30 March 2025
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Bitcoin Approaches CME Gap Close with Price Target of $83,000
Bitcoin (BTC) Approaching CME Gap Close
Bitcoin is moving toward a crucial CME gap close, with analysts expecting price action to target $83,000. Following recent highs around $89,000, Bitcoin has begun to retrace.
Key Insights
- Current support level identified at $83,000 - $84,000.
- CME gaps typically get filled; the upcoming gap may influence BTC's price movements.
- Analyst Astronomer suggests potential consolidation before a rebound.
- Historically, bearish closes on Fridays often lead to red price movement in subsequent days.
- Potential for a late-night drop during the NYO trading session due to low liquidations and untested supports.
- The worst-case support zone is marked between $81,400 - $82,400.
Rebound Potential and Profit Levels
- Short-term sentiment appears bearish, but macro trends remain stable.
- Support at $83,000 - $84,000 could present a buying opportunity.
- If support holds, Bitcoin may bounce back to $86,000, aiming for targets of $87,000 - $88,000.
- A break below the key support could lead to further downside risk.