Bitcoin (BTC), which surged higher on Oct. 6, saw its spot price surge to $55,000, the highest level since May 12.
Bitcoin cancels out China’s mining rout
Cointelegraph Markets Pro and TradingView data show that BTC/USD is at $55,500 by Oct. 6.
This level surpasses the $53,000 previous line in sand that bulls reached, and was then reversed by Bitcoin during its previous surge in September.
We are just $15 billion away again from Bitcoin surpassing the $1 trillion mark in market capital.
— Pomp (@APompliano) October 6, 2021
Despite numerous calls for $57,000 in the short-term, futures markets fluctuated with aggressive volatility.
CME Group Bitcoin futures were trading at $400 more than the spot price before the sudden breakout.
CME Group Bitcoin futures 1-day candle chart. Source: TradingView
In so doing, BTC/USD thus fully removed any trace of what China’s ban on mining had achieved in May and became a trillion-dollar asset class again.
No loss of faith
Enthusiasm among market participants, with longer-term BTC price projections firmly bullish, was impossible to avoid.
“Honestly, I think we’ll be continuing to see strength on Bitcoin,” Cointelegraph contributor Michaël van de Poppe said.
“USDT pairs will be fine on altcoins, but perhaps we’ll be having 6-8 weeks of some corrections on the $BTC pairs, before a new party starts. December/January is often the best period to buy alts.”
As Cointelegraph reported, November could see a further retracement for BTC/USD should the pair retest all-time highs this month.
