Bitcoin maintained its position around $28,000 as of the Oct. 8 weekly close, with geopolitical tensions capturing the attention of traders.
Recent data from Cointelegraph Markets Pro and TradingView highlighted Bitcoin’s resilience against potential drops over the past weekend.
After briefly dipping to $27,000 on Oct. 6, positive US employment figures—contrasting with Federal Reserve policy changes—aided its recovery.
The main focus for traders in the coming week is the $28,000 resistance.
Skew, a notable trader, emphasized in his analysis on the low timeframe (LTF) of exchange order books that significant buying power is essential to transition the $28,000 from resistance to support.
“The market still perceives $28K as resistance. Breaking it would need substantial buying,” he mentioned to his X (formerly Twitter) followers.
Additionally, he observed perpetual contracts (perps) shorting each LTF bounce at $28,000.
Skew also pointed out Bitcoin’s response to the $28,000 level and the current 200-day moving average (MA) of $28,040 as less than ideal.
Another trader, Daan Crypto Trades, warned against betting on Bitcoin’s price drop, especially if a surge takes place.
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He noted the significance of the $28,000 mark with the Daily/Weekly 200MA at the same position and expressed his hesitancy in shorting any upward deviations.
He further shared, “Historically, weekend breakouts at these points have been resilient against retractions.”
A provided chart showcased the final price for the past week’s CME Bitcoin futures, which could act as a pricing guide for the forthcoming week. Daan added, “The CME price is most effective in a fluctuating environment.
We’re in that scenario, but a strong upward move might change it, making me reluctant to short during a potential weekend surge.”
Additionally, recent events in Israel have raised discussions about geopolitical uncertainties possibly influencing Bitcoin’s pricing in the future.
Among the commentators is Michaël van de Poppe, CEO of MN Trading.
He anticipated a volatile week, suggesting that Bitcoin might approach $30K due to growing global uncertainty.
Van de Poppe had previously predicted Bitcoin surpassing $30,000 in October, a month traditionally favorable for Bitcoin.
Currently, Bitcoin is priced slightly below $28,000, marking a 3.5% increase month-to-date, based on CoinGlass data.
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