Bitcoin (Btc) has been at risk of violating former all-time highs since March 2024 because BTC prices losses erase the entire “Trump Pump.”
Where finally under BTC/USD? Cointelegraph looks at the most popular targets for crypto entrepreneurs and analysts.
BTC price fills key CME Futures Gap
A major radar area for traders is the “space” in the CME group’s bitcoin futures markets that are created by its price for $ 100,000 and more.
It lies at $ 78,000, and up to Feb. 28, the BTC/USD is almost completely “filled” by the void.
“Bitcoin is approaching and closer to filling the CME gap generated in November 2024. The CME gap is located between $ 78,000 and ~ $ 80,700,” famous businessman and analyst rectual capital confirmed In an X post the day before.
Furthermore a CME space was mentioned upside down around $ 92,000Potential that offers a target must be a relief bounce ensue.
CME GROUP BITCOIN FUTURES 1-DAY CHART. Source: Rek Capital/X.
Number Cointelegraph reportedCME gaps often work as short -term BTC price magnets, filled within days or even hours of their creation. Even gaps that remain open for longer have the potential to re -evaluate at a later date once Bitcoin’s macro changes change.
Bitcoin OG returns to lasting $ 76,000 target
Throughout the trip to the current record highs near $ 110,000, a longtime crypto market participant has remained conservative in a close perspective.
For Bitquant, the pseudonymous x user that succeeded in calling Different major high prices of BTC and lows, a major correction has long been on cards.
In December, he warned that returning under the old Bitcoin trading scope to $ 90,000 would not mark reliable support.
“Sorry, but no, $ 90k wasn’t the sinking,” he wrote at that time.
Now, Bitquant refers to his long -term expectation of a journey to mid $ 70,000 zone Before the “up only” BTC price action continues.
“Have you been backing up again? Panic buying or panic seller?” He Question X Followers in February. 28.
BTC/USD 1-Day Chart. Source: Bitquant/x
Bitcoin bids haddered up to $ 70,000
When it comes to estimating the exchange order book buyer interest at the time of market bottoms, traders play a dangerous game.
Related: Brutal 20% Ethereum price sell-off is not finished, but is there a silver lining for ETH?
Number Cointelegraph mentioned.
Currently, liquidity is a thickening of the whole $ 70,000- $ 80,000 corridor.
“$ BTC ~ $ 1.8 billion in bids appeared in pairs of binance futures. These bids are seated between $ 70k- $ 79K,” famous businessman Daan Crypto Trades reported.
“What happens when bids like these appear differently. Sometimes the price never moves them, when it starts hitting them, they are often filled with many of them before (soon) upside down. Remember, these are bids that can be easily pulled. It’s highlighting it because it’s a crazy value and it’s something you rarely see.”
Bitcoin Futures Order Book Liquidity Data (Binance). Source: road crypto trades/x
The latest data from the resource tracking Coinglass Meanwhile puts a five-day long avoidance of over $ 3 billion, showing the dangers of what Keith Alan, co-founder of the material suite indicators, Call “Catching a falling knife.”
“This is the Bitcoin correction we are waiting for,” he said X Sun followers next to the BTC/USD’s day -to -day -day.
“I’m looking for a wick on the trend line. It’s more important that I’m looking for consumers to come in … as long as they don’t run me.”
BTC/USD 1-Day Chart. Source: Keith Alan/X.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
