- Bitcoin filled the $82K–$85K CME Gap and may form a new one, setting the stage for a potential rally beyond $84K next week.
- BTC recently tested $84K support, a crucial level throughout March, with strong trading volume signaling active market participation.
- A weekly close above the 21-week EMA could confirm an uptrend, but rejection keeps Bitcoin in a tight consolidation range.
Bitcoin has filled the CME Gap between $82,000 and $85,000. Now, it is on track to form a fresh gap this weekend. Consequently, this could set the stage for a potential rally to $84,000 or beyond next week. Besides, Bitcoin recently tested key levels near $84,000. This price zone acted as strong support throughout March 2025. Additionally, BTC is consolidating within major support and resistance areas.
CME Gap Formation and Key Price Movements
Bitcoin futures began trading near $76,000 in November 2024. A robust rally above $78,000 pushed prices higher. The upward trend persisted in December, reaching $80,730. There was a steep correction following Bitcoin’s peak at $107,000 in late December. Prices fell to around $93,000 by year-end.
In early 2025, Bitcoin saw another surge, crossing $100,000. February brought volatility as BTC hit $108,000 before tumbling below $90,000. Selling pressure intensified, leading to multiple red candles. Recently, Bitcoin established solid support around $84,000. As a result, this level has become crucial for market stability.
Bitcoin Consolidation and EMA Rejection
Earlier this week, Bitcoin rejected from the 21-week EMA. Historically, similar rejections have led to consolidation. Hence, BTC is currently moving between two key Bull Market EMAs. This price action mirrors mid-2021 when Bitcoin exhibited a similar pattern.
Moreover, for Bitcoin to break out, it needs a confirmed weekly close above the 21-week EMA. A successful retest of this level as new support would further validate the uptrend. Until then, BTC remains in a tight range.Bitcoin remains in a macro uptrend despite recent corrections. The highest price in this cycle reached $110,000. However, the market is currently cooling off.
BTC has respected an uptrend line since March. Additionally, a high trading volume indicates that traders are engaged at the moment. Bitcoin might yet rise towards $92,000 if it stays over $84,000. On the other hand, a break below might lead to more declines.
