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The Bitcoin price continued its downward trend, fighting to resume momentum after reaching its summit of $ 109,000 in January. During last week, Bitcoin decreased by 14.6%, with its drop in prices Additional 4.4% in the last 24 hours. To date, Bitcoin is negotiated at $ 79,766, pushing it almost 27% below its ATH.
In the middle of this price performance, the cryptocurrency analyst Ibrahimcosar has closely examined Bitcoin price movements, focusing on the CME GAP phenomenon, which has historically played a role in Bitcoin short -term fluctuations.
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To which to expect bitcoin based on CME GAP
In his latest analysis, Ibrahim stressed how BTC opened $ 82,110 on the CME, creating a gap up to $ 86,000. According to him, this price difference could provide clues to the next Bitcoin movement, which leads to a short -term attempt to recover $ 86,000 at $ 90,000 in the coming days.
The CME GAP refers to the difference between the fence price of the BTC on the Mercantile Chicago Exchange (CME) before the weekend and its Opening price after weekends.
These gaps are often filled as the price of BTC returns to the levels where the negotiation break has occurred. Ibrahim notes that Bitcoin previously formed a difference of $ 10,000 on February 28, which was quickly filled in the 19 hours.
From now on, BTC currently merchanting about $ 79,000 at $ 80,000, the analyst suggests that another gap formed above the current price range, which indicates that Bitcoin could try to fill the region from $ 86,000 to $ 90,000 in the next to two days.
However, it warns that this does not necessarily point out a complete reversal of the downward trend of the BTC. Instead, he maintains that Bitcoin wider trend It remains uncertain and its price action until March and early April will be essential to determine whether a stronger recovery is on the horizon.
Key support levels and market feeling
Another market analyst ShayanBTC, said $ 83,000 as a critical level of support, based on Bitcoin’s interaction with the price made of UTXOS from 3 to 6 months.
This metric follows the average acquisition price of halfway through and has historically acted as a major support or resistance area. Shayan revealed that the BTC had recently tested this level, and the maintenance above could point out a high confidence of investors, potentially strengthening the bullish feeling.
However, Bitcoin Decline below $ 80,000 suggests that this level of support of $ 83,000 has already been violated. If Bitcoin does not regain ground above this threshold, the feeling of the market could go to fearleading to increased selling pressure of halfway through holders.
In this scenario, BTC could enter a distribution phase, where short and mid-term investors sell their assets, which has further lowered the price. Ibrahim has identified the region from $ 78,000 to $ 80,000 as the next key support area, which could determine the short -term trajectory of the BTC.
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