Bitcoin price performance avoided downside volatility over the weekend, data showed

Bitcoin kept up renewed pressure on $28,000 into the October 8 weekly close amid geopolitical uncertainty.

Data from Cointelegraph Markets Pro and TradingView showed bitcoin price performance avoiding downside volatility over the weekend.

The pair recovered from a snap retest of $27,000 on October 6, thanks to surprise US employment data which diverged from policy tweaks by the Fed.

Now, the $28,000 resistance formed the main point of interest for market participants going into the new week.

In low timeframe (LTF) analysis of exchange order books, popular trader Skew stated that major bidding power was still required in order to flip $28,000 to support.

So on low timeframe we can see clearly the market is still trading $28K as resistance. Going to need a big spot buyer to crack that area imo, Skew told X (formerly Twitter) subscribers.

Skew further described Bitcoin’s reaction to both that level and the 200-day moving average (MA), presently at $28,040, as “not the best kind.”

Fellow trader Daan Crypto Trades meanwhile cautioned on going short BTC should a sudden breakout take place, as this might form the beginning of further upside.

I will say that with BTC sitting around this big $28,000 level which has the Daily/Weekly 200MA sitting there, I am personally not very eagre on shorting any deviations above, according to the X post.

In the past, we have frequently seen a weekend breakout at these kinda spots which tend to not retrace as easily as they otherwise would, he added.

Trading around the CME price is best practiced during a ranging & choppy environment, he said.

He added: We are still in such environment but that would likely change upon a strong break above this region. Hence me not being too keen to short immediately in case we’d see a weekend pump.