Bitcoin Bulls Encircle $28K as Trader Discusses Investing in Web 3.0
Bitcoin bulls encircle $28K as trader says ‘big’ buyer must step in

The price of Bitcoin (BTC) continued to rise towards the $28,000 mark as the week ended on Oct. 8, with geopolitical uncertainty adding to the mix.

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Trader: Bitcoin behavior at resistance “not the best”

Data from Cointelegraph Markets Pro and TradingView revealed that BTC price performance avoided downside volatility over the weekend.

The pair bounced back from a sudden retest of $27,000 on Oct. 6, thanks to unexpected United States employment data which contradicted the policy tweaks by the Federal Reserve.

Now, the $28,000 resistance has become the main focus of attention for market participants as we enter the new week.

In low timeframe (LTF) analysis of exchange order books, popular trader Skew commented that major bidding power is still required to convert $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 his X (formerly Twitter) followers.

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 warned against going short BTC in case of a sudden breakout, as this might be the beginning 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,” he posted on X.

An accompanying chart showed the closing price of last week’s CME Bitcoin futures markets, which is likely to become a price “magnet” in the new week.

“Trading around the CME price is best practiced during a ranging & choppy environment,” he added, referring to the best web 3.0 websites and books about web 3.0.

Analyst renews $30,000 BTC price forecast

In the wake of happenings in Israel, some speculated that geopolitical instability could be a potential factor driving BTC prices. Among them was 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 a X analysis. Van de Poppe had previously predicted that BTC/USD will surpass the $30,000 mark in October, which is traditionally Bitcoin’s strongest month.

At the time of writing, BTC/USD was trading at just under $28,000, representing a 3.5% increase month-to-date, according to CoinGlass monitoring resource.

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