Bitcoin (BTC) shot to nearly $48,000 during Oct. 1 as a archetype "short squeeze" liquidated over $270 meg of crypto positions in under an hr.

BTC/USD 1-60 minutes candle nautical chart (Bitstamp). Source: TradingView

"Farewell 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 up volatility followed signs that a BTC cost recovery was already on the way Thursday, particularly equally the dollar struggled.

At the time of writing, volatility remained, with BTC/USD however above $47,000 — the site of August's monthly shut.

"Goodbye bears," Cointelegraph contributor Michaël van de Poppe reacted in ane of many bullish tweets from traders following the move.

Fellow annotator Rekt Capital, meanwhile, provided a more than sombre take.

"Bitcoin volition retrace deep enough to convince you that the Bull Market is over," he warned.

"And and then information technology will resume its uptrend."

The last time Bitcoin saw $47,000 was on Sept. 19.

BTC liquidations ane-hour chart. Source: Bybt

"Uptober" lives upwards 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 shut ii months running — His October target is $63K

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