Bitcoin Weekly Close Critical for Retest of $93,000 Level

Bitcoin (BTC) has experienced a significant market correction, dropping 21% from a high of $99,000 to around $78,000. This decline marks a nearly 30% drop from its all-time high in January and the first time it has traded below $80,000 since November.

Key Points

BTC retested the $78,000 support level on Friday morning.
Market analysts noted that this decline partially filled the CME Gap between $78,000 and $80,700.
Bitcoin rebounded approximately 7%, currently hovering between $83,000 and $84,000.
Indicators to monitor include CME Gap support and sell-side volume, as continuous selling pressure is deemed unsustainable.
Analyst Jelle suggested a potential weekend rebound due to BTC being in oversold territory.
Reclaiming the $84,500 support is critical for recovery; past retests resulted in new lows.
Only one CME Gap remains open at $92,800 to $94,000, suggesting a possible price rebound to fill this gap soon.

As of now, Bitcoin is trading at $85,120, reflecting a 0.5% daily increase.