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Bitcoin retakes $50,000 benchmark, the first time since early September

Published 10/05/2021, 09:17 AM
© Reuters. Bitcoin retakes $50,000 benchmark, the first time since early September
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For the first time since early September, Bitcoin has managed to reclaim the $50,000 mark as traders turn “greedy.”

According to data on TradingView, the BTC/USD trading pair added another 5% on Tuesday, October 5. As a result, the flagship crypto reclaimed the psychologically significant benchmark. As of press time, Bitcoin was exchanging hands at around $50,280.

Although Bitcoin has been on an upward trend since the beginning of the week, recording a 7-day gain of 20%, its Tuesday run was arguably compounded by the mass social media outage of Facebook (NASDAQ:FB), Instagram, and WhatsApp.

Meanwhile, traders have become greedy for Bitcoin as the bulls grapple to control the significant price point. The Crypto Fear and Greed Index, a tool that measures Bitcoin market sentiment, has now climbed to “59,” indicative of a greedy market.

Interestingly, the sentiment indicator was in the “extreme fear” territory just last week, having plunged to 25. This happened when Bitcoin was on the verge of plunging below the $40,000 support. The bears were quickly swept aside as resistance levels fell. Bitcoin is up by over 20% over the past week, and the new month, “Uptober,” appears to be living up to its name.

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