- As traders began to pay attention to geopolitical unpredictability, Bitcoin kept advancing toward $28,000.
- The $28,000 resistance served as the primary focus for market players heading into the upcoming week.
- According to Trader Skew, substantial bidding strength is still needed to flip $28,000 to support.
As traders began to pay attention to geopolitical unpredictability, Bitcoin kept advancing toward $28,000. According to information from Cointelegraph Markets Pro and TradingView, the weekend’s BTC price performance avoided downward volatility.
The pair bounced back from a quick retest of $27,000 on October 6 as a result of unexpected US employment statistics that deviated from Federal Reserve policy changes. The $28,000 resistance served as the primary focus for market players heading into the upcoming week.
Bulls in Bitcoin Circle
According to Trader Skew, substantial bidding strength is still needed to flip $28,000 to support. He added that the response of Bitcoin to both that level and the 200-day MA, which is now around $28,040, was “not the best kind.”
Should a rapid breakout take place, Daan Crypto Trades advised against selling Bitcoin since it might be the beginning of additional upside.
Others have said that geopolitical unrest could spur a rise in the price of Bitcoin in the wake of the Israeli events. A tumultuous week is expected, according to Michal van de Poppe, founder and CEO of the trading firm MN Trading, who also forecasted that Bitcoin will keep climbing and might eventually reach $30,000.
In the past, Van de Poppe has predicted that Bitcoin will surpass the $30,000 barrier in October, historically its best month. BTC/USD was up 3.5% month to date at slightly under $28,000 at the time of writing.
