Bitcoin

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 Bitcoin bulls struggle to top their highs from the start of the week, while BTC price forecasts diverge over what could be next.
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<div class="cointelegraph">
 <p>Bitcoin (BTC) rejected at $28,000 after the Oct. 5 Wall Street open as a return toward six-week highs failed.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/05/1ad5a50fb2336aceef82a8944ebf56d6.webp">
  <figcaption style="text-align: center;"><em>BTC/USD 1-hour chart. Source: TradingView</em>
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 <h2 id="bitcoin-sees-swift-comedown-after-new-28-000-retest">Bitcoin sees swift comedown after new $28,000 retest</h2>
 <p>Data from Cointelegraph Markets Pro and TradingView followed BTC price action as bulls attempted to match levels from earlier in the week.</p>
 <p>This encountered problems just above the $28,000 mark, however, with the subsequent hourly candle sending the market down up to $700, or 2.5%.</p>
 <p>Commenting on the status quo, on-chain monitoring resource Material Indicators was unsurprised. Its proprietary trading tools had warned of a fresh downturn, it said, and the chain of events could still repeat.</p>
 <p>“If you didn't see this rejection coming, then you might want to evaluate your tools, because both TA and Trend Precognition indicated a high probability of a rejection,” part of an X post stated.</p>
 <blockquote>
  “That doesn't mean we won't see another attempt, because we probably will.”
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 <p>Continuing, Material Indicators co-founder Keith Alan eyed a possible trading range for BTC/USD going forward, noting that the current spot <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> zone was the site of “key” support/resistance flips in prior bull markets.</p>
 <p>“So far, Key Moving Averages are serving as strong technical resistance (and support). Breaking this range to the upside is a possibility this month. If it happens, a lot of people are going to get rekt along the way,” he told X subscribers.</p>
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  “A close above the 200-Week MA would fuel bullish hopium. A close below the 21-Week MA keeps BTC ranging between $25k - $28k until something breaks.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/10/05/83987e6e659722e49f0bb76d24a0c865.webp">
  <figcaption style="text-align: center;"><em>BTC/USD annotated chart. Source: Keith Alan/X</em>
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 <p>At the time of writing, the 200-week and 21-week MA stood at $27,970 and $27,868, respectively.</p>
 <p>Others were more optimistic, with Michaël van de Poppe, founder and CEO of trading firm MN Trading, describing Bitcoin as “very much ready” to tackle $30,000 resistance.</p>
 <p>“Few levels of importance for Bitcoin here,” he wrote in X analysis the day prior.</p>
 <blockquote>
  “Holding above $27,200 would be substantial for upwards continuation, but preferably is a retest at $26,700-26,900 before we'll continue the rally to $30,000. Sentiment flipped quite fast.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/10/05/7401048880228ccd68465ae2c7864d62.webp">
  <figcaption style="text-align: center;"><em>BTC/USD annotated chart. Source: Michaël van de Poppe/X</em>
  </figcaption>
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 <h2 id="trader-taps-rsi-for-btc-price-bottom">Trader taps RSI for BTC price bottom</h2>
 <p>Elsewhere, popular trader and X commentator Ali revealed a BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> trading method which he argued had tracked recent <a rel="noopener noreferrer nofollow" title="local" href="https://thebittimes.com/tag/local.html">local</a> tops and bottoms.</p>
 <p><strong><em>Related:&nbsp;Bitcoin still beating US dollar versus ‘eggflation’ — Fed data</em></strong></p>
 <p>This revolved around the relative strength index (RSI), which on four-hour timeframes had fluctuated between approximately 30 and 75 since late August.</p>
 <p>“Currently, the RSI stands at 51. Patience is key! We might be best waiting for the RSI to drop below 30.35 to buy the dip!,” part of accompanying commentary advised.</p>
 <p>Ali uploaded a chart showing a classic “sell” signal coming at the start of October, implying a new “buy” signal could come next — alongside a BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> <a rel="noopener noreferrer nofollow" title="local" href="https://thebittimes.com/tag/local.html">local</a> low.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/05/ead06ddcad589e67a1a2c12c22ba3678.webp">
  <figcaption style="text-align: center;"><em>BTC/USD chart with 4-hour RSI data. Source: Ali/X</em>
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 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-due-new-local-low-watch-these-btc-price-levels-as-28k-rejects-tbt65275.html">https://thebittimes.com/bitcoin-due-new-local-low-watch-these-btc-price-levels-as-28k-rejects-tbt65275.html</a></p>

Bitcoin due new local low? Watch these BTC price levels as $28K rejects

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