Bitcoin above $28,000 as market hits five-day highs

According to Cointelegraph Markets Pro and TradingView data, BTC/USD was reaching $28,159 on Bitstamp

Bitcoin was back to $28,000 on March 29 as the market hit five-day peaks due to classic short squeeze.

According to Cointelegraph Markets Pro and TradingView data, BTC/USD was reaching $28,159 on Bitstamp.

The sudden rise came because of exchanges, where a category of shorts was “blown out” to eliminate resistance and permit higher levels to return.

As noted by the analyst, Skew, these shorts were remnants from prior moves of Bitcoin and were worth nearly 1,500 BTC.

It seems that the earlier rebound was shorted heavily and those shorts just got blown out, as per part of the accompanying commentary.

As per analytics resource Coinglass, total bitcoin short liquidations for March 29 sat at around $20mln at one time.

Monitoring resource Material Indicators noted further changes on the Binance spot order book.

In expectation of the March 31 macroeconomic data print from the US, traders seemed to be getting ready for probable purchasing opportunities should the downside enter again.

In the mean time, price is pumping. If bulls run out of momentum before clearing $28,000, things may get spicy, the statements acknowledged.

Bitcoin price action therefore effectively erased any signs of losses generated by the news that the biggest crypto exchange, Binance, was being targeted by U.S. regulators.

Earlier, consensus supported a return to test lower support levels for BTC/USD, this focusing mainly on the 200-week moving average at nearly $25,500.

Skew in the meantime admitted that in order for short-term upside to continue, bulls would need to mobilise some serious purchasing power.

Thick ask liquidity between $28K & $30K would need some considerable market buying to push through here, a further tweet read.