It’s full bull all over again as $56,000 and a trillion-dollar market cap become the focus again for Bitcoin bulls.
Bitcoin (BTC) surged even higher on Oct. 6 as its spot price saw a sudden surge upward to over $55,000, its highest since May 12.
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD hurtling to $55,500 on Oct. 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.
Amid various calls for $57,000 to be hit in the short term, however, 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.
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.
Source: cointelegraph.com