Close Menu
CryptoHoppers.comCryptoHoppers.com
    What's Hot

    Will Bitcoin Break Through $70k? Short-Term Holders’ Buy Price Holds The Key

    September 20, 2024

    Blockchain Gaming Integration Begins: Grand Theft Auto Creator Take-Two Takes The Helm

    August 31, 2023

    What are the pros and cons

    April 30, 2025
    Facebook X (Twitter) Instagram
    • Privacy Policy
    • Get In Touch
    Facebook X (Twitter) Instagram
    CryptoHoppers.comCryptoHoppers.com
    • News

      July’s Rate Cut Dreams Fade: Fed Seen Holding Firm as Trump Fumes

      July 10, 2025

      UAE Rejects $100K Crypto Visa Program as TON’s Staking Plan Triggers Regulatory Backlash

      July 8, 2025

      Digital trade tensions take center stage between the U.S. and South Korea

      July 7, 2025

      Traders Gear Up: FOMC Prep Signals Bitcoin, Altcoin Buying Frenzy

      July 6, 2025

      Bitcoin: Here's why BTC might fall to $105K despite all the hype

      July 5, 2025
    • Technology

      Coinbase partners with Perplexity to unlock real-time crypto data for traders

      July 10, 2025

      Comment on Bitcoin Surges to $110K as Selling Pressure Declines; Is BTC Charting its Way to a New ATH Soon? by Bitcoin Price Prediction: BTC to Hit $145.1K by Year-End and More

      July 9, 2025

      CleanSpark Doubles Bitcoin Mining Power After Georgia Expansion

      July 8, 2025

      Dogecoin price double bottoms as whale accumulation continues

      July 7, 2025

      Comment on Metaplanet Joins Top 5 Bitcoin Holders With 13,350 BTC as Stock Surges 10% by Bitcoin Treasuries Boom as Firms Add 8,400 BTC in Just One

      July 6, 2025
    • Learn/Guide

      Coinbase, Perplexity AI join forces to enhance crypto data access for traders

      July 10, 2025

      Top perps DEX GMX hacked for over $40m, $GMX token plunges

      July 9, 2025

      Cardano Foundation unveils blockchain-based tool to simplify audit compliance and enhance financial reporting

      July 8, 2025

      Plume Network brings real-world yield to TRON’s global payment ecosystem via SkyLink integration

      July 7, 2025

      TON introduces UAE Golden Visa program through crypto staking, Toncoin soars 13%

      July 6, 2025
    • NFTs

      1mouth Analog: miirror’s Raw Leap from Digital to Handmade Chaos | NFT CULTURE | NFT News | Web3 Culture

      May 9, 2025

      NFTCulture Expands Into TCGs with Cardcore.xyz: Where Digital Collectibles Meet Competitive Play | NFT CULTURE | NFT News | Web3 Culture

      May 8, 2025

      From Moonshots to Broken Links: The Rise and Fall of CloneX | NFT CULTURE | NFT News | Web3 Culture

      April 24, 2025

      Pacific Spirit: Vinyl Meets Code in a Groundbreaking Generative Drop on Art Blocks | NFT CULTURE | NFT News | Web3 Culture

      April 16, 2025

      Daizen: Elevating the NFT Multiverse on Apechain Blockchain | NFT CULTURE | NFT News | Web3 Culture

      December 5, 2024
    • Regulation

      SEC Drops Binance Lawsuit: How Regulatory Clarity Could Spark a BNB Price Rally

      May 30, 2025

      Kentucky Governor Signs Off On ‘Bitcoin Rights’ Bill, Strengthening Crypto Protections

      March 31, 2025

      Utah Moves Closer To Bitcoin Reserve As Bill Advances To Senate Standing Committee

      February 23, 2025

      Bitcoin ETFs In Focus As Kansas Senator Proposes Up To 10% Pension Fund Allocation

      January 26, 2025

      MicroStrategy May Face Tax Issues Over $19 Billion Unrealized Bitcoin Gains: Report

      January 25, 2025
    • Business

      Sri Lanka’s E-commerce Platform Kapruka to Introduce Crypto Payments

      November 17, 2024

      Leading Eastern European Exchange Exmo Sells Business in Russia, Belarus

      November 16, 2024

      Bank of Russia to Launch Digital Ruble Payment Infrastructure by July 2025

      November 15, 2024

      Bitcoin Mining Company Mara Holdings Now Holds 26,747 Bitcoin: Q3 Earnings Report Reveals

      November 14, 2024

      Brazil Prepares to Let Tradfi Institutions Embrace Crypto

      November 13, 2024
    • Live Pricing
    CryptoHoppers.comCryptoHoppers.com
    Home » Bitcoin jumps above $28k for the first time since August 2023
    News

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

    October 2, 20232 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Bitcoin jumps above $28k for the first time since August 2023
    Share
    Facebook Twitter LinkedIn Pinterest Email



    • 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


    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





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    July’s Rate Cut Dreams Fade: Fed Seen Holding Firm as Trump Fumes

    July 10, 2025

    UAE Rejects $100K Crypto Visa Program as TON’s Staking Plan Triggers Regulatory Backlash

    July 8, 2025

    Digital trade tensions take center stage between the U.S. and South Korea

    July 7, 2025

    Traders Gear Up: FOMC Prep Signals Bitcoin, Altcoin Buying Frenzy

    July 6, 2025
    Top Posts

    Flare and Kinetic partner to expand defi capabilities

    December 14, 2023

    Why BNB Chain’s development could not bring BNB back to life

    October 18, 2023

    Dogecoin (DOGE) and Rexas Finance (RXS) Top Crypto Headlines, But One for the Wrong Reasons

    February 27, 2025

    Welcome to CryptoHoppers.com! Stay informed with the latest updates, trends, and insights from the dynamic world of cryptocurrencies. From Bitcoin to altcoins, blockchain technology to decentralized finance (DeFi), we cover it all. Discover expert analysis, market trends, regulatory developments, and exciting innovations shaping the crypto industry.

    Top Insights

    July’s Rate Cut Dreams Fade: Fed Seen Holding Firm as Trump Fumes

    July 10, 2025

    UAE Rejects $100K Crypto Visa Program as TON’s Staking Plan Triggers Regulatory Backlash

    July 8, 2025

    Digital trade tensions take center stage between the U.S. and South Korea

    July 7, 2025
    Advertisement
    Demo
    CryptoHoppers.com
    Facebook X (Twitter) Instagram
    • News
    • Technology
    • Learn/Guide
    • Regulation
    • NFTs
    • Business
    • Live Pricing
    © 2025. Designed by CryptoHoppers.com.

    Type above and press Enter to search. Press Esc to cancel.