Bitcoin prices have surged almost 4% on the day, topping $28,000 during the Monday morning Asian trading session.
It is the highest price BTC has been at since August 17, however, there is heavy resistance at this level.
Analyst ‘CrediBULL Crypto’ said, “Every higher timeframe impulse starts with a lower timeframe impulse.” He added that BTC is not done yet and expected a move higher, which came on Monday morning.
“The move we just saw is exactly what we were looking for. I know it’s a Sunday but if this move holds over the next couple of days the implications are SIGNIFICANT.”
“So, while we hold above the mid-range our next target is the range highs, with a first sign of weakness on a loss of the mid-range and clear invalidation right below that at the origin of this low timeframe impulse.”
We’re not done yet. $BTC https://t.co/QGfy8HKIKL pic.twitter.com/05ZnGkfSYV
— CrediBULL Crypto (@CredibleCrypto) October 1, 2023
Bitcoin Rally Driven by Spot Trading
Fellow analyst Will Clemente added that BTC was trading at major technical indicators at this level.
Weekly and daily moving averages are currently situated at the $28K price level, exactly where the asset is at the time of writing. BTC hit $28,141 during Asian trading on Monday morning and remains above $28K at the moment.
BTC working on both its 200wma and 200dma at $28k pic.twitter.com/fbret90EuV
— Will Clemente (@WClementeIII) October 1, 2023
Crypto derivatives outlet Greeks Live commented that the rally was spot trading driven, adding:
“With current market liquidity, spot buying of a few thousand bitcoins is enough to steadily support the entire market up a price step.”
Moreover, the big move liquidated a lot of short positions in derivatives markets.
Wtf just happened.
$400m $BTC shorts liq’d.$200m $ETH shorts liq’d. pic.twitter.com/WbxRmy9kgu
— Byzantine General (@ByzGeneral) October 1, 2023
Nevertheless, trader and analyst Alex Krüger wasn’t as bullish, predicting another crash.
“When you see the price of Bitcoin pumping like this, it means large holders are cashing out—ahead of the crash, which they all know is coming.”
Elsewhere on Crypto Markets
Ethereum has gained 3.2% in the last few hours to reach $1,726 at the time of writing. As a result, ETH prices are at their highest level for a month.
However, the biggest high-cap gainer of the day is Solana (SOL), surging a whopping 13.6% to top $24 at the time of writing. Additionally, SOL has gained 24% over the past week in the run-up to the start of the Sam Bankman-Fried trial, which begins on Oct. 3.
Moreover, the total market cap is up 3% on the day to $1.15 trillion.
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