Bitcoin has its work cut out to conquer formidable resistance at $28,000 in the coming week, analysis predicts. The largest cryptocurrency bounced back above the $27,000 mark over the weekend but still faces headwinds near the psychologically significant $28K level. Order book data shows significant bidding power is required to flip this zone to support.
Some traders warn against going short in case an upside breakout materializes. A break above $28K and the 200-day moving average could mark the start of further gains.
Bitcoin’s ability to overcome resistance near $28K has broader significance given increased geopolitical uncertainty. Israel’s escalating conflict and other flashpoints mean global instability could drive safe-haven flows to the cryptocurrency this week.
One analyst reiterated his bullish outlook, forecasting Bitcoin could reach $30K in October on geopolitical tensions. The coming days will likely see elevated volatility as the market struggles at a critical technical juncture.
