Bitcoin price fills CME futures gap, but forecasts say $25K could be next
Bitcoin (BTC) hit new intraday lows on April 21 as traders warned that $25,000 could be next.
Trader: $25,000 BTC Price Would Be ‘Perfect’
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD is struggling to preserve $28,000 as support on Bitstamp.
The pair looked “weak”, in the words of one analyst, as overnight events failed to revive any signs of its previous uptrend.
Amid local lows of $27,828, forecasts for Bitcoin have now focused on a potential return to the area around a key trendline.
“Bitcoin is testing our main local demand at 28k and not getting the best reaction. If this level is lost, 25-26k is probably tested, but this is not a cause for concern,” Credible Crypto in summary next to a YouTube video.
The video further described a return to $25,000 as “perfectly fine” and still an example of a “slightly deeper pullback” rather than a significant trend change.
The area around $25,500 constituted Bitcoin’s 200-week moving average – a support level initially lost in 2022 and only regained in recent weeks.
A slightly more optimistic Crypto Tony still saw the potential for a long position on the day.
“Approaching a high volume node + the EQ for his range. I’m looking to play a long scalp here when I see the bulls go in,” he told Twitter followers.
“Another play if the bears take over is to short a loss of the range down to the $26,600 area low.”
One gap down, more on the way?
The return to $28,000, meanwhile, has “completely” closed a gap in CME Group’s Bitcoin futures.
Related: Can Bitcoin Regain $30K? See these BTC price levels next
This was created earlier in April during Bitcoin’s run to local highs above $31,000, with market insight analyst Mickybull Crypto predicting a return to “fill” it.
However, in the accompanying Twitter commentary, he acknowledged that “every” gap, including one much lower down the chart near $20,000, should suffer the same fate.
“Price is currently at TL support. If it loses 28000$, more chance we will test 25500-26000$ and continue upwards,” part of additional analysis tired on the day.
Blade: Bitcoin in Senegal: Why is this African country using BTC?
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
