Bitcoin (BTC) The price hit $28,000 on Monday morning (October 2, 2023), the highest price in more than a month. Analysts point to the ETF’s open filing as a good sign. Including the seasonality of the crypto market. It also began to help increase the price.
Japanese exchange Bitbank watched Bitcoin surge above the $28,000 mark last week. As CoinDesk reported, $28,500 served as a key support level in the previous bull market. And it may be an important price level to watch in the coming weeks. Because it may revert to the resistance level again.
In the last 24 hours, price Ethereum Binance and Cardano were up 3.3%, while Polygon was up 5.5%. However, Solana’s SOL surged 14.5%, largely on the back of positive news.
short term liquidation (Clearing portfolios of those who went short) in the futures market could result in a surge in bitcoin and ethereum, data showing that $94 million worth of bets against higher prices were affected on Sunday. This causes a “short squeeze” which occurs when there is not enough supply and too much demand for stocks. This is because short sellers must buy shares to cover the short.
The data shows that over 30,000 bearish sentiments were liquidated, most of them on the OKX exchange.
By liquidation, we mean that the trading board forces the trader to close a leveraged position. Due to partial or complete loss of the trader’s initial margin. This occurs when a trader is unable to meet the margin requirements for a leveraged position. or do not have enough funds to open further trades
“The rise in crypto These, along with positive feelings, are typical October characteristics.”
said Samer Hasn, market analyst at XS.com.
“Bitcoin has not recorded a monthly loss in October since 2013 (only two), which makes the month known as “Uptober” within the cryptocurrency community,” Hasn added.
Last week, the crypto market received a lot of support. According to short-term speculation, the ETH futures exchange-traded fund (ETF) is being offered by financial giant VanEck. Some analysts estimate there is a 90% chance the ETF will be approved in the first week of October.
Origin Coindesk