Geopolitical unpredictability entered traders' radar as Bitcoin maintained fresh pressure on $28,000 through the Oct. 8 weekly closing.
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.
Popular trader Skew stated in a low timeframe (LTF) study of exchange order books that significant bidding strength was still needed to flip $28,000 to support.
The market is still trading at $28K as resistance, as is evident from LTF. To penetrate that market, in his opinion, a sizable spot buyer will be necessary.
“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.
“In the past, we’ve often seen a weekend breakout at these kinda spots which tend to not retrace as easily as they otherwise would.”
The closing price of the CME Bitcoin futures markets for the previous week was displayed on an accompanying chart; this price is likely to act as a “magnet” for prices moving forward.
“Trading around the CME price is best practiced during a ranging & choppy environment,” he continued.
“We 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.”
Others in the meantime pointed to global unrest as a potential future BTC price trigger in the wake of the Israeli events.
Michal van de Poppe, the founder and CEO of the trading company MN Trading, was one of them. Part of his X analysis was, “Now; market perspective it's going to be a volatile week.”
“My idea is that Bitcoin continues the upwards grind & potentially reaches $30K as worldwide uncertainty grows.”
In the past, Van de Poppe has predicted that Bitcoin will surpass the $30,000 barrier in October, historically its best month.
According to information from monitoring tool CoinGlass, BTC/USD was up 3.5% month to date at little under $28,000 at the time of writing.