Skip to content
Active Currencies: 17,408
Market Cap: $2.227T
Bitcoin Dominance: 56.17%
24h Market Cap Change: $-2.77

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

The latest rally pulled Bitcoin out of the narrow trading range it had been in since the year's largest market crash in mid-August.

Written by Written by Aniket Verma
Reviewed by Reviewed by Aniket Verma
Updated October 2, 2023
Bitcoin jumps above $28k for the first time since August 2023
  • 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.

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

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
Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

Aniket Verma

Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.

Related Articles

AMBCrypto
Facebook X Instagram Youtube Linkedin

AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers. We have quickly grown into the digital news source for an emerging generation of cryptocurrency enthusiasts, reaching more than a million readers on a monthly basis, across the globe.