BTCUSD (Bitcoin) extended recent declines, briefly sliding below the critical $80,000 level.
This continued bearish momentum reflects rising uncertainty in global markets, amplified by shifting US trade policies and persistent fears of a recession, influencing traders to adopt a cautious stance.
Market participants are closely monitoring the CME (Chicago Mercantile Exchange) futures gap, situated between $83,000 and $90,000, formed over recent weekend trading breaks.
Historically, such gaps have a high likelihood of being filled, suggesting Bitcoin might see a brief price rebound toward these levels. However, sustained bearish pressure could restrict the strength or duration of any potential upside.
Picture: Bitcoin struggles below $83,000 as traders remain cautious, despite a short-term rebound to 81,995, as seen on the VT Markets app.
BTCUSD gained 2.02%, closing at 81,995.24 after opening at 80,368.15. The price briefly touched a high of 82,256.97 before retracing, with a session low at 79,927.98, reflecting continued volatility.
Despite the short-term recovery, Bitcoin remains under pressure after breaching a crucial support level at $83,000, a key level based on the average purchase price of mid-term holders. A sustained move below this threshold suggests weakening trader confidence. If BTC continues to trade below $83,000, it could trigger further selling pressure, potentially leading to another leg down.
From a technical perspective, the moving averages (MA 5,10,30) indicate an improving trend, with shorter-term MAs rising above the longer-term average. However, the MACD (12,26,9) histogram is flattening, signaling reduced momentum.
A push above 82,500 could challenge resistance at 83,000, potentially restoring bullish sentiment. Conversely, failure to reclaim this level may lead to increased selling, with 80,000 and 79,500 acting as key support levels.
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