$BTC kept up renewed pressure on $28,000 into the Oct.
The pair recovered from a snap retest of $27,000 on Oct. 6,
Now, the $28,000 resistance formed the main point of interest for market participants going into the new week.
In low timeframe (LTF) analysis of exchange order books, popular trader Skew said that major bidding power was still required in order to flip $28,000 to support.
“So on LTF we can see clearly the market is still trading $28K as resistance. Going to require a big spot buyer to crack that area imo,” he told X subscribers.
Skew further described Bitcoin’s reaction to both that level and the 200-day moving average (MA), currently at $28,040,as “not the best kind.”
At just under $28,000, $BTC was up 3.5% month-to-date at the time of writing, per data from monitoring resource CoinGlass.
