Bitcoin is in a significant retesting area formed by two CME gaps. Levels between $82,000 and $85,000 could impact its future market moves.
CME Gap Overview
Rekt Capital highlighted a small CME gap between $84,200 and $85,000, alongside an earlier gap down to $82,000. These levels create a retest zone for Bitcoin. CME gaps occur during weekends when the Chicago Mercantile Exchange is closed, while Bitcoin continues trading. Historically, Bitcoin revisits these gaps before the trend continues.
Support and Resistance Levels
Technical analysis indicates the $82,000 to $85,000 area is crucial for near-term action. If Bitcoin holds above $85,000, it might face resistance at $90,000 to $92,000. Failing to find support may see the price drop toward $78,000 to $80,000. These levels provide traders with reference points for technical strategies, facilitating entry and exit plotting during consolidation.
Market Outlook
The near-term setup suggests Bitcoin may need a short-term dip into the retest area before resuming its upward trend. Holding above the gap could propel it towards higher resistance, while a breakdown might lead to further declines. The current trading price for Bitcoin is around $84,081.68, supported by healthy volume.
Bitcoin continues to capture traders' attention as it navigates the critical $82,000-$85,000 zone. The outcome of this retest may shape short-term direction and market behavior in the coming months.
