The price of Bitcoin (BTC) has risen to over $55,000, its highest since May 12.
It has been reported that data shows BTC/USD hurtling to $55,500 on October 6. The level beats a previous line in the sand for bulls at $53,000, which Bitcoin reached and then reversed nearby during its previous uptick in early September.
However, amid various calls for $57,000 to be hit in the short term, futures markets fluctuated in step with aggressive volatility. CME Group Bitcoin futures, previously trading a full $400 above the spot price, were overtaken during the abrupt breakout.
The report said that in so doing, BTC/USD thus fully removed any trace of what China’s ban on mining had achieved in May and became a trillion-dollar asset class again. Enthusiasm among market participants, with longer-term BTC price projections firmly bullish, was impossible to avoid.
Thus, as per the report, November could see a further retracement for BTC/USD should the pair retest all-time highs this month.
Source: Cointelegraph | Image: The Conversation