Bitcoin: Since last Sept. 28, when it was still trading at $41,500, Bitcoin has been rehearsing its bullish rebound — which finally seems to have started. This Tuesday (5), the main cryptocurrency broke the level of $50,000 for the first time in a month, cheering investors after facing turbulent weeks of uncertainty and stringent regulations.
Overall, Bitcoin started the month of October with a steep upward movement, advancing from US$43,800 to US$50,250 in just five days — which has represented a 15% appreciation so far. The big bullish force has signaled to some experts that the period of accumulation — typically understood as a phase of price uncertainty, with downside risks — may be coming to an end.
“[The] Bitcoin breaking $50,000 is confirmation that the bull market is back,” says IntoTheBlock head of research Lucas Outumuro, explaining that there was a large volume of currency transactions worth $48,000 , which can now become a support for new bullish moves.
Also according to Outumuro, “now that we’ve surpassed that level [of $50,000], there doesn’t seem to be any significant resistance up to $56,000.”