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This week’s market pullback has prompted Bitcoin (BTC), the largest digital currency by market capitalization, to retest several crucial support levels. As the price begins to bounce back from the recent lows, some analysts suspect that the weekend could bring a favorable shift for investors.<\/p>\n
Related Reading<\/span><\/h2>\n<\/p>\nBitcoin Bounces Back From $78,000 Decline<\/h2>\n
Over the last week, Bitcoin has faced substantial<\/a> selling activity, raising concerns about a potential market peak. The premier cryptocurrency has plunged 21% from last week\u2019s peak of $99,000, falling below the $80,000 mark for the first time since November.<\/p>\nThis correction resulted in BTC dropping close to 30% from its all-time high (ATH) in January and trading beneath its price range following the US elections. A week after the market downturn commenced, Bitcoin reached a new three-month low, retesting the $78,000 support early Friday.<\/p>\n
Numerous market observers remarked that BTC’s latest drop has approached and partially filled its November 2024 CME Gap between $78,000 and $80,700. Rekt Capital noted that Bitcoin is experiencing<\/a> a \u201crobust rebound against the partially filled CME Gap and is doing so with above-average seller volume.\u201d<\/p>\nThe leading cryptocurrency has risen about 7% from today\u2019s lows, stabilizing between the $83,000 and $84,000 support zone for the past several hours.<\/p>\n
For analysts, the CME Gap support and sell-side volume will be two pivotal indicators to monitor over the weekend, as ongoing and consistent BTC sell-side pressure is unsustainable<\/a>, with seller fatigue potentially accelerating in the days ahead.<\/p>\n\nBitcoin is finally beginning to encounter above-average seller volume. There\u2019s still potential for additional seller volume to enter the market, but the likelihood of Seller Exhaustion happening is increasing. And Seller Exhaustion typically precedes price reversals.<\/p>\n<\/blockquote>\n
Is A Weekend Recovery Imminent?<\/h2>\n
Crypto analyst Jelle pointed out<\/a> that Bitcoin has made \u201cthree drives into deeply oversold territory\u201d this week and is retesting the local lows before today\u2019s decline, suggesting that \u201ca weekend relief appears to be probable.\u201d<\/p>\nThe analyst emphasized that reclaiming<\/a> the $84,500 support is vital for BTC\u2019s recovery as \u201cthe prior two retests led to new lows.\u201d<\/p>\nBTC retests earlier local lows after declining to $78,000. Source: Crypto Jelle on X<\/a><\/figcaption><\/figure>\nHowever, he mentioned that today’s rebound appears distinct because BTC \u201cis touching the 200-ema cluster\u201d for the first time this week and has broken above it. In Jelle’s view, this could indicate an \u201cexciting weekend,\u201d with the new CME Gap at $93,000 open.<\/p>\n
Rekt Capital highlighted<\/a> that Bitcoin \u201chas filled every CME Gap that has emerged since mid-March 2024\u201d and that only the newly created CME Gap between $92,800 and $94,000 remains open after this retracement. If BTC maintains this trend, the price could rebound to fill the new gap shortly.<\/p>\nRelated Reading<\/span><\/h2>\n<\/p>\nThe analyst has outlined<\/a> two possible scenarios for BTC\u2019s ongoing \u201cdownside variation.\u201d Per the post, Bitcoin\u2019s price may revisit $93,500 by the week\u2019s end if the deviation \u201cis to end up as a downside wick.\u201d<\/p>\nConversely, if the variation \u201cis to conclude as the Post-Halving deviation featuring Weekly Candle Closes below the Re-Accumulation range,\u201d BTC\u2019s price could revisit<\/a> the $93,500 level in the upcoming two to three weeks as \u201cpart of a post-breakdown relief rally.\u201d<\/p>\nAt the time of writing, Bitcoin trades at $85,120, reflecting a 0.5% increase in the daily timeframe.<\/p>\n\n\t\t![\"Bitcoin,](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/02\/BTCUSDT_2025-02-28_12-45-09.png?w=860&resize=860%2C462\")
Bitcoin\u2019s performance on the one-week chart. Source: BTCUSDT on TradingView<\/a><\/figcaption><\/figure>\nFeatured Image from Unsplash.com, Chart from TradingView.com<\/p>\n<\/div>\n
This correction resulted in BTC dropping close to 30% from its all-time high (ATH) in January and trading beneath its price range following the US elections. A week after the market downturn commenced, Bitcoin reached a new three-month low, retesting the $78,000 support early Friday.<\/p>\n
Numerous market observers remarked that BTC’s latest drop has approached and partially filled its November 2024 CME Gap between $78,000 and $80,700. Rekt Capital noted that Bitcoin is experiencing<\/a> a \u201crobust rebound against the partially filled CME Gap and is doing so with above-average seller volume.\u201d<\/p>\n The leading cryptocurrency has risen about 7% from today\u2019s lows, stabilizing between the $83,000 and $84,000 support zone for the past several hours.<\/p>\n For analysts, the CME Gap support and sell-side volume will be two pivotal indicators to monitor over the weekend, as ongoing and consistent BTC sell-side pressure is unsustainable<\/a>, with seller fatigue potentially accelerating in the days ahead.<\/p>\n Bitcoin is finally beginning to encounter above-average seller volume. There\u2019s still potential for additional seller volume to enter the market, but the likelihood of Seller Exhaustion happening is increasing. And Seller Exhaustion typically precedes price reversals.<\/p>\n<\/blockquote>\n Crypto analyst Jelle pointed out<\/a> that Bitcoin has made \u201cthree drives into deeply oversold territory\u201d this week and is retesting the local lows before today\u2019s decline, suggesting that \u201ca weekend relief appears to be probable.\u201d<\/p>\n The analyst emphasized that reclaiming<\/a> the $84,500 support is vital for BTC\u2019s recovery as \u201cthe prior two retests led to new lows.\u201d<\/p>\n However, he mentioned that today’s rebound appears distinct because BTC \u201cis touching the 200-ema cluster\u201d for the first time this week and has broken above it. In Jelle’s view, this could indicate an \u201cexciting weekend,\u201d with the new CME Gap at $93,000 open.<\/p>\n Rekt Capital highlighted<\/a> that Bitcoin \u201chas filled every CME Gap that has emerged since mid-March 2024\u201d and that only the newly created CME Gap between $92,800 and $94,000 remains open after this retracement. If BTC maintains this trend, the price could rebound to fill the new gap shortly.<\/p>\n The analyst has outlined<\/a> two possible scenarios for BTC\u2019s ongoing \u201cdownside variation.\u201d Per the post, Bitcoin\u2019s price may revisit $93,500 by the week\u2019s end if the deviation \u201cis to end up as a downside wick.\u201d<\/p>\n Conversely, if the variation \u201cis to conclude as the Post-Halving deviation featuring Weekly Candle Closes below the Re-Accumulation range,\u201d BTC\u2019s price could revisit<\/a> the $93,500 level in the upcoming two to three weeks as \u201cpart of a post-breakdown relief rally.\u201d<\/p>\n At the time of writing, Bitcoin trades at $85,120, reflecting a 0.5% increase in the daily timeframe.<\/p>\n Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n<\/div>\n\n
Is A Weekend Recovery Imminent?<\/h2>\n
Related Reading<\/span><\/h2>\n<\/p>\n