Bitcoin bulls encircle $28K as trader says ‘big’ buyer must step in
Bitcoin (BTC) kept up renewed pressure on $28,000 into the Oct. 8 weekly close as geopolitical uncertainty entered traders’ radar.
Data from Cointelegraph Markets Pro and TradingView showed BTC price performance avoiding downside volatility over the weekend.
The pair recovered from a snap retest of $27,000 on Oct. 6, thanks to surprise United States employment data which diverged from policy tweaks by the Federal Reserve.
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 (formerly Twitter) 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.”
Fellow trader Daan Crypto Trades meanwhile cautioned on going short BTC should a sudden breakout occur, as this might form the start of further upside.
“I will say that with BTC sitting around this big $28K level which has the Daily/Weekly 200MA sitting there, I am personally not very keen on shorting any deviations above,” part of an X post stated.
An accompanying chart showed the closing price of last week’s CME Bitcoin futures markets, this apt to form a price “magnet” going into the new week.
“Trading around the CME price is best practiced during a ranging & choppy environment,” he added.
In the wake of events in Israel, others meanwhile flagged geopolitical instability as a potential BTC price catalyst to come.
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