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Uncertainty in the price of Bitcoin continues as we approach the weekly bar closure. A closing above the critical resistance level of $28,000 during the week could lead to further gains next week. However, investors are concerned due to recent geopolitical instability, which is putting pressure on the price of Bitcoin.
Important Resistance at $28,000 in BTC Chart
Data from TradingView shows that the price of Bitcoin has been stable over the weekend. The BTC/USD pair tested $27,000 on October 6, and the policy changes made by the Federal Reserve and surprising US employment data caused the price of Bitcoin to rise. The main target for the new week is the unbreakable resistance level of $28,000. Skew, a popular investor, expressed expectations with the following statement, sharing exchange order book data (LTF) on Twitter:
“We can clearly see in the LTF that the market is still trading resistance at $28,000. It will take a major spot buyer to break this area. The futures market is shorting every bounce of the LTF towards $28,000.”
Skew also mentioned the level of $28,040, which is the EMA 200 level, and expressed it as a negative scenario if this level works as resistance.
Effects of Geopolitical Instability on Bitcoin Price
Another investor, Daan Crypto Trades, advised investors not to panic in case of a sudden drop. According to the popular investor, this situation could be a sign of a significant rise. He explained this in a tweet:
“With Bitcoin sitting at this major level of $28,000, which has the Daily/Weekly 200MA, I’ll personally say I’m not too keen on shorting any deviation above that. We’ve seen frequent weekend breakouts at these levels, and they tend not to retrace as easily as usual.”
The investor shared a chart with his followers and drew attention to the closing price of CME Bitcoin futures markets last week, stating that a price magnet was formed:
“Trading around the CME price works best in a changing and volatile environment. We are in such an environment, but if there is a strong breakout above this range, this situation may change. Therefore, I am not eager to sell short immediately in case we see an uptrend over the weekend.”
In addition, after the recent events, many analysts mentioned geopolitical instability and its potential impact on the price of Bitcoin. One of these analysts was Michael van de Poppe, the founder of MN Trading, who shared his comments on Twitter:
“Now; it will be a week with a variable market perspective. In my opinion, Bitcoin will continue its rise and potentially reach $30,000 as uncertainty increases worldwide.”
