$BTC Bitcoin Recovers $78,000 Drop
Bitcoin has been selling hard for a week, raising concerns about a market peak. The flagship crypto fell 21% from last week's peak of $99,000, falling below $80,000 for the first time since November.
Bitcoin fell roughly 30% from its January all-time high (ATH) and below its post-US election price range during the downturn. One week after the market hemorrhage began, Bitcoin struck a three-month low, retesting $78,000 on Friday morning.
BTC's latest dip largely filled its November 2024 CME Gap between $78,000 and $80,700, according to market analysts. Bitcoin has a “strong rebound against the partially filled CME Gap and is doing so on above-average seller volume,” according to Rekt Capital.
The flagship crypto has risen 7% from today's lows, trading between $83,000 and $84,000 for hours.
As BTC sell-side pressure is unsustainable and seller tiredness may intensify in the coming days, the analyst will focus on CME Gap support and sell-side volume over the weekend.
Bitcoin seller volume is finally rising. More seller volume is possible, but Seller Exhaustion is likely. Seller exhaustion precedes price reversals.
Is Weekend Rebound Coming?
Crypto expert Jelle noted that Bitcoin has done “three drives in deeply oversold territory” this week and is retesting the local lows before today's decline, suggesting “weekend relief seems likely.”
Since “the past two retests ended up resulting in new lows,” the expert said BTC must recapture $84,500 support to recover.
He highlighted that BTC “touching the 200-ema cluster” for the first time this week and breaking above it makes today's bounce distinct. The $93,000 CME Gap might make for a “interesting weekend,” according to Jelle.
After this retrace, Bitcoin “has filled every CME Gap that has formed since mid-March 2024” and only the recently established gap between $92,800 and $94,000 remains open, according to Rekt Capital. BTC may recover shortly to fill the new gap if this trend continues.