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Bitcoin (BTC), is slowly approaching the high-anticipated milestone. Chicago Mercantile Exchange (CME) The gap is closing, and price movement aligns with analysts’ expectations for a move towards $83,000. A crypto analyst explains why Bitcoin is correcting from recent highs. expects a rebound to come next. However, further losses are possible if the support is broken.
CME Gap To Close, Bitcoin to Drop
Bitcoin is on a rollercoaster ride. skyrocketing to new ATHs The price of bitcoin has been crashing and it is now at new lows. Recent surges in the price of cryptocurrency have been rejected. Crypto analyst Astronomer On X (formerly Twitter), has said that the cryptocurrency market is currently pulling back. pinpointing the $83,000 – $84,000 low range as its next critical support level.
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The price chart shows a crucial zone of support that aligns with this area. CME gap closeIt is a very common phenomenon. BTC Futures market. BTC revisits the gaps in price left after the CME closes at weekends, and opens Sundays.
Astronomer outlined his Bitcoin long-term trade plan, expecting Bitcoin to stabilize around support before rebounding. Astronomer believes the CME closing its gap is an important technical development which could be decisive. Bitcoin’s price movements.
Supporting expectations and a short-term pullbackIn the past, Bitcoin has often experienced a red Monday or Tuesday after a Friday that was bearish. The analyst also points out that the market remains in a pre-New York Open phase (NYO), which leaves room for a reversal intraday.
The lack of trading during NYO will likely lead to a fall in prices late at night. liquidations Support levels that have not been tested. The recent decline of Bitcoin from $89,000, when combined with the factors he mentions is also a sign that it may not be bullish in local markets.
He is a good example of this Bitcoin price chart, Astronomer considers the $81,400 – $82,400 range the worst-case support zone. Bitcoin will likely revisit this zone of support before it attempts to reverse.
Bitcoin Can Rebound? What Are the Profit Levels to Watch?
Bitcoins are short-term. price action appears bearishAstronomer’s analyses show that the macro trend is stable. The analyst marked an “long entry” zone in the chart, suggesting that the $83,000 – $84,000 zone was a potential buying opportunity Bitcoin will only be supported if it finds a home there.
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Analyst predicts that Bitcoin’s first move towards a recovery could come if it can close the CME-CME gap. A bounce to the $86,000 weekly open price would be the beginning of the much anticipated rebound. The analyst also identified key factors. take profit levels marked from TP1 – TP4 on the price chart. These levels suggest that Bitcoin could surge higher to reach a target of $87,000 – $88,000.
A break below this worst-case zone of support could cause a bearish shift in sentiment, This could lead to an even deeper correction in the price of Bitcoin.
Chart by TradingView. Image from Gemini Imagen.
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Source: www.newsbtc.com
