- Bitcoin is nearing $85K, where a CME gap aligns with strong trendline support.
- If Bitcoin holds this level, a move toward $100K could happen next.
- A break below $85K could send the price lower to $76K before another bounce.
Bitcoin is approaching a critical support level as it moves toward filling a CME gap near $85,370. The chart highlights previous gap fills and consolidation phases, showing a pattern of breakouts after price corrections. Bitcoin has followed a structured trend since early 2023, respecting its ascending support line while forming accumulation zones before major rallies. The current pullback places the price near a critical trendline, making the next few sessions crucial for determining whether it holds or breaks lower.
Price Structure Aligns With Historical Patterns
The chart reveals three key consolidation phases. The first, between February and October 2023, shows Bitcoin trading sideways within a tight range before breaking out. The second, marked in green, formed a descending wedge between April and October 2024, leading to another rally. The current phase, highlighted in blue, represents the latest consolidation near $108,000, with price now pulling back toward the support trendline. The CME gap at this level suggests that Bitcoin may continue downward briefly before rebounding.
The debate on whether bitcoin will be bearish or bullish in August is also a likely development as future contracts for CME Bitcoin are set to expire at any time. In the past, discussions have been held concerning the fact that Bitcoin is likely to retrace, which is inevitable. A perfect example was seen in November 2023, whereby before the crucial upward explosion, a former gap was covered. If such ends up being the case this time around, around $85,370 should find good support and attract buyers looking to position in at lower levels.
Key Support and Resistance Levels
Bitcoin’s current range suggests that $85,370 is the major support to watch. If the price holds this level, a bounce back toward $100,000 could be likely. However, a break below could see Bitcoin retest lower supports near $76,500. The long-term trendline remains intact, meaning the broader structure still leans bullish as long as price respects the rising support.
On the upside, Bitcoin faces resistance of around $108,000, which is the upper boundary of the recent consolidation phase. A breakout above this level would confirm bullish momentum, potentially setting up a retest of all-time highs. The reaction at the CME gap will indicate whether Bitcoin is gearing up for another leg higher or preparing for a deeper correction.
Market Sentiment and Outlook
The $85,370 level, particularly, is drawing attention as Bitcoin moves closer to the CME gap. An impressive recovery might weaken concern about the uptrend; on the other hand, faltering might introduce more pessimism. The direction of the general trend remains the same, and it can be noted from history that Bitcoin has always rebounded solidly after hitting major support.
Bitcoin has seen significant breakthroughs at the end of the two main periods of consolidation. The next move in Bitcoin’s price will depend on how it behaves at the trendline. You simply must increase your calculation as to the volumes of the signalling assets that are to be traded because volatility is projected to escalate as investors anticipate a bigger move.
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