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Bitcoin has maintained its downtrend, struggling to gain momentum since reaching an all-time peak of $109,000 back in January. Bitcoin’s price has fallen by 14.6% in the last week. price dropping An additional 4.4% has been added in the past 24 hours. Bitcoin currently trades at $79 766, which is nearly 27% less than the ATH.
CryptoQuant’s ibrahimcosar, an analyst at CryptoQuant, has been closely monitoring the price movement. examined Bitcoin’s Price Movements, Focusing on CME’s Gap Phenomenon, that has historically been a factor in Bitcoin’s Short-Term Fluctuations.
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CME gap: Bitcoin Price Expectations
Ibrahim, in his most recent analysis, highlighted that BTC started at $82,110 and created a large gap, up to $86K. According to him, this price gap could provide clues about Bitcoin’s next move, potentially leading to a short-term attempt at reclaiming $86K–$90K in the coming days.
CME gap is the difference between BTC’s close price at the Chicago Mercantile Exchange(CME) on Friday and Saturday. opening price after the weekend.
These gaps are often filled when BTC returns to its previous levels. Ibrahim notes that Bitcoin formed a gap of $10,000 on February 28. This was quickly closed within 19-hours.
Now, with BTC currently trading around $79K–$80K, the analyst suggests that another gap has formed above the current price range, indicating that Bitcoin may attempt to fill the $86K–$90K region within the next one to two days.
He cautions, however, that it does not mean the downtrend of BTC has completely reversed. In fact, he believes that Bitcoin is still on a downward trend. broader trend Price action in March and Early April is key to determining if a stronger economic recovery will occur.
Key Support Levels & Market Sentiment
ShayanBTC is another market analyst who has identified $83,000 as a crucial support level. This was based on Bitcoin’s interaction with Realized Prices of 3-6 month UTXOs.
This indicator tracks the mid-term average price paid by holders. It has traditionally acted as significant resistance or support. Shayan revealed that BTC tested this level recently, and that holding it above could indicate strong investor confidence. This would potentially reinforce bullish sentiment.
However, Bitcoin’s decline below $80,000 This suggests that the $83,000 level of support has been broken. Market sentiment may be affected if Bitcoin does not regain its footing above this level. shift towards fearMid-term investors will increase their selling pressure.
This scenario could see BTC enter a phase of distribution, in which short-term and mid-term holders sell their positions, driving down the price. Ibrahim has identified the $78,000–$80,000 region as the next key support zone, which may determine BTC’s near-term trajectory.
Chart created by TradingView, DALLE.
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Source: www.newsbtc.com
