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Home»Bitcoin»Bitcoin jumps above $28k for the first time since August 2023
Bitcoin

Bitcoin jumps above $28k for the first time since August 2023

2023-10-02No Comments2 Mins Read
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  • At press time, buying pressure was stronger than selling pressure in the market.
  • OI in Bitcoin futures jumped 7.28% over the past 24 hours.

The world’s largest crypto asset, Bitcoin [BTC], broke through the $28,000 barrier for the first time in over six weeks, and investors hoped that the breakout would pave the way for more substantial gains in the days to come.


Is your portfolio green? Check out the BTC Profit Calculator


Buyers dominate the market

The rally pulled Bitcoin out of the narrow trading range it had been in since 2023’s largest market crash in mid-August. At the time of writing, the king coin exchanged hands at $28,065 with gains of 3.75% in the 24-hour period, per CoinMarketCap.

According to CryptoQuant author Maartunn, on 1 October, buying pressure was stronger than selling pressure in the market. This was because the Net Taker Volume flipped into positive territory after a gap of nearly four months.

Historically, Net Taker Volume has been regarded as a reliable indicator for predicting Bitcoin’s next moves.

If the price of Bitcoin is low, and aggressive buying is taking place, it means that a bottom is around the corner. Hence, the press time state of the market pointed towards a dominant bullish sentiment.

Trouble for bearish-leveraged traders

The rally also affected traders who were bearishly positioned. According to a recent update by Glassnode, short positions worth nearly $6 million were wiped out on cryptocurrency exchange Binance. This was the largest short liquidation in more than a month.

📈 #Bitcoin $BTC Futures Contracts Short Liquidations just reached a 1-month high of $5,977,638.92 on #Binance

Previous 1-month high of $3,391,945.27 was observed on 18 September 2023

View metric:https://t.co/gx84oO3b8c pic.twitter.com/LIhigoB5Ou

— glassnode alerts (@glassnodealerts) October 2, 2023


Read Bitcoin’s [BTC] Price Prediction 2023-24

See also  After ETF approval, Bitcoin drops to 43k - What's going on?

Furthermore, the Open Interest (OI) in Bitcoin futures jumped to $12.31 billion, representing an increase of 7.28% over the past 24 hours, as per Coinglass. An increase in OI coming alongside an increase in price is interpreted as new money entering the market and is thus a bullish sign.

Source: Coinglass

Surprisingly, despite the price rip and short liquidations, the majority of the traders bet in favor of future price drops. The number of shorts outpaced the longs in the futures market as of this writing.

Source: Coinglass

28k August Bitcoin jumps Time
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tether
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solana
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usd-coin
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dogecoin
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staked-ether
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tron
TRON (TRX) $ 0.323583
bitcoin
Bitcoin (BTC) $ 118,719.81
ethereum
Ethereum (ETH) $ 3,877.58
xrp
XRP (XRP) $ 3.23
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 846.23
solana
Solana (SOL) $ 191.85
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.240533
staked-ether
Lido Staked Ether (STETH) $ 3,873.14
tron
TRON (TRX) $ 0.323583