Bitcoin (BTC) shot to nearly $48,000 during Oct. 1 as a classic “short squeeze” liquidated over $270 million of crypto positions in under an hour.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView”Goodbye bears”Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $47,800 on Bitstamp, jumping $3,000 in minutes.A familiar setup for traders, the upward volatility followed signs that a BTC price recovery was already on the way Thursday, particularly as the dollar struggled.539 #BTC shorts liquidated in 1 minute sending #Bitcoin to 47k.Squeeeeeeeeezed pic.twitter.com/Uf2CzvndcC— Daniel Joe (@DanielJoe916) October 1, 2021
$270M liquidations in an hoursay hi to uptober— Lex Moskovski (@mskvsk) October 1, 2021
At the time of writing, volatility remained, with BTC/USD still above $47,000 — the site of August’s monthly close.”Goodbye bears,” Cointelegraph contributor Michaël van de Poppe reacted in one of many bullish tweets from traders following the move.Fellow analyst Rekt Capital meanwhile provided a more sombre take.”Bitcoin will retrace deep enough to convince you that the Bull Market is over,” he warned. “And then it will resume its uptrend.”The last time that Bitcoin saw $47,000 was on Sept. 19.BTC liquidations 1-hour chart. Source: Bybt”Uptober” lives up to its nameThe mood was just as buoyant among major altcoins, which in some cases saw gains of over 10%, matching BTC/USD.Related: Analyst nails Bitcoin monthly close 2 months running — His October target is $63KBitcoin dominance had already picked up into the new month, standing at 43.3% at the time of writing.
