Bitcoin has once again fallen below a critical support zone, raising questions about whether the market is gearing up for a deeper sell-off. With selling pressure still intact, traders are now closely monitoring key levels to see if a final flush towards lower support is imminent.
Price faces another rejection
MakroVisie research shared on X that Bitcoin has become strong again rejectionresulting in a decisive break below several key support levels. The price has now fallen back into the range of the previous low and continues to trade below the critical green resistance zone between $85,200 and $86,200, highlighting that the bearish pressure remains contained for now.
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In the very short term, there are early signs of a recovery attempt, but without a timely and sustained recovery from the $85,200-$86,200 zone, this move is best seen as a technical counter and not the start of a meaningful trend reversal. As long as the price remains below this area, the broader short-term downtrend remains intact.
From a tactical perspective, the region between $85,200 and $86,200 has become the main battleground. A clean recovery and control above this zone would be the first clear indication that selling pressure is beginning to ease, potentially allowing for price stabilization and relief. collection.
If this recovery attempt fails, the risk of continued downward acceleration increases. In that case, the focus would be on the $72,300-$75,300 range, a technically prominent support zone with historical significance. This zone can ultimately serve as potential support and reversal region, the market once again experienced a phase of capitulation.
CME Gap Opens: What to Expect from Bitcoin This Weekend
Crypto analyst MartyParty, in a recent Bitcoin Wyckoff accumulation updateemphasized that a CME gap is emerging, which is expected to be filled Sunday evening. This forms the basis for a possible short term inconstancywith traders keeping a close eye on key technical levels and liquidation activity.
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Several scenarios are possible in the coming days. One possibility is the continued liquidation of the remaining leveraged long positions, with the lowest 25x Binance liquidation currently around $79,350, possibly completing the classic Wyckoff Spring pattern. Another scenario is a retest of secondary support at $81,800, which could act as a temporary bottom for Bitcoin’s price action.
If support at $81,800 holds, Bitcoin may trade sideways or attempt to head towards the primary support level, which has now turned into resistance at $84,800. The most likely scenario suggests a rise from $84,500 to $86,463, followed by a retest of $84,500 on Sunday evening as the CME gap is filled, completing the short-term Wyckoff accumulation setup.
Featured image from Pixabay, chart from Tradingview.com