CME Gap at $92,000 Could Signal 12% Bitcoin Retrace
The Bitcoin market has experienced significant volatility, with prices dropping near $98,400 before recovering to above $105,000.
Key Insights
- Technical analyst Doctor Profit noted a CME gap at $92,000, predicting it could be reached, potentially causing market fear.
- A possible 12% retrace of BTC’s price is anticipated if this level is targeted, coinciding with substantial liquidity in that area.
- Bearish indicators include MACD crossing and a breakdown below the critical $104,000 level.
- The “golden line” is crucial, currently around $103,000; closing above it may lead to bullish momentum.
- A liquidity cluster exists at $113,000, which could trigger short liquidations.
- Doctor Profit revised his expectations, suggesting Bitcoin might reach new all-time highs without revisiting $90,000, given improved market conditions.
Currently, BTC trades at $105,560, reflecting a 3% increase in the past 24 hours and remaining 5.3% below its record high of $111,800.
