Resistance Holds
Bitcoin (BTC) maintained its pressure on the $28,000 resistance level as geopolitical uncertainty entered the picture. Traders and investors closely watched to see if the cryptocurrency could break through this key level going into the new week.
Trader's Perspective
A popular trader known as Skew noted that Bitcoin was still trading $28K as resistance, and a significant buyer would be needed to push through this level. He also mentioned that short sellers were actively taking advantage of any bounces towards $28K. Another trader, Daan Crypto Trades, advised caution in shorting BTC in case of a sudden breakout, as previous instances have shown strong retracements are less likely in these situations. Both traders emphasized the importance of the $28,000 resistance level and the 200-day moving average as key price indicators.
Price Forecast
Analyst Michaël van de Poppe, founder of MN Trading, predicted that Bitcoin could continue its upward movement, potentially reaching $30,000, as global uncertainty persists. Van de Poppe had previously anticipated a rise beyond the $30,000 mark in October, a historically strong month for Bitcoin. At the time of writing, BTC/USD was up 3.5% month-to-date, highlighting its overall positive performance.
Geopolitical Instability as a Catalyst
Geopolitical events, such as those in Israel, have also been identified as potential drivers for Bitcoin's price. The volatile nature of BTC makes it an attractive investment during times of uncertainty. However, readers are advised to conduct their own research and exercise caution when making investment decisions.
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