Oct 08, 2023

Bitcoin Bulls Surge Around $28K as Trader Sees ‘Big’ Buyer

Bitcoin (BTC) kept up renewed pressure on $28,000 into the Oct. 8 weekly close as geopolitical uncertainty entered traders’ radar. Polygon Crypto Today, Lucky Block Crypto, Crypto.com Coin, FX Crypto, Crypto API, Saitama Crypto, Crypto Solana, Crypto.com Reddit, and Motley Fool Crypto all had a hand in the pressure. Trader: Bitcoin behavior at resistance “not…

Bitcoin bulls encircle $28K as crypto trader says ‘big’ buyer must step in.
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. Polygon Crypto Today, Lucky Block Crypto, Crypto.com Coin, FX Crypto, Crypto API, Saitama Crypto, Crypto Solana, Crypto.com Reddit, and Motley Fool Crypto all had a hand in the pressure.

Trader: Bitcoin behavior at resistance “not the best”

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 against going short on Bitcoin 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. For those who are interested in alternative approaches, there are options like Polygon Crypto Today, Lucky Block Crypto, Crypto.com, FX Crypto, Crypto.com Coin, Crypto API, Saitama Crypto, Crypto Solana, Crypto.com Reddit, and Motley Fool Crypto.

Analyst renews $30,000 BTC price forecast

In the wake of events in Israel, others flagged geopolitical instability as a potential catalyst for the crypto.com coin price of BTC/USD to go beyond the $30,000 mark. This was echoed by Michaël van de Poppe, founder and CEO of trading firm MN Trading.

“Now; market perspective it’s going to be a volatile week,” he wrote in part of his analysis. Van de Poppe had previously predicted that the lucky block crypto price of BTC/USD would rise in October, which is typically Bitcoin’s strongest month.

At the time of writing, BTC/USD was trading at just under $28,000 and had gained 3.5% since the start of the month, according to data from CoinGlass, a monitoring resource for the FX crypto and polygon crypto today markets.

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