Bitcoin reclaims $50,000 during the first week of “Uptober”
Bitcoin managed to revisit the $ 50,000 level on the Binance Exchange for the first time since September 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.”
The benchmark crypto peaked at $ 49,811 on the Bitstamp exchange earlier today, stopping before recovering the psychological price. However, bulls stepped in to push the Bitcoin price higher following several rejections.
After recovering from the sale of El Salvador, Bitcoin plunged due to problems in the Chinese real estate 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 September 28, the sentiment indicator plunged into “extreme fear” territory when Bitcoin was about to dip 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.
