Alas, dear reader, we find ourselves once again marveling at the caprices of Bitcoin (BTC), which, like a bird that thinks it can fly but is reminded of gravity, threatens to plunge below its former heights from March 2024. Indeed, the fading echoes of the so-called “Trump pump” are nearly drowned out by the cacophony of its decline. 🦅
Now, one may wonder, where on the vast expanse of the cryptocurrency bazaar might BTC/USD find a moment of respite? Our comrades at CryptoMoon have donned their finest crystal balls to unveil popular sanctuaries sought by weary traders and analysts alike.
BTC price fills key CME futures gap
In the grand tapestry of trading, one particularly interesting stitch caught the eye of many—a “gap” in the hallowed grounds of CME Group’s Bitcoin futures markets. It appeared during the illustrious ascent to $100,000, a trip that was as fleeting as a summer romance. 🏖️
This psychological stronghold lies at $78,000, and as we stand on this day, February 28, it seems BTC/USD has almost entirely filled this void, like a student desperately cramming information before an exam.
As the ever-astute Rekt Capital, a trader of some repute, confirms, “Bitcoin is getting closer and closer to filling its CME Gap formed back in November 2024. The CME Gap is located between $78,000 and ~$80,700.” One begins to wonder if Rekt has a crystal ball of his own. 🔮
It appears, according to our dear CryptoMoon, that these CME gaps serve as alluring magnets for short-term BTC prices—drawing them closer with a force akin to that which compels one to return to a fridge at midnight. 🥳 Even gaps that linger like an unwelcome guest tend to be revisited. Such is the trend of our beloved Bitcoin.
Bitcoin OG reiterates long-term $76,000 target
As we traverse these rocky terrains, one veteran of the crypto scene remains unfazed by the wild fluctuations. Our dear BitQuant, that elusive seer on X, has been cautioning us poorly conditioned souls that such antics must end with a significant correction. 📉
In a moment of brutal honesty back in December, he warned us all that a return to the once-beloved $90,000 would hardly serve as a reliable lifeguard in this treacherous sea.
“Sorry, but no, $90K was not the dip,” he breezily remarked. With a sigh, he now points us towards mid-$70,000s, suggesting the trip should precede a glorious resurgence of the Bitcoin price—up, up, and away! ✈️
“Are you panicking again? Panic buying or panic selling?” he quips rather cheekily on February 28, asking his followers to loosen up a bit, like the waistband of your pants after a holiday feast.
Bitcoin bids laddered down to $70,000
As traders flock to exchange order books like moths to a flame, they find themselves engaged in a rather risky bet to time the bottom of this mad carnival ride. 🎢 Our friends at CryptoMoon remind us that this buyer interest may very well be a puppet show, manipulated by the puppet masters of the high volume market. Spoiler alert: They are not always kind.
At present, we see a deluge of liquidity along the $70,000-$80,000 corridor—a veritable buffet. 🍽️
“$BTC ~ $1.8 Billion in Bids has appeared on the Binance futures pair. These bids are sitting between $70K-$79K,” Daan Crypto Trades notes, as if he’d found a rare gem amidst a pile of rocks.
“What happens when bids like these appear is varied. Sometimes price never moves into them, when it does start hitting them, it often fills a lot of them before (shortly) reversing. Keep in mind, these are bids that can just as easily be pulled away. Highlighting this as it’s an insane amount and this is something you rarely ever see.”
Meanwhile, the diligent watchmen of our crypto kingdom, CoinGlass, report that five-day long liquidations have swelled to a whopping $3 billion. One has to wonder: is it wise to catch falling knives, as Keith Alan, co-founder of Material Indicators quips? 🗡️
“This is the Bitcoin correction we’ve been waiting for,” he observes, sharing the daily BTC/USD chart like a seasoned philosopher unveiling an age-old truth.
“I’m looking for a wick to the trend line. More importantly, I’m looking for buyers to come in…as long as they don’t front run me.”
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2025-02-28 11:43