Bitcoin, the flagship cryptocurrency, faces formidable resistance at the $28,000 level, encountering challenges from two critical moving averages that have limited its rallies throughout the week.

Despite this struggle, the cryptocurrency market rebounded, led by solid performances from AVAX and SOL after robust U.S. employment data.

In the aftermath of stellar U.S. employment data, the crypto and traditional markets experienced an initial dip. Bitcoin, for instance, slid by nearly 2% to dip below $27,300 as the U.S. economy reported the addition of 336,000 jobs in September, surpassing economists’ expectations.

However, this dip proved short-lived, with Bitcoin quickly bouncing back to just over $28,000.

Bitcoin hovers just below this critical resistance level, showing a 1.5% increase in the last 24 hours. Despite this, it slightly trails behind the broader crypto market, as indicated by the CoinDesk Market Index (CMI), which boasts a 1.6% surge.

Simultaneously, U.S. stocks recovered from their initial losses, with the Nasdaq displaying a 1.75% gain shortly before Friday’s trading session ended.

Ether (ETH), the second-largest cryptocurrency, halted its losing streak against BTC, displaying better performance than the market average by bouncing nearly 2% and trading at around $1,650 during the afternoon.

Major altcoins experienced a market rebound led by AVAX and SOL, gaining 6% and 3.8%, respectively.

The CEO of derivatives decentralized exchange SynFutures, Rachel Lin emphasized the significance of the $28,000 resistance level, underscored by the 200-day and 200-week moving averages.

Lin explained that Bitcoin continually faces intense selling pressure each time it approaches this zone, indicating that a sustained break above $28,100 could pave the way for a positive shift, potentially driving Bitcoin toward the $30,000 mark.

In assessing Bitcoin’s behavior during the recent bond sell-off, Lucas Outumuro, the Head of Research at IntoTheBlock, noted distinct differences compared to last year.

He highlighted that the catalysts that negatively impacted BTC in 2022 are no longer exerting the same downward pressure. Outumuro explained that when the Federal Reserve significantly increased interest rates last year, long-duration bond values plummeted, impacting risk assets like Bitcoin.

However, as the pace of rate hikes slowed and speculation circulated regarding a potential Fed pivot earlier this year, both long-duration bonds and BTC experienced a rally.