Bitcoin (BTC) maintained renewed pressure at $28,000 until the weekly close on October 8, as geopolitical uncertainty entered traders’ radar.
Trader: Bitcoin’s behavior at resistance is “not the best”
Data from Cointelegraph Markets Pro and TradingView Show BTC price performance to avoid downward fluctuations over the weekend.
The pair recovered from a surprise retest of $27,000 on October 6, and this comes thanks to the surprising employment data in the US that deviated from the policy adjustments by the Fed.
Now, the $28,000 resistance has been the main point of interest for market participants as the new week begins.
In a Low Time Frame (LTF) analysis of the exchange’s order books, popular trader Skew said that major bidding force is still required in order to move $28,000 into support.
“So we can clearly see on LTF that the market is still trading $28k as resistance. We will need a big buyer to break through that area.” Tell X subscribers.
“Perps shorts each LTF bounce to $28K as well.”
Scio also described Bitcoin’s reaction to this level and the 200-day moving average (MA), which currently stands at $28,040, as “not the best kind.”
At the same time, fellow trader Daan Crypto Trades warned against short-selling BTC in the event of a sudden breakout, as this could mark the beginning of a further upside.
“I will say that with BTC around that big $28k level and having a daily/weekly 200MA there, I personally am not too keen on selling any deviations above,” part of X’s post advertiser.
“In the past, we have often seen weekend breakouts in these places that tend not to be tracked as easily as they would otherwise be.”
The accompanying chart showed the closing price of the CME Bitcoin futures markets last week, and this is suitable for forming a price ‘magnet’ as we enter the new week.
“Trading around the CME price is best practiced during a choppy and volatile environment,” he added.
“We are still in such an environment but that is likely to change on a strong break above this area. Hence I would not be too keen on selling immediately in case we see a rally at the weekend.
Analyst renews BTC price forecast of $30,000
In the wake of events in Israel, others have simultaneously pointed to geopolitical instability as a potential catalyst for Bitcoin prices.
Related: Bitcoin Bull Market Waits as US Faces ‘Bear Slope’ – Arthur Hayes
Among them was Michael van de Poppe, founder and CEO of trading company MN Trading.
“Now, from a market perspective, it’s going to be a volatile week books In part of the analysis of X.
“My idea is for Bitcoin to continue to rise and potentially reach $30,000 as uncertainty increases around the world.”
Van de Poppe had previously predicted a trip beyond the $30,000 mark in October, traditionally the strongest calendar month for Bitcoin.
At just under $28,000, BTC/USD is up 3.5% per month as of writing, per Data From CoinGlass Resource Monitor.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.