The crypto market showed positive sentiment in early October with the price of Bitcoin and other crypto assets having added a total of $ 170 billion in a day. A large number of crypto markets jumped double digits with BTC leading the rise with a rise of 10.62%, rising from a daily low of $ 42,860 to a daily high of $ 47,668.
The total value of the cryptocurrency market increased by almost 10% to reach above $ 2 trillion. The price hike came after a month of the crypto market sinking in the ‘ocean’ in September. However, the market got off to a good start at the opening of the new month as predicted by many market experts and analysts who are targeting the BTC price to hit a new ATH.
Bitcoin also managed to regain the 21-week EMA level and passed the monthly high of $ 41,470- $ 47,100. A break above this range could push the price of the crypto back to the $ 50,000 price level.
Bitcoin after breaking the key resistance of $ 47,000 is now concentrating to pass the resistance level of $ 50,000 and the next level is $ 55,000. Ethereum on the other hand also passed the key resistance at $ 3,100 and is currently trading at $ 3,246. The next resistance level is $ 3,500.
Altcoin is also already gaining upward momentum. Market players are optimistic that they will be able to make up for investment losses that occurred between May-July and September. With the Bitcoin Futures ETF also expected to be approved in October, it could act as a catalyst to bring the soaring market further.
