Bitcoin fails to conquer $50,000 target but hits 3-month highs
By Noemi Jansana / Alejandra Zamora
Date: Monday 04 Oct 2021
(Sharecast News) - Bitcoin is back to price levels below $48,000 on Monday, after the most traded of digital currencies accelerated its rally above $49,000 on Sunday, a circumstance that led the Twitter cryptocurrency community to call for the price to assault and break down the $50,000 barrier. However, it only reached $49,200 (a 3-month high), to close slightly above $48,000. All in all, optimism hovers over cryptoassets, with record highs hit by several 'altcoins' and total capitalization at $2.1 trillion.
Bitcoin surged on Friday, breaking above $45,000 and accelerating higher. "After looking primed for correction for so long before finally breaking lower, the cryptocurrency showed remarkable resilience to hold $40,000 - perhaps in the hope of a helping hand from a certain outspoken entrepreneur - and it's now reaping the rewards," Craig Erlam, analyst at Oanda, explains.
"It had experienced a lot of resistance around $45,000 after it had been key support for most of August and early September. A break back above here was clearly a big moment and was immediately the catalyst for a surge towards $47,000. Comments from Fed Chair Jerome Powell on having no intention of banning cryptos has been attributed to the move but I think there's probably more to it than that," Erlam adds.
"The battle is not won yet though, with it running into resistance today around the 61.8% retracement of the September highs to lows. A move above here and $50,000 is suddenly looking very vulnerable," the Oanda analyst concludes.
Elsewhere in the market, the rise of Bitcoin, which holds a 41% dominance, buoyed altcoins prices, with multiple coins in the top-200 making double-digit gains, as 'CoinTelegraph' noted.
Terra (LUNA) saw its price outpace the rest of the market, rising 23.34% from its Oct. 2. low of $37.52 to a new all-time high of $46.09 in the early morning hours of Oct. 3. Secret Network (SCRT) also rose to gain 20.3% to reach a daily high of $3.07.
Other notable gains included a 13% gain for Shiba Inu (SHIB) and a 12.4% increase in the price of Tezos (XTX) and Axie Infinity (AXS).
As for Ethereum, the second-largest cryptocurrency by market cap is knocking on the door of $3,500, with a 3-week high reached this Sunday at $3,850.
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