Bitcoin (BTC) shot to nearly $48,000 throughout Oct. 1 as a classic “quick squeeze” liquidated over $270 million of crypto positions in beneathneath an hour.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
“Goodbye bears”

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting $47,800 on Bitstamp, jumping $3,000 in minutes.

A acquainted setup for investors, the upward volatility observed symptoms and symptoms that a BTC rate healing become already at the manner Thursday, mainly because the greenback struggled.

At the time of writing, volatility remained, with BTC/USD nevertheless above $47,000 — the web website online of August’s month-to-month near.

“Goodbye bears,” Cointelegraph contributor Michaël van de Poppe reacted in one in every of many bullish tweets from investors following the move.

Fellow analyst Rekt Capital, meanwhile, supplied a extra sombre take.

“Bitcoin will retrace deep sufficient to persuade you that the Bull Market is over,” he warned.

The closing time Bitcoin noticed $47,000 become on Sept. 19.
BTC liquidations 1-hour chart. Source: Bybt
“Uptober” lives as much as its name

The temper become simply as buoyant amongst fundamental altcoins, which in a few instances noticed profits of over 10%, matching BTC/USD.

Related: Analyst nails Bitcoin month-to-month near 2 months running — His October goal is $63K

Bitcoin dominance had already picked up into the brand new month, status at 43.3% on the time of writing.