According to analysis, BTC appears to be struggling to break above key resistance areas. Amid the backdrop of geopolitical uncertainty, Bitcoin remained under pressure at $28,000 at the end of the weekend on October 8.
On October 6, the unexpected employment data in the United States was different from the Fed’s policy adjustments. Bitcoin suddenly fell to retest support at $27,000.
The current resistance of $28,000 becomes the main focus of market traders in the new week. Traders are watching Bitcoin’s moves closely to see if it can break above this key resistance level.
Bitcoin prices avoided falling volatility over the weekend, according to data from Cointelegraph Markets Pro and TradingView.
According to analysis by Mike McGlone, senior macro strategist at Bloomberg Intelligence
After the conflict in Israel escalated, Bitcoin showed a risk-off tendency. His personal view is that the downward sloping 100-week moving average is likely to win the battle against the upward-trending 50-week moving average, and the surge in crude oil is another factor in liquidity pressures.
According to analysis by well-known trader Skew
On exchange orders on the low time frame (LTF), $28,000 is still seen as a strong resistance level and a large spot buyer would be needed to break this area.
Furthermore, Skew noted that short trades have also appeared on futures contracts every time the lower time frame rebounded to $28,000. Bitcoin’s reaction to this level and the 200-day moving average (currently $28,040) was described as “less than ideal.” This means the market may need more buying power to stabilize.
Trader Daan Crypto Trades warns short traders to be cautious
He cautioned investors not to rush into short trades on Bitcoin, especially near the key $28,000 level. He highlighted the importance of this level and the fact that the daily and weekly 200-day moving averages are also at this level, which could act as a support point for the price.
He also pointed out that the market has often seen weekend breakouts at these levels in the past, and that these breakouts are usually not prone to retracement. Therefore, he advises caution and recommends trading around CME prices, especially if the price swings are high. But he also warned that market conditions could change once the current area is breached, so remain cautious and avoid shorting prematurely to prevent a weekend rally.
More than 10,000 BTC flowed out of the exchange, the largest outflow in a month
Data released by Santiment shows that more than 10,000 BTC flowed out of the exchange, which was the largest exchange outflow day since September 7. Meanwhile, BTC unique addresses have fallen to 6-week lows, with Bitcoin trading hovering below $28,000.
The Bitcoin Fear and Greed Index shows that the market remains neutral, with the Fear Status Index at 50 this morning.
personal opinion:
Others have also pointed to geopolitical instability as a factor that could drive Bitcoin prices following the events in Israel. Market fluctuations are unpredictable, and traders need to carefully set their stops.
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