Bitcoin Maintains Pressure on $28,000 Resistance Amid Geopolitical Uncertainty
Bitcoin (BTC) continued to put pressure on the $28,000 resistance level as geopolitical uncertainty became a concern for traders. The cryptocurrency recovered from a brief dip to $27,000 thanks to unexpected employment data in the United States. Now, market participants are closely watching the $28,000 resistance going into the new week. In low timeframe analysis of exchange order books, it was noted that significant buying power is needed to break through this level and turn it into support. Traders cautioned against going short on BTC in case of a sudden breakout, as it could lead to further upside.
Analyst Forecasts BTC Price of $30,000
Some analysts believe that geopolitical instability could be a catalyst for Bitcoin’s price. Michaël van de Poppe, founder and CEO of trading firm MN Trading, expects BTC to reach $30,000 as worldwide uncertainty grows. He had previously predicted a move beyond $30,000 in October, which is historically a strong month for Bitcoin. At the time of writing, BTC/USD was up 3.5% month-to-date.
Hot Take: Bitcoin Faces Resistance at $28,000 Amidst Geopolitical Uncertainty
Bitcoin is currently facing resistance at the $28,000 level as geopolitical uncertainty looms over the market. Traders are closely monitoring this key level and are waiting for a big buyer to push through and turn it into support. However, Bitcoin’s reaction to this resistance and the 200-day moving average has not been ideal. Despite this, caution is advised when considering short positions as a sudden breakout could lead to further upside. Analysts believe that global uncertainty could be a catalyst for Bitcoin’s price and expect it to reach $30,000 in the near future.
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