Bitcoin price can’t cross $50,000, altcoin market is slightly down

Yesterday, the bulls made their intentions clear by accelerating the Bitcoin price above $49,000. This move has many traders on crypto Twitter calling for the top-rated digital asset to beat psychological resistance at $50,000. However, things did not go as expected.

Bitcoin price strong recovery to $49,000 has boosted bullish sentiment but…

After trading in an upper bound range near $48,200 for a few days, the bulls managed to break higher and climb to the intraday high of $49,242, capped at a 20% upside since trading as low as $40,890 on September 29.

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BTC/USD 4-hour chart | Source: TradingView

At the time of writing, BTC is changing hands at $47,967, a 10% increase in the past seven days.

Bitcoin’s weekend gains come after a rollercoaster week that began with markets struggling to find momentum after a fresh regulatory crackdown in China weighed on market sentiment. Over the weekend, some positive news came from Federal Reserve Chairman Jerome Powell, who confirmed that the Fed has no intention of banning cryptocurrencies. The upside move from BTC has sprung up across markets and helped lift altcoin prices, with many of the top 200 coins seeing double-digit gains.

And BTC’s early week drop has also hit the altcoin market. The sentiment in the crypto markets can change quickly, as seen from the Crypto Fear and Greed Index, which has risen from levels of extreme fear on Sept. 30 to neutral today. The sentiment may improve further if Bitcoin breaks out and sustains above the psychologically critical $50,000.

Referencing the sentiment gauge of the Crypto Fear & Greed Index, experts note that, in general, fear once again left the market thanks to the price action on October 1st. Referencing the sentiment gauge of the Crypto Fear & Greed Index, experts note that, in general, fear once again left the market thanks to the price action on October 1st. And now it is in a “Neutral” state.

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Crypto Fear & Greed Index as of October 4 | Source: Alternative.me

If bulls build on the recent strength in Bitcoin and clear the hurdle at $50,000, several altcoins may pick up momentum. The overall cryptocurrency market cap now stands at $2.117 trillion, and Bitcoin’s dominance rate is 42.5%.

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