Bitcoin Prices Surge to $28K, But Heavy Resistance Remains
Bitcoin has experienced a significant surge in price, climbing almost 4% to surpass $28,000 during the Monday morning Asian trading session. This marks the highest price that BTC has reached since August 17, although there is considerable resistance at this level.
CrediBULL Crypto, an analyst, noted that every higher timeframe impulse begins with a lower timeframe impulse. He further added that BTC’s upward movement is not yet complete and anticipated further growth, which materialized during 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,” stated CrediBULL Crypto.
Fellow analyst Will Clemente highlighted that BTC is currently trading at major technical indicators at the $28,000 level. The weekly and daily moving averages align precisely with the asset’s current price. During Asian trading on Monday morning, BTC reached $28,141 and has since remained above the $28,000 mark.
Greeks Live, a crypto derivatives outlet, noted that the rally was driven by spot trading. They explained, “With current market liquidity, spot buying of a few thousand bitcoins is enough to steadily support the entire market up a price step.” Additionally, the significant price movement resulted in the liquidation of numerous short positions in derivatives markets.
However, not all analysts share the same bullish sentiment. Alex Krüger, a trader and analyst, predicted another crash. He suggested that the surge in Bitcoin’s price indicates that large holders are cashing out in anticipation of the impending 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,” Krüger warned.
Meanwhile, Ethereum has seen a 3.2% gain in the last few hours, reaching $1,726, its highest level in a month. Solana (SOL), the biggest high-cap gainer of the day, has surged 13.6% to surpass $24 at the time of writing. Additionally, SOL has experienced a 24% increase over the past week leading up to the start of the Sam Bankman-Fried trial, which commences on October 3.
The total market capitalization has also risen by 3% to reach $1.15 trillion.
