Bitcoin (BTC) shot to nearly $48,000 during Oct. 1 as a classic “short squeeze” liquidated over $270 million of crypto positions in under an hour.
A familiar setup for traders, the upward volatility followed signs that a BTC price recovery was already on the way Thursday, particularly as the dollar struggled.
— Daniel Joe (@DanielJoe916) October 1, 2021
$270M liquidations in an hour
say hi to uptober
— Lex Moskovski (@mskvsk) October 1, 2021
At the time of writing, volatility remained, with BTC/USD still above $47,000 — the site of August’s monthly close.
Fellow analyst Rekt Capital meanwhile provided a more sombre take.
“Bitcoin will retrace deep enough to convince you that the Bull Market is over,” he warned.
“And then it will resume its uptrend.”
The last time that Bitcoin saw $47,000 was on Sept. 19.
“Uptober” lives up to its name
The mood was just as buoyant among major altcoins, which in some cases saw gains of over 10%, matching BTC/USD.
Bitcoin dominance had already picked up into the new month, standing at 43.3% at the time of writing.