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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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The Great Bitcoin Gap: Will BTC Plummet To Fill The Void At $19,500?

Ronaldo Marquez by Ronaldo Marquez
2 weeks ago
in Bitcoin News
Reading Time: 2 mins read

Bitcoin (BTC), the leading cryptocurrency in the market, continues to exhibit a stagnant price movement. However, a notable development has emerged as BTC struggles to sustain consolidation above the critical $26,000 threshold. This could potentially present challenges for the cryptocurrency’s performance.

Currently trading at $25,700, Bitcoin is on the cusp of a significant breakout. This breakout can exert pressure on short positions and liquidity pools positioned above or to fill the gaps on lower levels of the Chicago Mercantile Exchange (CME). 

What’s more concerning is that these gaps are located near what many experts believe to be the bottom of the Bitcoin bear market. 

Bitcoin Double Top Formation And Implications For Price

Renowned crypto analyst Rekt Capital has recently shared valuable insights on Bitcoin’s price action and charts, shedding light on the likelihood of the cryptocurrency filling the CME gap at $19,500 and $20,500. 

Related Reading: Solana (SOL) Price Prediction: 2023, 2024, 2025 and Beyond

In a YouTube video uploaded on September 5, Rekt Capital emphasizes the significance of BTC’s weekly chart in understanding its recent movements.

According to Rekt Capital’s analysis, Bitcoin’s weekly chart reveals a double top formation at $30,800, a pattern historically followed by symmetrical downside movements. Drawing from this observation, Rekt Capital suggests that the current price action could potentially open the doors to filling the CME gap at $19,500 in the short term.

Bitcoin
BTC’s CME gap on the $20,000 region. Source: Rekt Capital on X.

Another factor highlighted by Rekt Capital is the importance of the $26,000 support level, which Bitcoin is currently losing. 

The analyst suggests this loss could further extend BTC’s downside price action, bringing it closer to the CME gap. Adding to the concern, Rekt Capital points out a bearish fractal published on August 30, in which Bitcoin’s weekly chart indicates a lower high, signaling a continuation of the downtrend.

In the event of a revisit to the sub $20,000 level, Rekt Capital notes the possibility of a head and shoulders pattern forming on BTC’s weekly chart. While the right shoulder of the pattern is yet to be completed, the overall structures indicate that the pattern could eventually be fulfilled.

Rekt Capital’s analysis underscores the significance of BTC’s current price action and charts, highlighting potential scenarios such as filling the lower CME gap and navigating the obstacle presented by the already filled gap at $28,000. 

The outcome of these scenarios for the dominant cryptocurrency in the market is yet to be determined. However, what is evident is the prevailing bearish sentiment that has gripped the Bitcoin market, instilling apprehension among investors.

Related Reading: Crypto Analyst Presents Bull Case For XRP Price To Hit $130, Here’s When

BTC has experienced a 0.8% decline over the past 24 hours and a 7.8% decrease over the seven days, with its current trading price falling below the $25,800 mark.

Bitcoin
BTC’s potential head and shoulder pattern is on the weekly chart. Source: BTCUSDT on TradingView.com

Featured image from iStock, chart from TradingView.com

Tags: bitcoinBitcoin newsbitcoin priceBTCUSDTcrypto
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Ronaldo Marquez

Ronaldo Marquez

Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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