Bitcoin Rejected at $28,000, Fails to Reach Six-Week Highs
Bitcoin (BTC) faced rejection at the $28,000 mark after the Wall Street open on October 5th. The cryptocurrency's attempt to reach six-week highs was unsuccessful, resulting in a swift comedown in price.
New Retest of $28,000 Causes Market to Drop
Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin bulls tried to match previous price levels from earlier in the week. However, the market encountered difficulties just above $28,000, leading to a subsequent hourly candle that sent the market down by up to $700, or 2.5%.
On-Chain Monitoring Resource Foresees Downturn
According to on-chain monitoring resource Material Indicators, the rejection at $28,000 was not surprising. The platform's proprietary trading tools had already warned of a fresh downturn. The co-founder of Material Indicators, Keith Alan, suggested that there could be a possible trading range for Bitcoin going forward, with the current spot price zone serving as significant support and resistance levels observed in previous bull markets.
Conflicting Views on Bitcoin's Future
While Material Indicators predicted a potential downtrend, others were more optimistic. Michaël van de Poppe, founder and CEO of trading firm MN Trading, believes Bitcoin is "very much ready" to tackle the $30,000 resistance level. Additionally, trader and commentator Ali shared a BTC price trading method based on the relative strength index (RSI) that has been effective in tracking recent local tops and bottoms.
Investment Advice Disclaimer
It is important to note that this article does not provide investment advice or recommendations. All investments and trading decisions involve risks, and readers should conduct their own research before making any financial decisions.
