Bitcoin (BTC) has convincingly broken through the $27,000 mark out of nowhere and is now, just like earlier this week, at an important price level. We look at the bitcoin breakout and discuss the important price levels to keep an eye on. In addition, we take a look at today’s outlier: solana (SOL). Everything is covered so that on this Sunday afternoon you are fully informed about the current state of affairs in the crypto country.
Bitcoin price breaks out
First, let’s take a look at bitcoin’s price action. Normally little of note happens on the chart during the weekend, but this time the price has suddenly made an upward movement.
On the 8-hour chart, Bitcoin just showed a breakout from what we call a ‘bull pennant‘ to call. With a bull pennant, the price goes through a period of consolidation after a strong upward movement. This upward movement took place last Thursday.
Bull Pennant Breakout!!#Bitcoin pic.twitter.com/j9LDx975hT
— Trader Tardigrade (@TATrader_Alan) October 1, 2023
Bitcoin is currently up roughly 1 percent over the past 24 hours. At the time of writing, the BTC price on crypto exchange Bybit is $27,187. On the Dutch crypto exchange Bitvavo, the BTC price in euros is 25,707.
All eyes are now on the important resistance level at $27,500. This is the highest price reached in the month of September. If the price manages to break through this, then $28,165 is the next potential blockage.
However, it is important to mention that the volume is still relatively low. So it will be very interesting to see if we can continue in the same vein tomorrow and surpass that peak of last month.
Solana rises 13%
When it comes to the largest altcoins on the market, Solana is currently head and shoulders above the rest. The price of SOL has skyrocketed by 13.38 percent today. As a result, it has overtaken both dogecoin (DOGE) and cardano (ADA) in terms of total market capitalization.
As a result of a short sqeeze the price increase has really accelerated. In a short squeeze, traders who have bet on a fall in price are forced to close their positions as the price rises.
2023-10-01 12:30:21
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