On Wednesday, October 06, Bitcoin price skyrocketed and revisited the $51K level. This established an upward movement for most altcoins, however, some prices fluctuated.
The world’s largest cryptocurrency by market cap boosted 4.71% to $51,512.82 with a 24-hour change of $2,317.79.
Currently, Bitcoin has a market capitalization of $970.28 billion. It has a 24-hour volume of $1.57 billion with a 49,118.55 low and a $51,895.12 high.
In early trading, the price settled in an uptrend and expanded its increase beyond the resistance zone of $49,500.00.
It even cleared the resistance level of $50,000.00 and stayed over the 100 hourly simple moving average.
The bulls were active and able to propel Bitcoin above the price level of $51,000.00. Then, it traded near $52,000.00 and a high was created just about $51,888.00.
At the moment, BTC’s price is consolidating gains above the $51,000.00 price level. Its prompt foundation on the downside is close to $50,800.00.
Moreover, this is near the 23.60% Fibonacci retracement level of the previous expansion to $51,888.00 high from $46,895.00 low.
Also, there is a key bullish trend establishing with support next to $49,500.00 based on the BTC/USD pair hourly chart.
On the positive side, Bitcoin has an initial resistance close to $51,500.00. Its first major resistance is near $52,000.00 wherein the price could ignite another rise.
For the bulls, the next major resistance might be just about $53,200.00. Any more increases could trigger an uptrend motion towards $55,000.00.
Crypto Mixed as Bitcoin Spiked
Furthermore, Ethereum improved 3.14% to $3,494.64 with a market capitalization of $410.16 billion and a 24-hour volume of $16.43 billion.
Likewise, Litecoin gained 1.77% to $171.48 with a market capitalization of $11.72 billion and a 24-hour volume of $2.73 billion.
Consequently, Bitcoin Cash surged 7.00% to $591.73 with a market capitalization of $11.14 billion and a 24-hour volume of $1.21 billion.
On the other hand, Solana lost 4.29% to $158.90. It has a market capitalization of $47.29 billion and a 24-hour volume of $2.45 billion.
The same with Polkadot which decreased 2.42% to $30.79. It has a market capitalization of $30.32 billion and a 24-hour volume of $1.21 billion.
Also, Uniswap tumbled 0.05% to $25.13 with a market capitalization of $15.34 billion and a 24-hour volume of $375.63 million.