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Bitcoin taps $50K for first time in one month amid heavy BTC price volatility

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On Oct. 5, Bitcoin (BTC) surpassed $50K for the first time in almost a month, continuing its historic comeback.

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

Bitcoin’s price reached a one-month high

BTC/USD gained another 5% on Tuesday, momentarily regaining the psychologically important price level.

Bears were pushed away as resistance levels collapsed following Bitcoin’s “Uptober” triumph.

The world’s largest cryptocurrency has benefitted from economic uncertainty, which exacerbated by a widespread social media outage that impacted Facebook, Instagram, and other platforms.

According to Michael van de Poppe, past market behaviour showed that the most likely outcome for present movements was upward, with a drop being restricted in extent.

“Given the conclusion from past price movement, it is more likely that Bitcoin would go upwards near $50,000 or even the current high, and then dive towards $49,000 before continuing to rally back up,” he stated in his latest YouTube post.

Altcoins are a little sluggish to get going

At the time of publishing, Bitcoin was leading major altcoins, which were tardier to respond.

Only Dogecoin (DOGE) has gained more in the last 24 hours, with gains of 10% vs 5% for BTC, owing to Elon Musk‘s disguised marketing.

By comparison, the most popular cryptocurrency, Ether (ETH), was up 2% to little over $3,400.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView
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