By Samuel Indyk
Investing.com – Bitcoin began October on the front foot after a decline of 7% in September saw the world’s largest cryptocurrency have its worst month since May. In fact, it was the third-worst month for Bitcoin in 18 months.
However, Bitcoin has shrugged off those losses on Friday, rising over 10% in the last 24 hours to breach the psychological $45,000 level to the upside, where it appears stops were triggered.
Bitcoin last traded above that level on 28th September and has now moved above $47,000 to its highest level since 19th September.
The 10% rally has Bitcoin on track for its best daily gain since July.
There didn’t appear to be a fundamental catalyst behind the move higher as it appeared to be a more technical break above $45,000 and some key moving averages that helped propel Bitcoin higher.
Other major cryptocurrencies also surged higher with Ethereum up over 8%, Cardano up 5%, and Solana up over 9%.
Bitcoin Technical Picture
On the break above $45,000, Bitcoin also broke above the 200-day moving average around $45,180 and the 50-day moving average around $46,610 in a matter of minutes.
The next level to the upside to crack will be $48,000 before the 18th September high at $48,760.
Above that level and $50,000 will be the next big figure Bitcoin has to overcome.
On the downside, bulls will be hoping that the aforementioned 50- and 200-day moving averages will now act as support after rocketing through them earlier.