Bitcoin prices experienced a significant surge of nearly 4% during the Asian trading session on Monday morning, reaching a peak of $28,000. This marks the highest price point that Bitcoin (BTC) has attained since August 17. Nevertheless, it is important to note that this level has encountered substantial resistance.
According to the analysis provided by ‘CrediBULL Crypto,’ it is worth noting that significant market movements often commence with smaller-scale impulses. In line with this observation, he expressed his belief that Bitcoin has more room for upward momentum and anticipated further price increases. This expectation was validated when Bitcoin indeed saw a notable rise in value during Monday morning’s trading session.
In summary, Bitcoin exhibited an impressive 4% price surge, surpassing the $28,000 mark, which had not been reached since August 17. While facing notable resistance at this level, ‘CrediBULL Crypto’ remains optimistic about Bitcoin’s potential for further upward movement, a sentiment that was reflected in Monday morning’s trading performance.
Will Clemente’s Insights: BTC Trading at Key Technical Levels
Fellow analyst Will Clemente has made an observation regarding Bitcoin’s (BTC) current trading status, noting that it is closely aligned with significant technical indicators at this level. Specifically, both the weekly and daily moving averages are currently positioned at the $28,000 price level, coinciding precisely with the current value of the asset at the time of writing.
During the Asian trading session on Monday morning, Bitcoin reached a notable peak at $28,141 and has since maintained its position above the $28,000 threshold. This alignment of BTC’s price with key moving averages highlights the significance of this level and underscores the potential implications for the cryptocurrency’s future price movements.
Ethereum Spikes 3.2% to Hit $1,726
Ethereum has experienced a noteworthy increase of 3.2% in the past few hours, bringing its price to $1,726 as of the current time. Consequently, ETH is currently trading at its highest level in the past month.
However, the standout performer among high-cap cryptocurrencies today is Solana (SOL), which has witnessed an impressive surge of 13.6%, reaching a value of over $24 at the time of this writing. Notably, SOL has displayed remarkable strength over the past week, with a remarkable gain of 24%, coinciding with the lead-up to the commencement of the Sam Bankman-Fried trial scheduled for October 3rd.
Furthermore, the overall market capitalization has exhibited a 3% increase on the day, now standing at $1.15 trillion.
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