Bitcoin has once again fallen below an important support zone, raising questions about whether the market is gearing up for further decline. With selling pressure still remaining, traders are now closely monitoring key levels to see if a final flush towards downside support is imminent.
Price faces rejection again
macrovision research Shared by X Bitcoin is back in strong condition rejectionresulting in a decisive drop below several key support levels. The price has now returned to its previous low range and continues to trade below the key green resistance zone between $85,200 and $86,200, highlighting that bearish pressure remains under control for now.
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In the very short-term time frame, there are early signs of an attempted rebound, but without a timely and sustained retrieval of the $85,200 to $86,200 zone, this move is best viewed as a technical counterbounce rather than the beginning of a meaningful trend reversal. As long as price remains below this area, the broader short-term downtrend remains in place.
From a tactical perspective, the $85,200 to $86,200 region is a key battleground. If this zone can be successfully regained and maintained, it could be the first clear sign that selling pressure is starting to ease, allowing prices to stabilize and ease. rally.
If this recovery attempt fails, there is an increased risk that the decline will continue to accelerate. In that case, the focus will shift to the $72,300 to $75,300 range, which is a technically significant support zone with historical significance. This zone could eventually act as a potential support, inversion This region will experience another stage of market capitulation.
CME gap opens: What to expect from Bitcoin this weekend
Crypto Analyst Marty Party on Recent Bitcoin Wyckoff Accumulations updatehighlighted that the CME gap is opening, but this gap is expected to close by Sunday evening. This sets the stage for short-term possibilities. volatilitytraders are closely monitoring key technical levels and liquidation activity.
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Several scenarios are possible in the coming days. One possibility is continued liquidation of remaining leveraged longs, with a minimum of 25x Binance. liquidation For around $79,350 now, you can get the classic Wyckoff spring pattern. Another scenario is a retest of the secondary support at $81,800, which could act as a temporary lower bound for Bitcoin price movement.
If the support at $81,800 holds, Bitcoin could trade sideways or try to push towards the key support level, which currently has resistance at $84,800. The most likely scenario is a rally above $84,500 toward $86,463, followed by a retest of $84,500 on Sunday night as the CME gap closes, suggesting a near-term Wyckoff accumulation setup is complete.
Featured image from Pixabay, chart from Tradingview.com
