‘Say hi to Uptober’ — Bitcoin price surges above $47K in minutes, liquidating $270M in shorts

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 hour

say 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 Bitcoin saw $47,000 was on Sept. 19.

BTC liquidations 1-hour chart. Source: Bybt

“Uptober” lives up to its name

The 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 $63K

Bitcoin dominance had already picked up into the new month, standing at 43.3% at the time of writing.