Geopolitical concerns entered traders’ radar as Bitcoin (BTC) continued to put pressure on the $28,000 level. According to information from TradingView and Cointelegraph Markets Pro, BTC price performance during the weekend 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. Skew went on to say that the response of Bitcoin to both that threshold and the 200-day MA, which is presently sitting at $28,040, was “not the best kind.” In the meantime, fellow trader Daan Crypto Trades advised against shorting Bitcoin should a rapid breakout happen as this might be the beginning of additional higher.
Others pointed to geopolitical 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. 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 the monitoring tool CoinGlass, BTC/USD was up 3.5% month to date at little under $28,000 at the time of writing.