Bitcoin (BTC) is in danger of violating its old all-time highs from March 2024 as BTC price losses erase the entire “Trump pump.”
Where could BTC/USD finally bottom? Cointelegraph takes a look at the most popular targets for crypto traders and analysts.
BTC price fills key CME futures gap
A key area on the radar for traders is the “gap” in CME Group’s Bitcoin futures markets that price created during its ascent to $100,000 and beyond.
This lies at $78,000, and as of Feb. 28, BTC/USD has almost entirely “filled” the void.
“Bitcoin is getting closer and closer to filling its CME Gap formed back in November 2024. The CME Gap is between $78,000 and ~$80,700,” trader and analyst Rekt Capital confirmed in a post on X the previous day.
Rekt Capital additionally noted a CME gap to the upside at around $92,000, potentially offering a target should a relief bounce ensue.
CME Group Bitcoin futures 1-day chart. Source: Rekt Capital/X
As Cointelegraph reported, CME gaps often function as short-term BTC price magnets, getting filled within days or even hours of their creation. Even those gaps that remain open for longer tend to be revisited at a later date once Bitcoin’s macro trend changes.
Bitcoin OG reiterates long-term $76,000 target
Throughout the trip to current record highs near $110,000, one longtime crypto market participant remained conservative on the near-term outlook.
For BitQuant, the pseudonymous X user who succeeded in calling various key BTC price highs and lows, a major correction has long been in the cards.
In December, he warned that a return to the bottom of Bitcoin’s old trading range at $90,000 would not mark reliable support.
“Sorry, but no, $90K was not the dip,” he wrote at the time.
Now, BitQuant is referencing his long-term expectations of a trip to the mid-$70,000 zone before “up only” BTC price action resumes.
“Are you panicking again? Panic buying or panic selling?” he asked X followers on Feb. 28.
BTC/USD 1-day chart. Source: BitQuant/X
Bitcoin bids laddered down to $70,000
Regarding betting on exchange order book buyer interest to time market bottoms, traders play a risky game.
Related: Brutal 20% Ethereum price sell-off is not over, but is there a silver lining for ETH?
As Cointelegraph noted, such liquidity can often be a product of manipulation by large-volume market participants, being added and removed instantly to influence price trajectory.
Currently, liquidity is thickening throughout the $70,000-$80,000 corridor.
“$BTC ~$1.8 Billion in Bids has appeared on the Binance futures pair. These bids are sitting between $70K-$79K,” trader Daan Crypto Trades reported.
“What happens when bids like these appear is varied. Sometimes price never moves into them, when it does start hitting them, it often fills a lot of them before (shortly) reversing. Keep in mind, these are bids that can just as easily be pulled away. Highlighting this as it’s an insane amount and this is something you rarely ever see.”
Bitcoin futures order book liquidity data (Binance). Source: Daan Crypto Trades/X
The latest data from monitoring resource CoinGlass puts five-day crypto long liquidations at over $3 billion, showing the risks of what Keith Alan, co-founder of trading suite Material Indicators, calls “catching a falling knife.”
“This is the Bitcoin correction we’ve been waiting for,” he told X followers on the day alongside the daily BTC/USD chart.
“I’m looking for a wick to the trend line. More importantly I’m looking for buyers to come in…as long as they don’t front run me.”
BTC/USD 1-day chart. Source: Keith Alan/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
