Bitcoin's recent rally to $27,444 faced rejection at the $28,000 mark after the Wall Street opening on October 5th. This struggle to break the $28,000 level has sparked divergent opinions among BTC price analysts.

Data tracked BTC price movements as it attempted to reach earlier week highs. However, BTC encountered difficulties just above the $28,000 threshold, with an ensuing hourly candle causing a $700 drop or a 2.5% decline.

On-chain monitoring resource Material Indicators had foreseen this scenario. Their proprietary trading tools had already warned of a potential downturn, suggesting that this pattern might repeat.

Keith Alan, co-founder of Material Indicators, noted a possible trading range for BTC/USD. He emphasized that the current price zone had historically served as critical support/resistance levels in previous bull markets.

Meanwhile, Michaël van de Poppe, founder and CEO of trading firm MN Trading, remained optimistic, stating that Bitcoin was well-prepared to challenge the $30,000 resistance.

Other traders and analysts, such as Ali, suggested monitoring the relative strength index (RSI) on four-hour timeframes, which had been fluctuating between approximately 30 and 75 since late August. Ali advised patience and recommended waiting for the RSI to drop below 30.35 for potential dip-buying opportunities.

This recent price action leaves Bitcoin's future direction uncertain, with some predicting further consolidation and others anticipating a breakout above $28,000.