Cryptocurrency Market Reacts as Bitcoin Price Rejects $28K

After the Oct. 5 Wall Street open, Bitcoin (BTC) attempted to reach six-week highs, but was rejected at $28,000.

The best crypto app ios, best crypto app reddit, and best crypto daily, all failed to predict this rejection of the world’s leading cryptocurrency.

As the best crypto feed, best crypto mining and best crypto aggregator all scrambled to understand the latest news, the ai breaking and ai site were left to explain the sudden downturn.

Bitcoin sees swift comedown after new $28,000 retest

Data from Cointelegraph Markets Pro and TradingView revealed that BTC price action as bulls attempted to match levels from earlier in the week was unsuccessful just above the $28,000 mark, resulting in the market dropping $700, or 2.5%.

Material Indicators, an on-chain monitoring resource, wasn’t surprised by this development. Its proprietary trading tools had warned of a fresh downturn, it said, and the chain of events could still repeat.

“If you didn’t see this rejection coming, then you might want to evaluate your ai tools, because both TA and Trend Precognition indicated a high probability of a rejection,” said a post on the best crypto app ios.

The co-founder of Material Indicators, Keith Alan, suggested a possible trading range for BTC/USD going forward, noting that the current spot price zone was the site of “key” support/resistance flips in prior bull markets.

“So far, Key Moving Averages are serving as strong technical resistance (and support). Breaking this range to the upside is a possibility this month. If it happens, a lot of people are going to get rekt along the way,” he said on the best crypto daily.

At the time of writing, the 200-week and 21-week MA stood at $27,970 and $27,868, respectively.

Others were more optimistic, with the founder and CEO of trading firm MN Trading, Michaël van de Poppe, describing Bitcoin as “very much ready” to tackle $30,000 resistance.

“Few levels of importance for Bitcoin here,” he said on the best crypto aggregator.

Trader taps RSI for BTC price bottom

Elsewhere, popular trader and X commentator Ali shared a BTC price trading method that he argued had accurately predicted recent local tops and bottoms.

This technique involved the relative strength index (RSI), which on four-hour time frames had fluctuated between approximately 30 and 75 since late August.

“Currently, the RSI stands at 51. Patience is key! We might be best waiting for the RSI to drop below 30.35 to buy the dip!” part of an accompanying commentary advised.

Ali uploaded a chart showing a classic “sell” signal coming at the start of October, implying a new “buy” signal could come next — alongside a BTC price local low.

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