Bitcoin bulls surround $28,000 as trader says ‘big’ buyers must step in

闲鱼翻身不再咸鱼 · 2023-10-08T09:41:06.000Z

Over the weekend analysis predicted that Bitcoin may struggle to break out of key resistance areas on its own. The U.S. dollar continued to face fresh pressure at $28,000 as of the close of the week on October 8 as Bitcoin entered traders' radar due to geopolitical uncertainty. Trader: Bitcoin’s performance at resistance levels ‘not the best’ Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin price performance avoided downside volatility over the weekend. The pair recovered from a quick retest of $27,000 on October 6, thanks to U.S. employment data that ran counter to the Fed’s policy changes.

Weekend analysis predicted that Bitcoin may struggle to break through a key resistance area on its own.
Bitcoin has come into traders’ sights due to geopolitical uncertainty, and the U.S. dollar continues to face new pressure at $28,000 as of the close of the week on October 8.
Trader: Bitcoin’s performance at resistance ‘not the best’
Data from Cointelegraph Markets Pro and TradingView show that Bitcoin price performance avoided downside volatility over the weekend.
The pair recovered from a quick retest of $27,000 on October 6, thanks to U.S. jobs data that ran counter to the Fed’s policy shift.
The $28,000 resistance level now serves as a major point of interest for market participants heading into the new week.
In a low time frame (LTF) analysis of exchange order books, popular trader Skew said that significant bidding power is still needed to flip $28,000 to support.
“So on LTF we can clearly see that the market is still holding $28,000 as resistance. In my opinion, it will take a big spot buyer to crack this area,” he told X subscribers.
“Perps short every time LTF bounces to $28,000.”
Skew further described Bitcoin’s reaction to this level and the 200-day moving average (MA), currently at $28,040, as “not the best type.”
Meanwhile, trader Daan Crypto Trades warned against shorting BTC in case of a sudden breakout as it could be the start of a further rally.
“I will say that with BTC sitting around the big $28,000 level and the daily/weekly 200MA sitting there as well, I personally am not too keen on shorting any deviations above,” a portion of X’s post stated.
“In the past, we’ve often seen weekend breakouts at these locations, but they don’t tend to pull back as easily as elsewhere.”
The accompanying chart shows last week’s closing price on the CME Bitcoin futures market, which could easily form a price “magnet” heading into the new week.
“In a volatile and choppy environment, it’s best to trade around CME prices,” he added.
“We are still in that environment, but that could change when there is a strong breakout above that area. So I’m not too eager to go short right away in case there is a rally over the weekend.”
Analyst Updates $30,000 BTC Price PredictionOthers meanwhile see geopolitical instability as a potential catalyst for future Bitcoin prices following events in Israel.
Among them is Michaël van de Poppe, founder and CEO of trading company MN Trading.
“Now; this is going to be a volatile week from a market perspective,” he wrote in part of the X analysis.
“My thought is that as global uncertainty increases, Bitcoin will continue to rise and could reach $30,000.”
Van de Poppe previously predicted that the price of Bitcoin would surpass the $30,000 mark in October, when Bitcoin has traditionally performed the strongest.
As of writing, BTC/USD is trading just below $28,000 and is up 3.5% so far this month, according to monitoring resource CoinGlass.