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- Bitcoin (BTC) concluded the week above $28K, achieving three weeks of profitability in a row since mid-September.
- Bitcoin is presently aiming for the $28,500 resistance; possible targets include $30,000 and $31,281.
During a week characterized by rising geopolitical tensions, Bitcoin (BTC) successfully held its position above the $28,000 threshold. The original cryptocurrency finished the week on October 8th, marking its third consecutive week of gains after a brief drop below $25,000 on September 12th.
Throughout the weekend, Bitcoin exhibited resilience, steering clear of significant downward volatility. This stability followed a brief retest of the $27,000 level on October 6th. An unexpected element that aided this rebound was the release of surprising employment figures in the United States, which deviated from the Federal Reserve’s policy changes. Consequently, the $28,000 resistance level became a focal point for traders as they readied for the new trading week.
Bitcoin Bulls Target $30K
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Reviewing historical data, this ongoing trend has led Bitcoin bulls to expect a movement towards the sought-after $30,000 level in the coming week.
Utilizing a technical analysis perspective and examining the daily time frame, both simple moving averages (SMA) and exponential moving averages (EMA) indicate a generally favorable trend in the short to medium term.
Bitcoin (BTC) Price Chart (Source: TradingView)
This suggests that if the bulls can maintain their momentum as anticipated, Bitcoin’s price may face initial resistance around the $28,500 area. However, should this resistance be surpassed, Bitcoin could swiftly reclaim $30,000 and possibly extend even higher to $31,281.
Conversely, if bears succeed in reversing the current trend, they may encounter significant support at the $26,700 level. A failure to uphold this support could initiate a more considerable downward movement, potentially targeting $25,174.
At the time of writing, Bitcoin was trading at $27,887 and has experienced a notable 8.5% increase in its daily trading volume. Although the BTC price saw a minor 0.20% decline in the past 24 hours, Bitcoin remains up by approximately 7.7% over the last month.
