Geopolitical worry entered traders’ radar as Bitcoin ticked below $27,880 and put up fresh stress of $28,000 for the 8th of Oct. weekly closing. According to information from CMP and TradingView, the weekend’s BTC performance avoided downward volatility.
The pair bounced back from a quick test of $27K on October 6 as a result of unexpected US employment statistics that deviated from Federal Reserve policy changes. The $28K resistance served as the primary focus for market players heading into the upcoming week. Popular trader Skew stated in an LTF study of exchange books of orders that significant bidding strength was still needed to flip $28K for backing. The market continues to trade at $28K as an aversion, as is evident from LTF. To penetrate that market, in his opinion, a sizable spot buyer will be necessary.
It Might Be The Starting Of A New High For Bitcoin Believes Investors
Skew said that the response to that mark and the two-hundred-day MA, which is now at $28K, was “not the best kind.” In the meanwhile, another trader DCT advised against shorting bitcoin should a rapid breakout happen as this may be the beginning of additional higher. In a post on X, it was noted, “With BTC hovering at this significant $28K mark, I’ll say that. I personally am not too keen on cutting any excursions over the Daily/Weekly 200MA.”
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. “The greatest time to trade with the CME value is when the market is turbulent and ranging,” he continued.
