Close Menu
  • Coins
    • Bitcoin
    • Ethereum
    • Altcoins
    • NFT
  • Blockchain
  • DeFi
  • Metaverse
  • Regulation
  • Other
    • Exchanges
    • ICO
    • GameFi
    • Mining
    • Legal
  • MarketCap
What's Hot

Can Bulls Sustain the Push Toward $2,750 After Breakout?

16/06/2025

Chamath Palihapitiya Predicts Ripple, Coinbase, and Stripe Will Fight for USDC Dominance

16/06/2025

Pi Network faces backlash as users report missing tokens despite KYC completion and mainnet migration

16/06/2025
Facebook X (Twitter) Instagram
  • Back to NBTC homepage
  • Privacy Policy
  • Contact
X (Twitter) Telegram Facebook LinkedIn RSS
NBTC News
  • Coins
    1. Bitcoin
    2. Ethereum
    3. Altcoins
    4. NFT
    5. View All

    Micro3 and Fiamma Labs Join Forces to Expand Bitcoin’s Capabilities with BitVM2

    16/06/2025

    Whales Are Withdrawing Bitcoin from Exchanges at Record Levels – What Does This Mean?

    16/06/2025

    Bitcoin Tops Google Once Again

    16/06/2025

    Will Bitcoin continue rising? Analyst eyes breakout as demand outpaces supply

    16/06/2025

    Can Bulls Sustain the Push Toward $2,750 After Breakout?

    16/06/2025

    Ethereum eyes move to $3,000 as bullish technical patterns emerge

    16/06/2025

    ETH Holds Above $2,600 After Spot ETF Demand Ignites Bullish Breakout

    16/06/2025

    Top Pundit Says It is Very Simple

    16/06/2025

    Pi Network faces backlash as users report missing tokens despite KYC completion and mainnet migration

    16/06/2025

    Savvy Trader Turns $171K into $9.3M with KTA Token – 54x Return!

    16/06/2025

    Ripple Launches Japan-Focused Web3 Program Backed by JETRO

    16/06/2025

    Berachain Faces $1.2 Billion Net Outflow and Steep TVL Drop Amid Community Doubt

    16/06/2025

    NFTs Weekly Sales Surge 24% to $142M, Guild of Guardians & Immutable Dominate in Sales

    16/06/2025

    NFT sales pump 37% to $144.8m, Immutable dethrones Ethereum

    14/06/2025

    Solsniper Closes NFT Marketplace After 3.5 Years, Shifts Focus to Trading Bot Development

    13/06/2025

    Pudgy Penguins Joins Lufthansa for Real Travel Rewards

    13/06/2025

    Can Bulls Sustain the Push Toward $2,750 After Breakout?

    16/06/2025

    Chamath Palihapitiya Predicts Ripple, Coinbase, and Stripe Will Fight for USDC Dominance

    16/06/2025

    Pi Network faces backlash as users report missing tokens despite KYC completion and mainnet migration

    16/06/2025

    Crypto cases Trump’s SEC has paused and dismissed in 2025

    16/06/2025
  • Blockchain

    $650M Bridged to Solana in May, with Ethereum Contributing $400M

    16/06/2025

    MaskDAO Acquires Orb.club, Unlocking On-chain Virality to Boost Creator Economy

    16/06/2025

    Fireblocks Integrates Codex for Instant Stablecoin Settlement

    16/06/2025

    droppRWA taps RAFAL to tokenize real estate properties in Saudi Arabia

    16/06/2025

    How BNB Chain AI Bot Could Transform Developer Experience?

    16/06/2025
  • DeFi

    SOL Rebounds Toward $145 as 7 ETFs Advance and DeFi Dev Corp Eyes More SOL Purchases

    16/06/2025

    MOCA Launches on Coinbase through Aerodrome DEX Integration, Expanding DeFi Access 

    16/06/2025

    Sentora Highlights Capital Fragmentation and Infrastructure Gaps in Institutional DeFi

    16/06/2025

    Bybit to launch Byreal, its first onchain DEX on Solana, on June 30

    16/06/2025

    Bitcoin DeFi Is Taking Root on Sui—Here’s How It Works

    16/06/2025
  • Metaverse

    Meta Invests $14 Billion in Scale AI to ‘Deepen’ its Work on Superintelligence

    13/06/2025

    US Senators Probe Stablecoin Plans by Facebook Parent Meta

    12/06/2025

    Terminus Forges Alliance with COBOX to Revolutionize Metaverse

    11/06/2025

    DRX Asia Partners With Terminus to Build On Metaverse Ambitions

    11/06/2025

    COBOX and Broken Bound Announce Strategic Partnership Amid Growing Metaverse Integration

    11/06/2025
  • Regulation

    Chamath Palihapitiya Predicts Ripple, Coinbase, and Stripe Will Fight for USDC Dominance

    16/06/2025

    Amazon to Spend $10 Billion on North Carolina Data Centers for AI Expansion

    16/06/2025

    Elon Musk Blasts U.S. Spending Bill as Debt Nears $37T

    16/06/2025

    Investment Advisors Become Top Holders of Spot Bitcoin ETFs, Ether ETF Demand Rises

    16/06/2025

    Mastercard predicts it will tokenize 100% of transactions in EU by 2030

    16/06/2025
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    Bitget Wallet Partners With Coinpal to Let Users Spend Crypto at 6,000+ Online Merchants

    16/06/2025

    Rain Expands Stablecoin Visa Cards to Solana, Tron and Stellar as Digital Payment Gains Momentum

    16/06/2025

    Zhou says Bybit is collaborating with regulators to pursue licenses globally

    16/06/2025

    Global Banks Can’t Afford to Ignore Cryptocurrencies – One of Europe’s Largest Banks Takes a Step Toward Cryptocurrency

    16/06/2025

    ICO for bitcoin yield farming chain Corn screams we’re so back

    22/01/2025

    Why 2025 Will See the Comeback of the ICO

    26/12/2024

    Dogecoin Got Game, FIFA Rivals Launches

    16/06/2025

    7 Games That Prove Indie Studios Are Outshining AAA Publishers in 2025

    15/06/2025

    Why are big games building on Avalanche instead of Ethereum?

    14/06/2025

    Tencent exploring $15B Nexon acquisition, a gaming firm with Web3 investments

    13/06/2025

    American Bitcoin’s 25 EH/s Dream Rests on Chinese Hardware

    15/06/2025

    France eyes Bitcoin mining as means to manage energy

    15/06/2025

    Russian Police Bust Truck-Based Crypto Mine Stealing Village Power

    15/06/2025

    946 Exahash—Miners Push Bitcoin to New Computational Heights Despite Pay Drop

    14/06/2025

    Crypto cases Trump’s SEC has paused and dismissed in 2025

    16/06/2025

    Ripple CLO on New US Crypto Bill: ‘Big Step Forward’

    16/06/2025

    Ripple Urges SEC to Launch Real-World Crypto Sandboxes

    16/06/2025

    Pakistan central bank clarifies stance on digital assets

    16/06/2025

    Can Bulls Sustain the Push Toward $2,750 After Breakout?

    16/06/2025

    Chamath Palihapitiya Predicts Ripple, Coinbase, and Stripe Will Fight for USDC Dominance

    16/06/2025

    Pi Network faces backlash as users report missing tokens despite KYC completion and mainnet migration

    16/06/2025

    Crypto cases Trump’s SEC has paused and dismissed in 2025

    16/06/2025
  • MarketCap
NBTC News
Home»Bitcoin»Bitcoin Price Skyrockets Past $28,000, Here’s Why
Bitcoin

Bitcoin Price Skyrockets Past $28,000, Here’s Why

NBTCBy NBTC02/10/2023No Comments4 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


The Bitcoin price trajectory has once again taken a sharp upward turn, marking its ascent past the $28,000 landmark for the first time since its notable surge on August 29. This prior leap had been attributed to Grayscale’s triumph over the US Securities and Exchange Commission (SEC) in their legal battle regarding the Bitcoin Trust (GBTC) conversion to a spot ETF.

In a striking demonstration of Bitcoin’s infamous volatility, the BTC experienced a price escalation of over $800 within a minuscule 5-minute window on Sunday evening, rocketing from $27,250 to a peak of $28,053 between 6:15 and 6:20 pm ET.

Why Is Bitcoin Price Up Today?

One primary catalyst behind this dramatic price movement, as pinpointed by the esteemed crypto analyst Byzantine General, is the phenomenon known as a “short squeeze.” In the realm of futures trading, a short squeeze is characterized by a rapid price increase, forcing traders who had bet against the asset’s price (short sellers) to buy it to prevent further losses. This reactive buying can intensify the asset’s price jump.

During yesterday’s surge, a staggering $392 million in Bitcoin short positions, or about 7.7% of the total open interest in the market, were swiftly liquidated. Byzantine General further elaborated on the market’s resilience, observing that the Bitcoin open interest bounced back swiftly with an increment of $350 million, humorously suggesting the market’s willingness to embrace such a volatile maneuver again: “The whole market was actually like ‘I’ll fucking do it again.”

Bitcoin short squeeze | Source: X @ByzGeneral

Crypto analyst Fabian D. deepened the analysis by pointing out the intricate interplay between short sellers being ousted and the potential for further Bitcoin appreciation. He indicated that the upward trajectory of Bitcoin from this point hinges on two primary factors: the entry of spot buyers driven by the fear of missing out (FOMO) and whether short sellers decide to re-establish their positions.

Fabian also alluded to the absence of institutional buying activity in the week preceding this surge but underscored the importance of monitoring premium rates on platforms like Coinbase and CME upon market opening today. Adding to the complexity of the market landscape, Fabian flagged two impending events: the anticipation surrounding the Ethereum Future ETF inflows, and the court hearing concerning the Celsius platform, which might potentially refocus attention on its creditor distributions.

Drawing insights from on-chain data, analyst Maartunn introduced another layer of optimism, noting that “Net Taker Volume has crossed into the green zone, indicating that buyers are in control. The last time was four months ago.”

Bitcoin Net Taker Volume 30DMA
Bitcoin Net Taker Volume 30DMA | Source: X @JA_Maartun

Diving into granular analytics, quant trader Skew shed light on the dynamics at play on platforms like Binance and Bybit. He emphasized that the recent price upswing wasn’t entirely unforeseen, particularly given the noticeable shift away from short positions and the robust perpetual bid leading up to the spike.

Looking at the Bitcoin aggregate CVDs & delta, he further noted: “Mostly seeing sell pressure just in perps for now. Price decline with Perp CVD decline & Perp sell delta picking up. Next move that decides the fate of this entire move is spot.”

Highlighting the evolving market dynamics, Skew pointed out that the BTC Binance Spot exhibited a notably broad order book with a significant amount of available and resting liquidity. He inferred that such a setup could lead to more pronounced price reactions.

Highlighting the evolving market dynamics, Skew remarked that the BTC Binance spot market exhibits a notably broad order book with a significant amount of available and resting liquidity. He inferred that such a setup could lead to another pronounced price reaction. “Increasing ask liquidity on spot order books; implies greater volume needed by spot takers to clear $28K – $29K (Market structure shift),” he warned.

BTC Binance Spot
BTC Binance Spot | Source: X @52Skew

It is also interesting to note that the price movement was already evident in the 1-day chart. As explained in the last Bitcoin price analyses, the price broke through the (black) downtrend line established in mid-July last Thursday. While the successful re-test of the trendline took place on Friday and Saturday, confirming the bullish momentum, the expected bounce occurred yesterday.

Bitcoin price
Bitcoin price rises above $28,000, 1-day chart | Source: BTCUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com


Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
NBTC

Related Posts

Micro3 and Fiamma Labs Join Forces to Expand Bitcoin’s Capabilities with BitVM2

16/06/2025

Whales Are Withdrawing Bitcoin from Exchanges at Record Levels – What Does This Mean?

16/06/2025

Bitcoin Tops Google Once Again

16/06/2025

Will Bitcoin continue rising? Analyst eyes breakout as demand outpaces supply

16/06/2025
Add A Comment

Comments are closed.

Top Posts
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook X (Twitter) LinkedIn RSS
Top Insights

Can Bulls Sustain the Push Toward $2,750 After Breakout?

16/06/2025

Chamath Palihapitiya Predicts Ripple, Coinbase, and Stripe Will Fight for USDC Dominance

16/06/2025

Pi Network faces backlash as users report missing tokens despite KYC completion and mainnet migration

16/06/2025
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

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