Bitcoin dipped below $90,000 Thursday as market participants see a classic short-term target coming next.
Key points:
- Bitcoin is testing the 21-day moving average as it works to fill open gaps in CME futures markets.
- One gap remains, which could push the price back to $88,000. Analysts say that if the market rebounds before filling this gap, the $88,000 level could serve as the bottom for the next BTC price cycle.
Bitcoin falls below $90,000
TradingView data showed the cryptocurrency hitting a new local low of $89,530 on Bitstamp during the Asia session.
Bitcoin has been moving in sync with gold as both assets cool off after their early‑year rebound that was partly driven by geopolitical tensions around Venezuela. (tradingview.com)
“Important day on $BTC,” crypto trader and analyst Michaël van de Poppe wrote in his latest analysis on X, noting that Bitcoin has retested the 21‑day moving average at around $88,900 and briefly dipped below this level. (tradingview.com)
“That’s not bad, it can take liquidity, although I’d favor Bitcoin to hold this level.”
Trader Daan Crypto Trades highlighted $89,000 and $92,000 as key support and resistance levels based on exchange order‑book liquidity.
“With the price back near the middle of its broader range, I wouldn’t be surprised to see it chop around this area through the end of the week,” he said.
Bitcoin futures gaps: One filled, one remains
Traders are keeping a close eye on open “gaps” in CME Group’s Bitcoin futures market, which often serve as short-term BTC price targets. One gap, formed over the New Year period, was filled during Bitcoin’s recent dip.
“Are we heading for a deeper move to fill the next CME gap around $88K?” crypto education platform Coin Bureau asked in a post on X. Filling this remaining gap would bring BTC back near $88,200.
Pseudonymous analyst CW, a contributor to on-chain analytics platform CryptoQuant, described the remaining CME gap as a “potential risk.”
“For a stable upward trend, it’s best to close this gap before starting the next rally,” he told his X followers on Wednesday.
“However, if this gap isn’t filled, it means the bottom of the next cycle will likely be near this point.”
