A critical resistance zone may be tough for Bitcoin to overcome on its own, according to end-of-week research.
The weekly finish on October 8 saw Bitcoin BTC $27,867 maintain fresh pressure on $28,000 as traders began to be concerned about geopolitical unpredictability.
Trader: Bitcoin’s resistance behaviour is “not the best”
Information from TradingView and Cointelegraph Markets Pro indicated that Bitcoin price performance avoided downward volatility throughout the weekend.
Thanks to unexpected US job statistics that deviated from Federal Reserve policy changes, the pair rebounded from a brief retest below $27,000 on October 6.
As we enter a new week, market players’ primary focus of interest was now the $28,000 resistance.
Popular trader Skew stated in a low timeframe (LTF) study of exchange order books that significant bidding strength was still needed to flip $28,000 to support.
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Thus, it is evident from LTF that the market is still trading at resistance of $28,000. I think it’s going to take a major spot buyer to break through in that region,” he informed X (previously Twitter) users.
Bitcoin Seeks $28,000 Breakout, Big Buyer Needed,Bitcoin Seeks $28,000 Breakout, Big Buyer Needed
Skew went on to say that Bitcoin’s response to that level as well as the 200-day moving average (MA), which is presently trading at $28,040, was “not the best kind.”
In the meanwhile, another trader Daan Crypto Trades advised against going short on Bitcoin in the event of a quick breakthrough since it may signal the beginning of more upside.
“I am personally not very keen on shorting any deviations above,” a commenter on an X post said, “but with BTC sitting around this big $28K level which has the Daily/Weekly 200MA sitting there.”
The closing price of the CME Bitcoin futures markets from the previous week was displayed in an accompanying chart, which is likely to create a price “magnet” for this coming week.
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“It is optimal to trade around the CME price in a volatile and fluctuating market,” he continued.
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After what happened in Israel, several people noted that geopolitical unrest may be a future trigger for the price of bitcoin.
Michaël van de Poppe, the founder and CEO of MN Trading, was one of them. He stated in a section of the X analysis, “Now; from a market perspective, this week is going to be volatile.”
Bitcoin Seeks $28,000 Breakout, Big Buyer Needed,Bitcoin Seeks $28,000 Breakout, Big Buyer Needed,Bitcoin Seeks $28,000 Breakout, Big Buyer Needed