Bitcoin Slips Below $80,000—Here’s What Could Happen Next
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Bitcoin’s price continued to decline, reaching an all-time high of $109,000 in January, working to restore momentum. Bitcoin has dropped 14.6% over the past week, Price drops Another 4.4% increase in the past 24 hours. As of today, Bitcoin is trading at $79,766, bringing it below nearly 27% of its ATH.
Crypto analyst ibrahimcosar is very close in this price performance examine Bitcoin’s price movements are concentrated on the CME GAP phenomenon, which has historically played a role in the short-term fluctuations of Bitcoin.
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Expectations for Bitcoin based on CME gap
Ibrahim highlighted in his latest analysis that BTC opened at $82,110 on CME, creating a $86K gap. According to him, this price gap could provide clues about Bitcoin’s next move, which could lead to short-term attempts to recover $86K-$90K in the next few days.
CME gap refers to the difference between BTC closing prices on the Chicago Mercantile Exchange (CME) by the weekend Prices after the weekend.
These gaps are usually filled when the price of BTC moves to the level of trading pauses. Ibrahim noted that Bitcoin had previously formed a $10,000 gap on February 28, quickly filling it within 19 hours.
Now, with BTC currently trading around $79,000 to $80,000, analysts suggest another gap above the current price range, suggesting that Bitcoin may attempt to fill the $86K-$90K area over the next one to two days.
However, he warned that this does not necessarily mean a complete reversal in the downward trend of BTC. Instead, he insisted on Bitcoin Broader trends Still uncertain, its price action in March and early April will be the key to determining whether to recover stronger.
Key support levels and market sentiment
Another market analyst, Shayanbtc, pointed out that this is a key level of support based on Bitcoin’s interaction with the implemented 3-6 months of UTXOS.
This metric tracks the average acquisition price for mid-term holders and has historically been an important support or resistance zone. Shayan revealed that BTC has recently tested this level, and the holdings above may indicate strong investor confidence and may enhance bullish sentiment.
However, Bitcoin’s Fall below $80,000 This indicates that this $83,000 support level has been violated. If Bitcoin cannot regain ground at this threshold, market sentiment may Turn to fearresulting in increased sales pressure on medium-term holders.
In this case, BTC can enter the distribution phase, with investors selling their holdings further driving prices downward in the medium term. Ibrahim has identified the $78,000-$80,000 region as the next critical support area, which may determine the near-term trajectory of BTC.
Feature images created with DALL-E, charts for TradingView
