25. February 2024

Bitcoin Price Fills CME Gap, But Forecasts Say $25K May Be Next

• Bitcoin’s price risks more downside, with $28,000 now a key level to hold in order to avoid a return to the mid-$20,000s.
• Analysts warn that if this level is lost, then the price could drop to around $25-26k.
• CME Group’s Bitcoin futures recently saw a gap filled as it touched $28,000 again.

Bitcoin Price Tests Support Level of $28,000

The price of Bitcoin (BTC) has been struggling to stay above the support level of $28,000 on April 21st as traders warned that $25,000 might come next. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD struggling to preserve its current support level of $28,000 as seen on Bitstamp.

Analysts Warn of Potential Return to Mid-$20Ks

If this key support level is lost then analysts have prognosed that the price could drop back down into the area around the mid-$20Ks or even lower towards the range low at 26$600 according to one analyst Michaël van de Poppe. Another analyst Crypto Tony suggested playing a long scalp if bulls step in or shorting a loss of the range down towards 26$600 if bears take over instead.

CME Group Sees Gap Filled

As BTC/USD touched 28$00 again it completely sealed a gap which was created earlier in March for CME Group’s Bitcoin futures market. This gap had prevented traders from being able to enter and exit positions between those prices without incurring extra fees or losses due to slippage in an otherwise continuous market trend line.

200 Week Moving Average Could Offer Support

The area around 25$500 constituted Bitcoin’s 200-week moving average which was originally lost in 2022 but recently regained again offering potential support for prices should they fall further than expected.

Summary

Bitcoin has been struggling with its current support level at 28$00 whilst analysts suggest that if this is lost then there could be room for further downward movement towards 25-26k or even lower depending on whether bulls or bears take control of trading activity overall. Meanwhile CME Group’s Bitcoin futures market saw a gap filled as BTC/USD hit 28$00 once more and finally there is also potential support offered by Bitcoin’s 200 week moving average at 25$500 should prices continue falling further than expected