Bitcoin (BTC) surged fifty-fifty higher on October. vi as its spot price saw a sudden surge upward to over $55,000, its highest since May 12.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

Bitcoin fully cancels out China mining rout

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD hurtling to $55,500 on Oct. six.

The level beats a previous line in the sand for bulls at $53,000, which Bitcoin reached and then reversed nearby during its previous uptick in early on September.

Amongst diverse calls for $57,000 to be hit in the short term, however, futures markets fluctuated in step with aggressive volatility.

CME Group Bitcoin futures, previously trading a full $400 above the spot toll, were overtaken during the sharp breakout.

CME Grouping Bitcoin futures 1-day candle chart. Source: TradingView

In so doing, BTC/USD thus fully removed any trace of what Prc's ban on mining had achieved in May and became a trillion-dollar asset grade again.

No loss of religion

Enthusiasm among market participants, with longer-term BTC cost projections firmly bullish, was impossible to avoid.

Related: Bitcoin beats stocks, commodities to become best-performing asset of 2022

"Honestly, I retrieve we'll be continuing to see strength on Bitcoin," Cointelegraph contributor Michaël van de Poppe said.

"USDT pairs volition be fine on altcoins, but peradventure we'll be having 6-8 weeks of some corrections on the $BTC pairs, before a new party starts. December/Jan is often the best period to buy alts."

As Cointelegraph reported, November could encounter a further retracement for BTC/USD should the pair retest all-time highs this month.