Bitcoin prices experienced a significant surge of almost 4% during the Monday morning Asian Trading session, reaching a high of $28,000. This marks the highest price Bitcoin has seen since August 17. However, there is heavy resistance at this level. Analysts have commented on this price movement, with ‘CrediBULL Crypto’ stating that every higher timeframe impulse begins with a lower timeframe impulse. He believes that Bitcoin is not done yet and expects further upward movement. Another analyst, Will Clemente, pointed out that Bitcoin is currently trading at major technical indicators at the $28,000 level, which could contribute to its current price rally.
The rally in Bitcoin is said to be driven by spot trading, with the current Market liquidity making it possible for a few thousand Bitcoins to steadily support the entire market upward. This rally also resulted in the liquidation of many short positions in the derivatives markets. However, trader and analyst Alex Krüger expressed a more bearish outlook, predicting another crash and suggesting that the current price pump is a result of large holders cashing out before the crash.
In other news, Ethereum has also experienced a gain of 3.2% to reach $1,726, its highest level in a month. Solana (SOL) has been the biggest gainer of the day among high-cap cryptocurrencies, surging by 13.6% to top $24. SOL has seen a 24% increase over the past week in anticipation of the start of the Sam Bankman-Fried trial on October 3. The total market cap of the cryptocurrency market has increased by 3% to reach $1.15 trillion.
Overall, Bitcoin prices have surged to their highest level in almost two months, driven by spot trading and supported by major technical indicators. However, some analysts remain cautious and predict a potential crash in the future. Other cryptocurrencies like Ethereum and Solana have also seen significant gains in recent hours..
#Bitcoins #Weekend #Surge #28K #Lead #Gains #Week
The rally in Bitcoin is said to be driven by spot trading, with the current Market liquidity making it possible for a few thousand Bitcoins to steadily support the entire market upward. This rally also resulted in the liquidation of many short positions in the derivatives markets. However, trader and analyst Alex Krüger expressed a more bearish outlook, predicting another crash and suggesting that the current price pump is a result of large holders cashing out before the crash.
In other news, Ethereum has also experienced a gain of 3.2% to reach $1,726, its highest level in a month. Solana (SOL) has been the biggest gainer of the day among high-cap cryptocurrencies, surging by 13.6% to top $24. SOL has seen a 24% increase over the past week in anticipation of the start of the Sam Bankman-Fried trial on October 3. The total market cap of the cryptocurrency market has increased by 3% to reach $1.15 trillion.
Overall, Bitcoin prices have surged to their highest level in almost two months, driven by spot trading and supported by major technical indicators. However, some analysts remain cautious and predict a potential crash in the future. Other cryptocurrencies like Ethereum and Solana have also seen significant gains in recent hours..
#Bitcoins #Weekend #Surge #28K #Lead #Gains #Week
