Bitcoin bulls encircle $28K as trader says ‘big’ buyer must step in

Bitcoin (BTC) kept up restored pressure on $28,000 into the Oct. 8 weekly close as geopolitical unpredictability entered traders radar.BTC/ USD 1-hour chart. Source: TradingViewTrader: Bitcoin behavior at resistance “not the finest”Data from Cointelegraph Markets Pro and TradingView showed BTC rate efficiency avoiding drawback volatility over the weekend.The set recuperated from a snap retest of $27,000 on Oct. 6, thanks to amaze United States work information which diverged from policy tweaks by the Federal Reserve.Now, the $28,000 resistance formed the main point of interest for market individuals going into the new week.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.”An accompanying chart showed the closing price of last weeks CME Bitcoin futures markets, this apt to form a rate “magnet” going into the new week.”Van de Poppe had formerly anticipated a journey beyond the $30,000 mark in October, generally Bitcoins strongest calendar month.At simply under $28,000, BTC/USD was up 3.5% month-to-date at the time of composing, per data from keeping an eye on resource CoinGlass.BTC/ USD month-to-month returns (screenshot).

Bitcoin (BTC) kept up renewed pressure on $28,000 into the Oct. 8 weekly close as geopolitical uncertainty entered traders radar.BTC/ USD 1-hour chart. Source: TradingViewTrader: Bitcoin behavior at resistance “not the finest”Data from Cointelegraph Markets Pro and TradingView showed BTC price efficiency preventing disadvantage volatility over the weekend.The pair recuperated from a breeze retest of $27,000 on Oct. 6, thanks to surprise United States work information which diverged from policy tweaks by the Federal Reserve.Now, the $28,000 resistance formed the primary point of interest for market individuals going into the brand-new week.In low timeframe (LTF) analysis of exchange order books, popular trader Skew said that significant bidding power was still required in order to turn $28,000 to support.”An accompanying chart revealed the closing rate of last weeks CME Bitcoin futures markets, this apt to form a cost “magnet” going into the new week.

Other Questions People Ask

What does it mean for Bitcoin bulls to encircle $28K as trader says ‘big’ buyer must step in?

The phrase indicates that Bitcoin is facing significant resistance at the $28,000 level, where bullish traders are hoping for a major buyer to enter the market. This influx of buying power is crucial for flipping the $28,000 resistance into support, which could lead to further price increases. Without this support, Bitcoin may struggle to maintain its upward momentum and could face downside volatility.

How does geopolitical uncertainty affect Bitcoin bulls encircling $28K?

Geopolitical uncertainty can create volatility in financial markets, including cryptocurrencies like Bitcoin. As traders react to global events, they may become more cautious, impacting their buying behavior around key resistance levels such as $28,000. This uncertainty can either hinder Bitcoin's ability to break through resistance or create opportunities for significant price movements if a major buyer steps in.

What are traders looking for at the $28K resistance level for Bitcoin?

Traders are closely monitoring the $28,000 resistance level for signs of significant buying activity that could indicate a bullish trend. According to popular trader Skew, substantial bidding power is necessary to convert this resistance into support. If this occurs, it could set the stage for Bitcoin to potentially surpass the $30,000 mark, which is historically a strong month for the cryptocurrency.

Why is the $28K level considered a critical point for Bitcoin bulls?

The $28,000 level is viewed as a critical point because it represents a significant resistance that Bitcoin must overcome to continue its upward trajectory. Traders believe that if Bitcoin can establish this level as support, it may attract more buyers and lead to further price appreciation. The recent analysis suggests that without a major buyer stepping in, Bitcoin may struggle to maintain its current momentum.

What indicators suggest that Bitcoin bulls might need a ‘big’ buyer at $28K?

Indicators such as low timeframe analysis of exchange order books highlight the need for substantial buying pressure at the $28,000 level. Traders have noted that without a significant influx of buyers, Bitcoin may not be able to convert this resistance into support effectively. Additionally, the closing prices from recent CME Bitcoin futures markets may act as a price "magnet," influencing trader behavior around this critical level.