Bitcoin Edges Towards $28,000 Amid Global Uncertainties

Bitcoin (BTC) maintained its push towards the crucial $28,000 mark as the October 8 weekly close approached, with geopolitical developments causing a stir among traders. A glance at the BTC/USD 1-hour chart, as displayed on TradingView, provides a more detailed look.

Bitcoin’s Steady Climb Amid Market Fluctuations

Recent data, including insights from TradingView, indicates that Bitcoin managed to sidestep any significant downward price swings over the weekend. This resilience can be attributed in part to unforeseen U.S. employment figures, which veered off from anticipated adjustments by the Federal Reserve. As the new week dawns, the $28,000 resistance level has become the primary focus for many in the cryptocurrency sphere.

An in-depth low timeframe (LTF) evaluation of exchange order books revealed that significant buy-in power is essential to transform the $28,000 barrier into a support level. The well-known trader, Skew, shared this perspective, noting, “From an LTF perspective, it’s evident that $28K is still acting as resistance. We’d need a significant purchaser to breach this threshold.” He also highlighted on platform X (previously known as Twitter) the trend of “perpetual contracts shorting each LTF uptick towards $28K.”

Skew was critical of Bitcoin’s response to the said resistance level and its relation to the 200-day moving average (MA), currently positioned at $28,040.

Traders Debate Potential Market Moves

Another trading enthusiast, Daan Crypto Trades, warned against short-selling Bitcoin, especially if there’s an abrupt price surge, as this could signal the beginning of an upward trajectory. He expressed his reservations about shorting, especially when Bitcoin is hovering around the significant $28K mark, which coincides with the Daily/Weekly 200MA. He commented on platform X, emphasizing previous patterns where weekend breakouts at similar levels did not reverse as easily.

Further insights from Daan Crypto Trades referenced the closing price of the previous week’s CME Bitcoin futures markets. He suggested that “operating around the CME price is advisable in a volatile and indecisive market,” but expressed caution about shorting in anticipation of a weekend surge.

Global Events Influence Bitcoin’s Future

Recent events in Israel and other geopolitical shifts have put them in the spotlight as potential catalysts for Bitcoin’s price. Michaël van de Poppe, the founder and CEO of MN Trading, shed light on this matter. In a recent analysis on X, he remarked, “Given the current market scenario, we can expect a tumultuous week ahead.” He remains optimistic, stating, “My projection is for Bitcoin to sustain its ascent, possibly reaching $30K as global uncertainties intensify.”

Van de Poppe had, in the past, predicted a breakthrough past the $30,000 benchmark in October, a month historically favorable for Bitcoin.

As the report concluded, BTC/USD, just shy of $28,000, recorded a 3.5% growth for the month so far, according to data from CoinGlass.