On 3rd October, the intentions of the bulls were made absolutely clear as they briefly pushed the price of BTC (Bitcoin) to more than $49k. The upward surge prompted numerous traders on Twitter Crypto to ask for even more. Presently, the task is for the highest-ranked asset in the digital world to break past the $50k price level which is also a major psychological resistance level.
The Consequences Of The BTC Surge
Data from TradingView and Cointelegraph Markets indicated that for several days, BTC traded in a closed range where the highest limit was somewhere close to $48,200. But bulls were then finally able to break through and climb higher and reach the day’s highest point of $49,242. The price point capped a rally of 20% that started from a low point of 29th September which stood at $40,890.
BTC’s gains over the weekend also follow a week that was comparable to a rollercoaster. The beginning of the week saw markets struggling to find momentum as China’s reinforced regulatory crackdowns weighed over the sentiments of the market. However, by the time the week ended, there was some good news. Jerome Powell, the Chair of the Federal Reserve of the United States confirmed that the Feds do not intend to ban cryptocurrencies in the foreseeable future.
BTC’s bullish move also caused uplifting waves across the altcoin market as well. LUNA from Terra was one of the first to record a price breakout. It surged 23.34% and reached a new ATH of $46.09 on 3rd October. SCRT (Secret Network) also recorded a 20.3% rally and hit an intra-day high of $3.07.
Some other altcoins that recorded notable gains were SHIB (Shiba Inu) with 13%, and AXS (Axie Infinity) as well as XTZ (Tezos) both recording 12.4% gain.