The largest crypto by market cap is nearing the key $50,000 level as it broke past $48,000 on Monday morning. It means BTC continues to climb out of a multi-month phase of inclination.
Bitcoin began a rise above the $48,000 resistance degree and settled above the $49,000 mark. According to CoinMarketCap, bitcoin price is trading at $49,435.40 with a market cap of $931 billion at press time.
In reaction to the Bitcoin rally, the crypto market also is bullish as Bitcoin broke resistance. Some altcoins surged and hit new all-time highs. This includes Shiba Inu, Axie Infinity, Terra LUNA, and many others.
Moreover, the Bitcoin surge means it is overcoming a convergence of technical obstacles. Looking at this, the crypto community reacted. Crypto analyst Lark also tweeted about the price movement on October 5.
Lark Davis says that Bitcoin broke resistance at $48,400, and now it pushes towards the next stops at 50 and 51. Thus, if the crypto can close a daily candle above $51,000, then it means a break of the wider downtrend.
With this, "new highs in this scenario will be close," says Davis. This means that if BTC breaks past this mark, it will reinforce the uptrend and the start of the next bull run.
Note that Bitcoin has increased after trading around $30,000 to $40,000 from a record near $65,000 in mid-April.