- The 60-day lower-high trend of Bitcoin shows signs of breaking as it hints at a bullish move although support levels will likely be tested first.
- Bitcoin shows potential to drop short-term before potential additional upside growth because of open CME gaps within $82,000 to $85,000.
- Bitcoin resistance exists at $85,040 and additional selling strength approaches $100,000 though an upward move lasting beyond these points could reach $92,000.
Bitcoin has recently experienced a strong upward movement, reaching $87,534.05 with a 3.38% gain in the last 24 hours. The recent cryptocurrency price trends indicate investors are becoming more confident yet some technical signal points towards a brief market reversal.
The Bitcoin price took 60 days to generate a lower-high pattern that led to its breakthrough from its continual downward trendline. This breakout change shows evolving market moods yet technical analysts expect Bitcoin will potentially revisit its lower support zones first before continuing its upward trajectory. The digital asset maintains a volatile price action confined between $84,605.27 and $87,839.64 while showing strong indications of buying activity.
Bitcoin’s CME Gaps Signal Key Retest Zone
Rekt Capital highlights two important CME gaps that could influence Bitcoin’s short-term price action. The first CME gap, formed over the weekend, is located between $84,200 and $85,000. Historically, Bitcoin has shown a tendency to fill such gaps before resuming its primary trend.
An existing CME gap from $82,000 extends below this level but previous price movements did not adequately fill it. Bitcoin holds the potential to return to this region before beginning its next upward price phase.
The price correction zone spans from $82,000 to $85,000 according to these gaps that suggest potential shifts in market value. If Bitcoin retraces to these levels, it could present buying opportunities for traders anticipating a long-term uptrend.
Bitcoin Holds $84K Support, Eyes $92K Breakout
At present Bitcoin maintains support at $84,185 and this level matches the CME gap zone. The price will face a significant test at the $80,730 region if it falls below the current support level at $84,185. The level of $85,040 shows strong resistance to Bitcoin while traders might initiate increased selling at the round number $100,000. Bitcoin needs to maintain its upward trajectory beyond $85,000 to face additional resistance levels for potential testing.
The bullish momentum in Bitcoin’s price movement indicates positive market indicators yet experts predict volatility will drive temporary collapsed values. Temporary price movements towards the CME gaps might establish a consolidation phase before the upcoming upward momentum starts. The existing market pattern suggests Bitcoin could rise above $92,000 towards higher values.
