Bitcoin Bulls Close In on $28K as Trader Emphasizes the Need for a ‘Big’ Buyer
Bitcoin (BTC) is putting pressure on the $28,000 price level as geopolitical uncertainty becomes a concern for traders. Despite facing resistance, BTC has managed to avoid downside volatility, and market participants are now closely watching its behavior around the $28,000 mark.
Bitcoin Faces Resistance at $28,000
According to popular trader Skew, Bitcoin is still trading $28,000 as resistance, and a major buyer is needed to push the price above this level. Skew further highlights that Bitcoin’s reaction to both the $28,000 resistance and the 200-day moving average (MA) has not been favorable.
Another trader, Daan Crypto Trades, warns against shorting BTC in case of a sudden breakout, as this could signal further upside potential. Based on historical patterns, weekend breakouts at key levels like $28,000 often lead to sustained upward movement.
Analyst Predicts $30,000 BTC Price
Michaël van de Poppe, the founder and CEO of trading firm MN Trading, believes that Bitcoin could reach $30,000 in the face of growing worldwide uncertainty. Van de Poppe previously forecasted a price above $30,000 in October, traditionally a strong month for Bitcoin.
At the time of writing, BTC/USD is up 3.5% month-to-date, currently trading just below $28,000.
It’s worth mentioning that this article does not provide investment advice. As with any investment, readers should conduct their own research and exercise caution.
Editor Notes: Uber Crypto News
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