Bitcoin Skyrockets Above $28,000: Analysts Are Optimistic on ETF and Seasonal Trends

Bitcoin (BTC) skyrocketed above the $28,000 mark early Monday, marking a significant bullish move and achieving its peak in over one month. Analysts are notably optimistic, attributing this surge to the prevailing ETF optimism and favorable seasonality factors. According to CoinDesk, traders at the Japanese exchange Bitbank had been eyeing the $28,000 level, anticipating bullish momentum, underscoring BTC’s positive sentiment.

Check out what Cindesk has to say:

Bitcoin breaks $28,000 amidst ETF optimism and crypto's biggest trial begins tomorrow. @LedesmaLyllah reports in First Mover Americashttps://t.co/zUKGGwSVLg

— CoinDesk (@CoinDesk) October 2, 2023

Crucially, the $28500.00 level, previously a support during the last bull market, is now closely watched as it could transform into a strong resistance level for a long time. This observation heightens the anticipation for a sustained bullish trend in the Bitcoin market. As BTC maintains its upward trajectory, the market’s focus on these key price levels highlights the prevailing optimism, signaling a potentially promising outlook for Bitcoin’s future performance.

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https://youtu.be/-R1G79RGpoE?si=EgdUbD8VMy54kFLW

Bitcoin Critical Levels To Watch – October 2

During the massive rally from the $19569.00 support, a bullish order block formed at the $24750.00 price level. The price kept expanding upward until a major correction emerged in mid-April 2023. The correction phase lasted until the bullish order block returned.

Another uptrend began as the price retracted immediately after entering the bullish order block. However, another correction phase emerged after one month. The market crashed alongside diagonal resistance until a recent breakout due to the bullish divergence indication at the discount zone.

Bitcoin Critical Levels

Resistance Levels: $28661.00, $31862.00, $36800.00
Support Levels: $24750.00, $22655.00, $19569.00

Total Market Capitalization: $1.1T
Bitcoin Market Capitalization: $544B
Bitcoin Volume: $20.5B
Market Rank: #1

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