Bitcoin Price To Form Higher Low As CME Gap Fills

The Bitcoin price is struggling to recover from recent declines, as the market downtrend has kept it significantly below the $100,000 mark.

The Bitcoin price is struggling to recover from recent declines as the market downtrend has kept it trading at a distance from the $100,000 mark. However, amid the volatility, Bitcoin is now experiencing a bearish deviation that is filling a new Chicago Mercantile (CME) Gap.

This has triggered a fresh prediction from a crypto analyst who believes that the pioneer cryptocurrency is set for a higher high.

Bitcoin Price To Form Higher Low As CME Gap Fills

Crypto analyst Rekt Capital took to X (formerly Twitter) on Monday to share his projected outlook for the Bitcoin price.

The analyst highlighted that Bitcoin is currently undergoing a bearish deviation, which is filling a massive gap on the CME futures chart.

CME gaps are disparities between closing and opening prices in the Bitcoin futures market. They appear when Bitcoin’s price moves as the exchanges close over the weekend and reopen on weekdays.

Over the past few days, Bitcoin has been filling its new CME gap amid the broader market downturn. This downward move was anticipated, as the Bitcoin price often gravitates toward unfilled CME gaps before resuming regular activity.

Despite Bitcoin’s present bearish deviation, Rekt Capital believes that the downtrend could present an opportunity for the market to form new higher lows.

The analyst shared two charts, with one revealing several resistance and support zones for the Bitcoin price. The orange and yellow boxes in the chart suggest strong support areas where Bitcoin has historically bounced, while the blue boxes highlight past resistance areas.

In the second chart, Rekt Capital showcases repeated breakout patterns, where BTC consolidates and then initiates a surge.

If the cryptocurrency can make the expected higher low above last week’s low, this could confirm that Bitcoin’s broader uptrend may still be intact. Conversely, if it fails to hold above support levels and declines again, the market may see a more resounding crash, potentially triggering selloffs and exacerbating the bearish trend.

Analyst Foresees A Move Towards $95,000

Not too long ago, Bitcoin surprised the market with an over 9% one-day price increase as it surged back above the $90,000 mark.

According to X crypto analyst Jelle, this massive price surge was the higher low that the market was anticipating.

The analyst suggests that this surge has set the stage for BTC to build a sturdier base and gradually make its way toward the $95,000 mark.

However, despite the anticipated recovery, the price of BTC is currently struggling at $87,596 amid bearish pressures that have resulted in multiple price crashes.

But Jelle believes that the cryptocurrency can still overpower bearish conditions and begin its recovery.

As of press time, it appears that Bitcoin may be slowly pulling back from the bears. The cryptocurrency has seen a 5.3% one-day price increase, and its market cap has also risen by the same percentage, although its trading volume has decreased.