{"id":13555,"date":"2023-10-08T10:47:05","date_gmt":"2023-10-08T10:47:05","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=13555"},"modified":"2023-10-08T10:47:06","modified_gmt":"2023-10-08T10:47:06","slug":"bitcoin-bulls-encircle-28k-as-trader-says-big-buyer-must-step-in","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13555","title":{"rendered":"Bitcoin bulls encircle $28K as trader says \u2018big\u2019 buyer must step in"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) kept up renewed pressure on $28,000 into the Oct. 8 weekly close as geopolitical uncertainty entered traders\u2019 radar.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Trader: Bitcoin behavior at resistance \u201cnot the best\u201d<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC price performance avoiding downside volatility over the weekend.<\/p>\n<p>The pair recovered from a snap retest of $27,000 on Oct. 6, thanks to surprise United States employment data which diverged from policy tweaks by the Federal Reserve.<\/p>\n<p>Now, the $28,000 resistance formed the main point of interest for market participants going into the new week.<\/p>\n<p>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<p>\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 X (formerly Twitter) subscribers.<\/p>\n<p>\u201cPerps are shorting every LTF bounce into $28K as well.\u201d<em>Bitcoin order book data. Source: Skew\/X<\/em><\/p>\n<p>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<p>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<p>\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.<\/p>\n<p>\u201cIn the past, we\u2019ve often seen a weekend breakout at these kinda spots which tend to not retrace as easily as they otherwise would.\u201d<\/p>\n<p>An accompanying chart showed the closing price of last week\u2019s CME Bitcoin futures markets, this apt to form a price \u201cmagnet\u201d going into the new week.<\/p>\n<p>\u201cTrading around the CME price is best practiced during a ranging &amp; choppy environment,\u201d he added. <\/p>\n<p>\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&#8217;d see a weekend pump.\u201d<em>BTC\/USD annotated chart with CME Bitcoin futures data. Source: Daan Crypto Trades\/X<\/em><\/p>\n<h2>Analyst renews $30,000 BTC price forecast<\/h2>\n<p>In the wake of events in Israel, others meanwhile flagged geopolitical instability as a potential BTC price catalyst to come.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin bull market awaits as US faces \u2018bear steepener\u2019 \u2014 Arthur Hayes<\/em><\/strong><\/p>\n<p>Among them was Micha\u00ebl van de Poppe, founder and CEO of trading firm MN Trading.<\/p>\n<p>\u201cNow; market perspective it\u2019s going to be a volatile week,\u201d he\u00a0wrote in part of X analysis. <\/p>\n<p>\u201cMy idea is that Bitcoin continues the upwards grind &amp; potentially reaches $30K as worldwide uncertainty grows.\u201d<\/p>\n<p>Van de Poppe had previously forecast a trip beyond the $30,000 mark in October, traditionally Bitcoin\u2019s strongest calendar month.<\/p>\n<p>At just under $28,000, BTC\/USD was up 3.5% month-to-date at the time of writing, per data from monitoring resource CoinGlass.<\/p>\n<p><em>BTC\/USD monthly returns (screenshot). Source: CoinGlass<\/em><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-bulls-28k-trader-btc-price-big-buyer\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) kept up renewed pressure on $28,000 into the Oct. 8 weekly close as geopolitical uncertainty entered traders\u2019 radar. BTC\/USD 1-hour chart. Source: TradingView Trader: Bitcoin behavior at resistance \u201cnot the best\u201d Data from Cointelegraph Markets Pro and TradingView showed BTC price performance avoiding downside volatility over the weekend. The pair recovered from a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13555"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13555\/revisions"}],"predecessor-version":[{"id":13557,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13555\/revisions\/13557"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13556"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}