CME Group Bitcoin futures, which were trading $ 400 above the pre-rally spot price, lagged behind the post-rally spot price.

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

Thus, the BTC / USD parity completely eliminated the effects of increased pressure from China on the crypto mining sector in May, and the market value of Bitcoin again surpassed $ 1 trillion.

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