Bitcoin (BTC<\/a>) kept up renewed pressure on $28,000 into the Oct. 8 weekly close as geopolitical uncertainty entered traders\u2019 radar.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC price performance avoiding downside volatility over the weekend.<\/p>\n The pair recovered from a snap retest of $27,000<\/a> on Oct. 6, this coming thanks to surprise United States employment data which diverged from policy tweaks by the Federal Reserve.<\/p>\n Now, $28,000 resistance formed the main point of interest for market participants going into the new week.<\/p>\n 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.<\/p>\n \u201cSo 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,\u201d he told<\/a> X subscribers.<\/p>\n \u201cPerps are shorting every LTF bounce into $28K as well.\u201d<\/p><\/blockquote>\n Skew further described Bitcoin\u2019s reaction to both that level and the 200-day moving average (MA), currently at $28,040, as \u201cnot the best kind.\u201d<\/p>\n 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.<\/p>\n \u201cI 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,\u201d part of an X post stated<\/a>.<\/p>\n \u201cIn the past, we’ve often seen a weekend breakout at these kinda spots which tend to not retrace as easily as they otherwise would.\u201d<\/p><\/blockquote>\n An accompanying chart showed the closing price of last week\u2019s CME Bitcoin futures markets, this apt to form a price \u201cmagnet\u201d<\/a> going into the new week.<\/p>\n \u201cTrading around the CME price is best practiced during a ranging & choppy environment,\u201d he added. <\/p>\n \u201cWe are still in such environment but that would likely change upon a strong break above this region. Hence me not being too eager to short immediately in case we’d see a weekend pump.\u201d<\/p><\/blockquote>\n In the wake of events in Israel, others meanwhile flagged geopolitical instability as a potential BTC price catalyst to come.<\/p>\n Related:\u00a0Bitcoin bull market awaits as US faces \u2018bear steepener\u2019 \u2014 Arthur Hayes<\/a><\/em><\/strong><\/p>\n Among them was Micha\u00ebl van de Poppe, founder and CEO of trading firm MN Trading.<\/p>\n \u201cNow; market perspective it\u2019s going to be a volatile week,\u201d he\u00a0wrote<\/a> in part of X analysis. <\/p>\n \u201cMy idea is that Bitcoin continues the upwards grind & potentially reaches $30K as worldwide uncertainty grows.\u201d<\/p><\/blockquote>\n Van de Poppe had previously forecast a trip beyond the $30,000 mark in October<\/a>, traditionally Bitcoin\u2019s strongest calendar month.<\/p>\nTrader: Bitcoin behavior at resistance “not the best”<\/h2>\n
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Analyst renews $30,000 BTC price forecast<\/h2>\n
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