Bitcoin is back above $ 50k after a month!

Bitcoin (BTC) crossed $ 50,000 for the first time in a month on October 5.

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

BTC price in the maximum of one month

According to data from Cointelegraph Markets Pro and TradingView, the BTC / USD pair gained 5% on Tuesday, beating the psychologically important price level.

The bears were crushed when Bitcoin passed the critical resistance level.

Macro uncertainty, fueled by app crashes like Facebook, Instagram, and WhatsApp, has benefited the largest cryptocurrency.

Cointelegraph analyst Michaël van de Poppe suggested that a look at past price action shows that the current move is more likely to result in a bull run, similarly the price drop will be limited.

“Looking at the results of historical price movements, it seems more likely that Bitcoin will break above $ 50,000, then decline to $ 49,000 and then continue the rally,” Van de Poppe said in his latest video.

The analyst added that during the retest, the ideal bounce point would be around $ 47,500, while a level below this would not be advantageous for the bulls.

Altcoins were delayed in response

At the time of translation, Bitcoin leads the altcoins that are slow to react.

It may interest you: Bitcoin’s price behavior surpasses all asset classes in 2021

Only Dogecoin (DOGE) has surpassed Bitcoin, gaining 10 percent in the last 24 hours. Behind the DOGE rally again with Elon Musk.

The largest altcoin, Ether (ETH), gained 2% to break above $ 3,400.

ETH / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

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