On Thursday, October 07, Bitcoin price spiked and came back to its previous $55K level as it is climbing to a nearly five-month high. Meanwhile, altcoins’ prices were mixed.
The world’s largest cryptocurrency by market cap surged 6.64% to $55,029.00 with a 24-hour change of $3,428.46.
Currently, Bitcoin has a market capitalization of $1.04 trillion. It has a 24-hour volume of $2.70 billion with a $50,433.00 low and a $55,735.52 high.
In early trading, the price began a robust increase beyond the resistance level of $50,000.00.
It even cleared the resistance zone of $52,000.00 and remained over the 100 hourly simple moving average.
Bitcoin’s upward momentum was so strong to that point that it broke the $53,200.00 resistance.
Afterward, the price smashed above the $55,000.00 level and a high was established at just about $55,770.00.
Now, BTC is consolidating its gains and a prompt foundation on the downward trend is close to $55,000.00.
This is near the 23.60% Fibonacci retracement level of the uptrend motion to $55,777.00 high from $50,366.00 low.
Also, there is a connecting bullish trend launching with support close to $53,000.00 based on the BTC/USD pair hourly chart.
On the positive, Bitcoin’s initial resistance is nearby $55,500.00 and its first major resistance is just about $56,200.00. This is where the price could climb higher.
For the bulls, the next major resistance could be alongside the $58,000.00 level. Then, any more price gains could ignite the pace towards the $60,000.00 zone.
Crypto Mixed as Bitcoin Surged
Furthermore, Ethereum hopped 0.99% to $3,522.89 with a market capitalization of $416.14 billion and a 24-hour volume of $22.31 billion.
Likewise, Litecoin jumped 2.46% to $176.62 with a market capitalization of $12.11 billion and a 24-hour volume of $3.51 billion.
Consequently, Bitcoin Cash gained 1.83% to $603.62 with a market capitalization of $11.37 billion and a 24-hour volume of $1.79 billion.
On the other hand, Chain Link plummeted 2.11% to $26.05. It has a market capitalization of $11.93 billion and a 24-hour volume of $1.30 billion.
The same with Solana which declined 3.52% to $152.16. It has a market capitalization of $45.63 billion and a 24-hour volume of $3.27 billion.
Also, Cardano fluctuated 2.66% to $2.16 with a market capitalization of $69.40 billion and a 24-hour volume of $2.78 billion.