Bitcoin bulls encircle $28K as trader says ‘big’ buyer must step in
Bitcoin bulls are struggling to break through the $28,000 resistance level, but one trader believes that a “big” buyer must step in to push the price higher.
Bitcoin has been trading in a range between $25,000 and $28,000 for the past few weeks, and it has been unable to break out of this range despite several attempts.
Some traders believe that crypto stock price is ready for a breakout, while others believe that the price needs to consolidate further before making a move.
Trader says ‘big’ buyer must step in
In a recent tweet, popular trader Skew said that major bidding power is still required in order to flip $28,000 to support.
“So on LTF we can see clearly the market is still trading $28K as resistance. Going to require a big spot buyer to crack that area imo,” he told his subscribers.
Skew also noted that perpetual futures traders are shorting Bitcoin on every bounce into $28,000.
What does this mean for Bitcoin?
The fact that Bitcoin is struggling to break through the $28,000 resistance level is a sign that there is selling pressure at this level.
However, the fact that traders are shorting Bitcoin on every bounce into $28,000 suggests that there is also buying pressure at this level.
If a “big” buyer does step in and push the price above $28,000, it could trigger a breakout to higher levels.
Other factors to consider
However, it is important to note that there are other factors that could also affect the price of Bitcoin in the short term.
For example, the upcoming US midterm elections and the ongoing war in Ukraine could both lead to volatility in the market.
Additionally, the US Federal Reserve is expected to continue raising interest rates in the coming months, which could also put downward pressure on the price of Bitcoin.
Overall, it is too early to say whether crypto market prediction will break through the $28,000 resistance level in the short term.
However, the fact that there is both selling and buying pressure at this level suggests that a breakout could be imminent.
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