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.
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.
– Daniel Joe (@ DanielJoe916) October 1, 2021
$ 270 million settlements in one hour
say hi to uptober
– Lex Moskovski (@mskvsk) October 1, 2021
At press time, the BTC / USD pair was moving above the August closing level of $ 47,000.
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.
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.