Bitcoin (BTC) Breaks $50,000 For The First Time In A Month

Bitcoin (BTC) broke a psychologically important $50,000 level for the first time in a month on October 5 as bullish market sentiment continues.

BTC price breaks $50,000 and hits one-month high

BTC/USD added another 5% Tuesday to briefly return to the psychologically significant price point.

The sell-off last month was limited to the 100-day moving average around $40,000, which is also where a breakout occurred on August 6. Buyers gathered strength as price consolidated for several days, which preceded a fresh breakout above $46,000 last week.

The relative strength index (RSI) on the daily chart is not yet overbought, suggesting short-term buyers could remain active toward upper resistance levels.

A decisive breakout above $50,000 could yield further upside toward the all-time high near $60,000, although buyers could start to take profits ahead of that level given slowing momentum on the weekly chart.

For now, the intermediate-term trend is improving with limited corrections and rising support levels.

The latest success of Bitcoin’s “Uptober,” bears were swept aside as resistance levels tumbled.

The largest cryptocurrency had benefited from macro uncertainty, compounded by a mass social media outage impacting Facebook, Instagram and others.

Crypto analyst and trader, Michaël van de Poppe, looking at previous price behavior suggested upside was the more likely conclusion for current movements, with a dip likewise limited in scope. He said in a recent YouTube update:

“Given the conclusion from historical price action, it seems more likely that Bitcoin will be breaking upwards towards anything around $50,000 or maybe even the recent high, and then comes down towards $49,000 before we continue to rally back up.”

Van de Poppe added that an “ideal” bounce zone for a retest would be around $47,500, but any lower would not be advantageous for bulls.