In the week ending October 8, bitcoin appreciated again and brought optimism to the market. Not only did the currency surpass US$ 50,000, but the market cap returned to the US$ 1 trillion mark, indicating that there was also an influx of new capital into the market.
The enthusiasm made a term start appearing on social networks: “UPtober”, as a reference to the month of October, demonstrating the expectation of a substantial rise.
In Transfero’s assessment, the bullish flag highlighted the previous week was successfully broken, leading BTC to break through the US$ 47,000 and US$ 51,200 barriers quickly.
“Some favorable news for the crypto market contributed to this strong price hike”, Transfero analysts said.
Rising expectations about the approval of a Bitcoin ETF in the U.S. and the recovery in mining profits pressured due to restrictions imposed by China built the scenario.
“The outlook is favorable for further rises, with the last resistance, seen before the All-Time High, at the US$ 57.2 thousand mark,” the expert team scored.
However, despite the substantial rise and positive outlook, Transfero warns that it is essential to watch out for corrections. In this case, the new support of US$ 51.2 thousand becomes a good mark for new entries.
The Crypto & Fear index jumped by more than 50 points compared to last week, confirming that market feeling has quickly reversed. In other words, investors have moved from concern to enthusiasm. In Transfero’s assessment, this may be one of the reasons for a small correction in the coming days.