The $28,000 price level has received a lot of attention recently due to Bitcoin’s volatility, causing experts and traders to closely watch this pivotal level.
Yann Allemann, a co-founder of Glassnode, explained its significance in a recent post on the X social media network. Its importance in comprehending market dynamics and investor mood was emphasised by the expert.
Why $28,000 matters
Following recent bogus news reports, Bitcoin quickly increased, especially on the Binance BTC/USDT market.
This trading platform, which represents around 8% of the daily volume of Bitcoin, saw a cryptocurrency climb from $27,880 to $30,000, a 7% increase in only thirty minutes.
According to the co-founder of Glassnode, the $28,000 benchmark serves as a crucial milestone and is not simply a number. The capacity of Bitcoin to overcome and maintain a value above this barrier has an impact on the whole cryptocurrency market.
The cryptocurrency had already achieved this important milestone in futures trading, but the price had topped $27,980. This level’s significance reflects overall market dynamics and investor mood.
Momentary rally
A false claim posted on social networking site X is to blame for a dramatic increase in the price of Bitcoin. Misinformation about the Securities and Exchange Commission (SEC) having granted BlackRock’s iShares application for a spot Bitcoin ETF was released by the cryptocurrency news site Cointelegraph.
As a result, Bitcoin prices briefly rose by almost 10% before giving back the majority of those gains. BlackRock, however, refuted the allegation, and Cointelegraph quickly corrected the error.
Despite the ETF fiasco, Bitcoin is still trading above $28,000 at the moment.
