Small $ 270 million contraction pushed Bitcoin price above $ 47,000

The price of Bitcoin (BTC) experienced a classic “short squeeze” as of October 1, approaching $ 48,000, with more than $ 270 million in cryptocurrency positions closed in less than an hour.

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

“Bye bears”

According to data from Cointelegraph Markets and TradingView, the BTC / USD pair rose by $ 3,000 in minutes on the Bitstamp exchange to hit $ 47,800.

This upward price volatility, which can be considered normal for traders, gave its first signs with the recovery of the price of BTC on Thursday.

At press time, the BTC / USD pair was moving above the August closing level of $ 47,000.

Cointelegraph contributor Michaël van de Poppe said optimism from traders after the move cheep“Goodbye bears” to their saying answered.

Another analyst, Rekt Capital, made a more somber statement.

“Bitcoin will go down enough to convince you that the bull market is over” he warned.

“And then it will continue its uptrend.”

Bitcoin last saw $ 47,000 on September 19.

One hour BTC settlement chart. Source: Bybt

October has arrived

The mood of the altcoin market has also progressed similarly to Bitcoin, witnessing increases close to 10 percent.

Related: Bitcoin Enters A Positive New Month: Heartwarming Predictions From Analysts

Bitcoin’s market dominance rate was calculated as 43.3 percent at the time of this writing.

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