The crypto market has started another recovery trend. This time, the price of Bitcoin has exceeded $ 50,000 after the slow month of September which was shiny to the whole market. The crash shook the space and cryptocurrencies suffered massive price losses that left the market red for most of the month. NewsBTC reported that September histor prices have been falling historically and this year was no different. In short, September is a “bad quake”.
The month closes on the weekend and trading volume resumes. The low volatility typically on weekends helps push the digital resources necessary and this was no different last weekend. Prices improved somewhat at the start of the new week. And after Monday’s trading day closed, the first days of Tuesday ushered in better prospects for the crypto market.
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Bitcoin continued to rise from a low of $ 43K which it started this month and in five days it added মূল 7K to its value to help it break 50,000 50,000 again. This is good news for the market as bullish sentiment has returned with this new break. The exchange balance remains low which shows that investors are holding on to their coins. And despite selling pressure over the past few weeks, hold sentiment has dominated across the Bitcoin community.
Bitcoin is getting back on track
Bitcoin maintained a ward upward momentum that took it to an all-time high before the September crashes reversed that trend. But even so, the slow-moving month has given the asset a much-needed cool-off time before moving on to a new all-time high. After hitting the $ 50,000 price point, the Bulls look to take assets above $ 52K for a setup for K 60K.
BTC price crosses $50K | Source: BTCUSD on TradingView.com
Recovery above $ 50K is bringing traders back to the market as the fear and greed index goes into greed again. An increase of 29 points in the index to take the market out of extreme panic since the end of last month. This shift in market sentiment will increase the buying pressure on investors so that they can throw more money into the market so as not to miss the next rally.
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This will inadvertently lead to an increase in the value of the asset, and through expansion, the entire crypto market will benefit from this buying pressure as the market usually follows the price of Bitcoin.
Bitcoin is currently trading a little less than 50K at the time of this writing, as it hit a long time ago due to significant resistance from the $ 50K point. Wealth has risen 4.67% in the last 24 hours and the market cap stands at 93 939 billion.
Featured image from CryptoPotato, charts from TradingView.com