Bitcoin prices have surged almost 4% on the day, topping $28,000 during the Monday morning Asian trading session.
It is the highest price BTC has been at since August 17, however, there is heavy resistance at this level.
Analyst ‘CrediBULL Crypto’ said, “Every higher timeframe impulse starts with a lower timeframe impulse.” He added that BTC is not done yet and expected a move higher, which came on Monday morning.
Bitcoin Rally Driven by Spot Trading
Fellow analyst Will Clemente added that BTC was trading at major technical indicators at this level.
Weekly and daily moving averages are currently situated at the $28K price level, exactly where the asset is at the time of writing. BTC hit $28,141 during Asian trading on Monday morning and remains above $28K at the moment.
Crypto derivatives outlet Greeks Live commented that the rally was spot trading driven, adding:
Moreover, the big move liquidated a lot of short positions in derivatives markets.
Nevertheless, trader and analyst Alex Krüger wasn’t as bullish, predicting another crash.
Elsewhere on Crypto Markets
Ethereum has gained 3.2% in the last few hours to reach $1,726 at the time of writing. As a result, ETH prices are at their highest level for a month.
However, the biggest high-cap gainer of the day is Solana (SOL), surging a whopping 13.6% to top $24 at the time of writing. Additionally, SOL has gained 24% over the past week in the run-up to the start of the Sam Bankman-Fried trial, which begins on Oct. 3.
Moreover, the total market cap is up 3% on the day to $1.15 trillion.