Bitcoin (BTC) jumped nearly $48,000 during October 1, when the classic “short squeeze” liquidated more than $270 million in the cryptocurrency in less than an hour.
1 hour BTC/USD candlestick chart (Bitstamp). Source: TradingView
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit $47,800 on Bitstamp and jumped $3000 in minutes.
A well-known setup for traders, the volatility surge came on the heels of signs that the Bitcoin price recovery has already begun on Thursday, especially as the dollar is struggling.
At the time of writing, volatility has remained, with BTC/USD still above $47,000 – rather than closing the month in August.
“Bye bye bears,” Cointelegraph contributor Michael van de Poppe replied in one of the bullish tweets from traders following the move.
Meanwhile, co-analyst Rekt Capital left an even bleaker impression.
“Bitcoin will be tracked deep enough to convince you that the bull market is over,” he warned.
“And then he will resume his direction.”
Bitcoin was last sold for $47,000 on September 19.
Bitcoin liquidation hourly schedule. Source: Bybt
“Uptober” lives up to its name
Sentiment was similarly strong among the big coins, which in some cases saw gains of more than 10%, which is in line with BTC/USD.
On this topic: Bitcoin Analyst has added monthly for two consecutive months – his target in October is $63,000.
Bitcoin dominance has already surged in the new month and is at 43.3% at the time of writing.