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Bitcoin (BTC) once again reaches $55,000 in an astonishing comeback.

Bitcoin Offsets China’s Mining Drop

Data from TradingView and Cointelegraph Markets Pro shows BTC/USD surging to $55,500 on Oct. 6, its highest since May 12.

Last month, Bitcoin bulls pushed the coin to $53,000, only to reverse its trajectory shortly after that. The newest surge puts BTC’s price past its previous uptick.

In the short-term game with several calls for $57,000, futures markets varied with aggressive volatility.

CME Group Bitcoin futures, previously trading a total of $400 over the area rate, were surpassed throughout the abrupt outbreak.

In so doing, BTC/USD eliminated any trace involving what China’s restriction on mining had accomplished in May and became a trillion-dollar asset class again.


Unwavering Faith

It was impossible to avoid interest amongst market participants, with bullish longer-term BTC price valuations.

“Honestly, I think we’ll be continuing to see strength on Bitcoin,” said Cointelegraph contributor Michaël van de Poppe.

“USDT pairs will be fine on altcoins, but perhaps we’ll be having 6-8 weeks of some corrections on the $BTC pairs before a new party starts. December/January is often the best period to buy alts.”

As Cointelegraph announced, November could see an additional reconstruct for BTC/USD should the pair hit all-time highs this month.

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