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BREAKING: Bitcoin Reclaims $50,000 for the First Time Since Early September as Traders Turn Greedy

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Tue, 10/05/2021 - 09:04
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Alex Dovbnya
Bitcoin reclaims $50,000 during the first week of "Uptober"
BREAKING: Bitcoin Reclaims $50,000 for the First Time Since Early September as Traders Turn Greedy
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Bitcoin has managed to revisit the $50,000 level on the Binance exchange for the first time since Sept. 7, the day El Salvador adopted the largest cryptocurrency as legal tender.

BTC
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The Crypto Fear and Greed Index, a popular tool for measuring Bitcoin market sentiment, is now flashing "greed."

The benchmark crypto peaked at $49,811 on the Bitstamp exchange earlier today, stopping short of reclaiming the psychological price point. However, bulls stepped in to push the Bitcoin price higher following several rejections.

After recovering from the El Salvador sell-off, Bitcoin plunged due to problems on China's property market affecting the global economy in late September. Within the same week, the largest cryptocurrency was also hit hard after the Chinese government introduced its harshest measures yet against the cryptocurrency industry.

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On Sept. 28, the sentiment indicator dipped into "extreme fear" territory when Bitcoin was teetering on the verge of plunging below the $40,000 support. This, as some expected, marked the bottom of the correction.

The largest cryptocurrency is now up 21% over the past week, with "Uptober" so far living up to its name.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry β€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.