Bitcoin Approaches CME Gap at $78K While Forming a New One at $93.5K

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Analysts Monitor Bitcoin at $66K Support as Volatility Rises

  • Bitcoin approaches its $78K CME gap while forming a new one between $92.7K and $94K.
  • The price recently dropped to $84,166 after reaching $93,457, aligning with historical CME gap retracements.
  • Resistance remains near $110K, while key support levels are positioned around $75K and $63K.

Bitcoin is still nearing the fulfillment of the CME gap in November 2024 ranging between $78K and approximately $80.7K. This gap was perhaps created when the price of Bitcoin surged some time during the weekend when the CME futures were closed. In the past, BTC has been resolving the majority of its CME gaps, meaning that it is quite possible for the price to reach this level.

New CME Gap Develops at $92.7K-$94K

According to Rekt Capital observation, the Bitcoin CME Futures shows a recent price decline, currently at $84,815. The analysis marks two key levels, $94,040 and $92,670, where resistance occurred before the drop. 

Source: Rekt Capital (X)

Earlier support at $78,030 and $80,730 led to a breakout. The price decline approaches $71,535, a potential support level. The previous uptrend began near $60,590. As Bitcoin retraces, another CME gap has developed between approximately $92,700 and $94,000. 

This new gap coincides with the lower boundary of Bitcoin’s re-accumulation range, forming a potential support zone. The positioning of this gap suggests that Bitcoin may revisit $93,500 in the future as part of a relief rally following its recent pullback.

Bitcoin Current and Historical Trends

CME gaps occur when Bitcoin’s spot price moves significantly outside CME trading hours, creating a price difference between closing and opening sessions. In past cycles, Bitcoin has frequently retraced to these levels, reinforcing its importance in market structure.

In another analysis, Rekt Capital notes that the Bitcoin weekly chart shows a consistent uptrend since 2023, with multiple support retests before breakouts. The price reached $93,457 before falling to $84,166.

Source: Rekt Capital (X)

An important resistance level is seen around $110,000, and support levels are located around $75,000 and $63,000. The previous consolidation zones indicated key levels of further breakout towards an upward trajectory until 2024 and up to 2025.

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