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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Bitcoin

Bitcoin Price Action Sees Largest Gap Closure In Market Shake-Up, Bullish Or Bearish Signal?

Godspower Owie
by Godspower Owie
7 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin has reached a crucial moment in its price action following heightened volatility that has overshadowed the entire crypto market, with major digital assets dropping to key support levels. Despite the sharp bearish performance, BTC’s fundamentals remain strong, igniting hope for bullish prospects.

Biggest Price Gap In Bitcoin’s History

As Bitcoin undergoes a lengthy bearish price performance, uncertainty grows around the flagship asset’s next price action in the short term. Alphractal, an advanced investment and on-chain data platform, has identified a huge price gap amid market fluctuations and massive liquidations in recent research on the X platform.

Related Reading: Bitcoin Futures Market Sees Highest Surge In Long Position Liquidations In 2 Years

According to the platform, Bitcoin is witnessing the filing of its largest price gap in history, signaling heightened volatility in the crypto market. This gap, which is seen in the CME Bitcoin futures market, indicates an abrupt change in price movement. Such disparity frequently results in a spike in trading activity, with investors and traders responding to the imbalance. 

Over the course of Bitcoin’s existence, Alphractal highlighted that the asset’s price has a tendency to return to areas that have gaps or where there is not much resistance or support.

Bitcoin
Largest BTC price gap ever | Source: Alphractal on X

In the thorough analysis of the Bitcoin Support and Resistance Detection metric, a measure that utilizes advanced algorithms to identify high and low pivots accurately, the platform has underlined key reversal points in the market as the measure.

It is worth noting that lines are drawn from these points in order to highlight high-trading zones that have served as resistance and support areas in the past. Specifically, these gaps are developed because pivots are not present.

However, BTC’s price in the past has returned to these areas, resulting in fresh cycles of consolidation. Compared to past scenarios, Alphractal claims that Bitcoin is currently experiencing the filling of its biggest ever price gap recorded between the $74,000 and $90,000 level. Alphractal considers the massive gap within this price range a “natural market phenomenon.”

A Rebound Imminent Amid BTC’s Price Gap

While BTC’s price gap may indicate heightened volatility, Negentropic, a market expert and co-founder of Glassnode, has addressed the aftermath of the development. The seasoned expert points to an encouraging period after the whirlwind.

Related Reading: Bitcoin Demand Stays Strong As BTC’s Price Faces Extended Bearish Performance, A Rebound Possible?

Negentropic noted that many traders have exited the market due to the bearish storm, and BTC is threatening to narrow the CME gap between $74,000 and $80,000. However, there is a sense of comfort as Bitcoin’s fundamentals improve, liquidity improves, and network growth rebounds.

Even though this is not enough, Negentropic believes that the market could be nearing a recovery. “Ready to sail with the wind at our back rather than sink into a bear market,” the expert added.

Bitcoin
BTC trading at $79,792 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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