{"id":593600,"date":"2023-10-08T12:24:33","date_gmt":"2023-10-08T09:24:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-bulls-encircle-28k-as-trader-says-big-buyer-must-step-in\/"},"modified":"2023-10-08T12:24:33","modified_gmt":"2023-10-08T09:24:33","slug":"bitcoin-bulls-encircle-28k-as-trader-says-big-buyer-must-step-in","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-bulls-encircle-28k-as-trader-says-big-buyer-must-step-in\/","title":{"rendered":"# Bitcoin bulls encircle $28K as trader says \u2018big\u2019 buyer must step in"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4168e3193a1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4168e3193a1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-bulls-encircle-28k-as-trader-says-big-buyer-must-step-in\/#Trader_Bitcoin_behavior_at_resistance_%E2%80%9Cnot_the_best%E2%80%9D\" >Trader: Bitcoin behavior at resistance \u201cnot the best\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-bulls-encircle-28k-as-trader-says-big-buyer-must-step-in\/#Analyst_renews_30000_BTC_price_forecast\" >Analyst renews $30,000 BTC price forecast<\/a><\/li><\/ul><\/nav><\/div>\n<p itemprop=\"description\" class=\"post__lead\" data-v-3d3be88a> Bitcoin might have difficulty breaking through a key resistance zone of its own accord, end-of-week analysis predicts. <\/p>\n<p><\/p>\n<div class=\"post-content\" data-v-3d3be88a>Bitcoin (BTC) kept up renewed pressure on $28,000 into the Oct. 8 weekly close as geopolitical uncertainty entered traders\u2019 radar.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/4f3030a5-160e-4705-8113-c780559bacba.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Trader_Bitcoin_behavior_at_resistance_%E2%80%9Cnot_the_best%E2%80%9D\"><\/span>Trader: Bitcoin behavior at resistance \u201cnot the best\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> showed BTC price performance avoiding downside volatility over the weekend.<\/p>\n<p>The pair recovered from a snap retest of $27,000 on Oct. 6, thanks to surprise United States employment data which diverged from policy tweaks by the Federal Reserve.<\/p>\n<p>Now, the $28,000 resistance formed the main point of interest for market participants going into the new week.<\/p>\n<p>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.<\/p>\n<p>\u201cSo on LTF we can see clearly the market is still trading $28K as resistance. Going to require a big spot buyer to crack that area imo,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/52kskew\/status\/1710890748030423155\/photo\/1\">told<\/a> X (formerly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>) subscribers.<\/p>\n<blockquote><p>\u201cPerps are shorting every LTF bounce into $28K as well.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/ba103790-4f9e-4654-8525-0a5b43b8b12d.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin order book data. Source: Skew\/X<\/em><\/figcaption><\/figure>\n<p>Skew further described Bitcoin\u2019s reaction to both that level and the 200-day moving average (MA), currently at $28,040, as \u201cnot the best kind.\u201d<\/p>\n<p>Fellow trader Daan Crypto Trades meanwhile cautioned on going short BTC should a sudden breakout occur, as this might form the start of further upside.<\/p>\n<p>\u201cI will say that with BTC sitting around this big $28K level which has the Daily\/Weekly 200MA sitting there, I am personally not very keen on shorting any deviations above,\u201d part of an X post <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DaanCrypto\/status\/1710671834096537623\">stated<\/a>.<\/p>\n<blockquote><p>\u201cIn the past, we\u2019ve often seen a weekend breakout at these kinda spots which tend to not retrace as easily as they otherwise would.\u201d<\/p><\/blockquote>\n<p>An accompanying chart showed the closing price of last week\u2019s CME Bitcoin futures markets, this apt to form a price \u201cmagnet\u201d going into the new week.<\/p>\n<p>\u201cTrading around the CME price is best practiced during a ranging &amp; choppy environment,\u201d he added. <\/p>\n<blockquote><p>\u201cWe are still in such environment but that would likely change upon a strong break above this region. Hence me not being too eager to short immediately in case we&#8217;d see a weekend pump.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/769f1102-1d2e-44c1-88e0-121765a21bca.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart with CME Bitcoin futures data. Source: Daan Crypto Trades\/X<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_renews_30000_BTC_price_forecast\"><\/span>Analyst renews $30,000 BTC price forecast<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the wake of events in Israel, others meanwhile flagged geopolitical instability as a potential BTC price catalyst to come.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin bull market awaits as US faces \u2018bear steepener\u2019 \u2014 Arthur Hayes<\/em><\/strong><\/p>\n<p>Among them was Micha\u00ebl van de Poppe, founder and CEO of trading firm MN Trading.<\/p>\n<p>\u201cNow; market perspective it\u2019s going to be a volatile week,\u201d he\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1710764976682541186\">wrote<\/a> in part of X analysis. <\/p>\n<blockquote><p>\u201cMy idea is that Bitcoin continues the upwards grind &amp; potentially reaches $30K as worldwide uncertainty grows.\u201d<\/p><\/blockquote>\n<p>Van de Poppe had previously forecast a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a> beyond the $30,000 mark in October, traditionally Bitcoin\u2019s strongest calendar month.<\/p>\n<p>At just under $28,000, BTC\/USD was up 3.5% month-to-date at the time of writing, per <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/today\">data<\/a> from monitoring resource CoinGlass.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/81baa28d-d697-469d-b25c-269911715901.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD monthly returns (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-bulls-28k-trader-btc-price-big-buyer\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin might have difficulty breaking through a key resistance zone of its own accord, end-of-week analysis predicts. Bitcoin (BTC) kept up renewed pressure on $28,000 into the Oct. 8 weekly close as geopolitical uncertainty entered traders\u2019 radar. BTC\/USD 1-hour chart. Source: TradingView Trader: Bitcoin behavior at resistance \u201cnot the best\u201d Data from Cointelegraph Markets Pro&#8230;<\/p>\n","protected":false},"author":1,"featured_media":593601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/616ece2a-ac77-42d3-82e6-eed5163b130d.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-593600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/593600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=593600"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/593600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/593601"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=593600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=593600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=593600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}