Leading cryptocurrency Bitcoin followed a boring horizontal course over the weekend. Analysts predict that BTC will have difficulty breaking a significant resistance zone on its own. However, there is still no hope.
Analyst: Bitcoin behavior at resistance “not the best”
Latest data showed that BTC price performance stayed away from the downside throughout the weekend. Bitcoin suddenly tested $27,000 on October 6 due to surprise US employment data that differed from the Federal Reserve’s policy changes. However, it later underwent a rapid recovery. Now, the $28,000 resistance is the main point of interest for market participants as we enter the new week.
In his low time frame (LTF) analysis of exchange order books, popular analyst Skew says that a large bid strength is still required to support $28,000. In this context, the analyst makes the following statement:
We can clearly see that the market is still trading at $28k as resistance on LTF. It will take a large spot buyer to break this area. Perps is shorting each bounce in LTF towards $28k.
Bitcoin order book data. Source: SkewSkew also calls Bitcoin (BTC)’s reaction to both this level and the 200-day moving average (MA), currently at $28,040, “not the best move.”
In an upward move, shorts may step in!
Another analyst, DaanCryptoTrades, warns that BTC will be shorted in case of a sudden break. Because it is possible that this situation may be the beginning of a further rise. In one section of an X post, the analyst comments:
I will say that with BTC sitting at this massive $28k level with the Daily/Weekly 200MA, I personally am not too keen on shorting any divergence above. In the past, we have often seen a weekend breakout at such points. This also tended to not retract as easily as it normally would.
Analyst: I’m not too keen on shorting Bitcoin!
In an accompanying chart, DaanCryptoTrades shows last week’s closing price of CME Bitcoin futures markets. He states that this is suitable to create a price “magnet” as we enter the new week. In this regard, the analyst makes the following statement:
Trading around the CME price is best implemented in a changing and volatile environment. We are still in such an environment. However, this situation may change if there is a strong break above this region. So I’m not too keen on shorting right away in case we see a pump over the weekend.
BTC annotated chart with CME Bitcoin futures data. Source: DaanCryptoTradesAnalyst revises $30,000 Bitcoin price prediction
Following events in Israel, others are meanwhile flagging geopolitical instability as a potential Bitcoin price catalyst. Among them is Michaël van de Poppe, founder and CEO of trading firm MN Trading. In one part of his X analysis, the analyst makes the following assessment:
Now; The market perspective will be a volatile week. My opinion is that Bitcoin will continue its rise and potentially reach $30,000 as uncertainty increases around the world.
As you follow from Kriptokoin.com, Van de Poppe previously predicted a journey beyond the $30,000 mark in October, traditionally Bitcoin’s strongest calendar month.
BTC monthly returns. Source CoinGlassFollow us on Twitter, Facebook and Instagram and join our Telegram and YouTube channels to be instantly informed about the latest developments!
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