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Bitcoin begins October on front foot after worst month since May

Published 01/10/2021, 14:30
Updated 01/10/2021, 14:32
© Reuters.

© Reuters.

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.

 

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