Will Bitcoin’s 4% weekend rise to $28K lead to more gains this week?
Bitcoin's price rose nearly 4% on the day, topping $28,000 in Monday's morning Asian trading session.
Since August 17, BTC is the highest price, however, there is a strong resistance at this level.
According to analyst ‘CrediBULL Crypto', “Each higher timeframe trigger starts with a lower timeframe push. He added that BTC is not done yet and is expected to expect a higher move, which came on Monday morning.
“The move we've just seen is exactly what we need. I know it's Sunday, but if this move continues over the next two days, the implications are significant.
“So when we hold above the average range, our next target is the range highs, the first sign of weakness is the loss of the intermediate range and a clear breakdown at the base of this lower timeframe trigger.”
We're not done yet. $BTC pic.twitter.com/05ZnGkfSYV
— CrediBULL Crypto (@CredibleCrypto) October 1, 2023
Bitcoin Rally Driven by Spot Trading
Associate analyst Will Clemente added that BTC was trading on major technical indicators at this level.
The weekly and daily moving averages are currently at the $28K price level, which is exactly where the asset is at the time of writing. On Monday morning, BTC hit $28,141 during Asian trading and currently remains above $28K.
BTC works at both 200wma and 200dma at $28k pic.twitter.com/fbret90EuV
— Will Clement (@WClementeIII) October 1, 2023
Crypto derivatives distributor Greeks Live commented that the rally was led by spot trading.
“At the current rate of market flow, buying a few thousand bitcoins in a spot is enough to support the entire market at a price level.”
In addition, the big move liquidated many short positions in bearish markets.
Wtf just happened.
$400m $BTC shorts liq'd. $200m $ETH shorts liq'd. pic.twitter.com/WbxRmy9kgu
— Byzantine General (@ByzGeneral) October 1, 2023
However, trader and analyst Alex Kruger was not as bullish as he predicted another crash.
“When you see the price of Bitcoin flowing like this, it means that the big owners are cashing out – as everyone knew before the crash.”
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 a one-month high.
However, the biggest gainer of the day is Solana (SOL), which is up a whopping 13.6% to $24 at the time of writing. Additionally, SOL gained 24% last week ahead of the Sam Bankman-Fried trial, which begins on October 3rd.
In addition, total market capitalization rose 3 percent on the day to $1.15 trillion.
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