Bitcoin reaches 57 thousand dollars
On Monday, October 11, Bitcoin hit the local high of last week, reaching $57,000. With this, BTC is even closer to the final resistance before the all-time high of $64,500.
The week started very well for Bitcoin traders, as all the highs of the previous week were broken on the very first day. But altcoins seem to be lagging behind the first cryptocurrency.
The difference is especially noticeable in Ethereum, which has fallen sharply against BTC since the beginning of August.
Last week, Bitcoin earned $3,000 in a few minutes, $5,000 in an hour, eventually reaching a four-month-high. Bitcoin’s hash rate and difficulty have recovered and even approached all-time highs, while other aspects of BTC are setting new records.
It is worth noting how the bandwidth and scalability of the Bitcoin network have changed. Analyst Kevin Rooke noted that in just one day last week, Bitcoin processed over $30 billion.
“$31 billion. This is the value calculated on the Bitcoin blockchain in one day this week. This is a new all-time high for Bitcoins since the estimated value has grown 40 times since the beginning of 2020,” he commented.
According to the Crypto Fear & Greed Index, the latest rise in BTC prices is firmly rooted in sustained growth.
Usually, the movement to the highs, and especially to the historical highs, as a rule, lead to the fact that this index reaches the level of “extreme greed”. This, in turn, presupposes the emergence of volatile market sentiment, which can easily destabilize it and adjust prices.
Although Fear & Greed is around $57,000, its valuation is only 71/100 – “greed,” not “extreme greed,” and is still far from the classic upper region of 95/100 and beyond.