Bitcoin reclaims $50,000 during the first week of “Uptober”
Bitcoin has managed to revisit the $50,000 level on the Binance exchange for the first time since Sept. 7, the day El Salvador adopted the largest cryptocurrency as legal tender.
The Crypto Fear and Greed Index, a popular tool for measuring Bitcoin market sentiment, is now flashing “greed.”
Bitcoin Fear and Greed Index is 59 — Greed
Current price: $49,482 pic.twitter.com/U1C5j8SIWR— Bitcoin Fear and Greed Index (@BitcoinFear) October 5, 2021
The benchmark crypto peaked at $49,811 on the Bitstamp exchange earlier today, stopping short of reclaiming the psychological price point. However, bulls stepped in to push the Bitcoin price higher following several rejections.
After recovering from the El Salvador sell-off, Bitcoin plunged due to problems on China’s property market affecting the global economy in late September. Within the same week, the largest cryptocurrency was also hit hard after the Chinese government introduced its harshest measures yet against the cryptocurrency industry.
On Sept. 28, the sentiment indicator dipped into “extreme fear” territory when Bitcoin was teetering on the verge of plunging below the $40,000 support. This, as some expected, marked the bottom of the correction.
The largest cryptocurrency is now up 21% over the past week, with “Uptober” so far living up to its name.
