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.

Disclaimer: Information found on Blue Edge Crypto is those of writers quoted. It does not represent the opinions of Blue Edge Crypto on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.