Bitcoin Bulls Initiate Action to Fill CME Gap..."If Pushed Down Now, $73,700"

▲ Bitcoin (BTC)

Bitcoin (BTC) bulls strengthened their buying power again over the weekend, retesting the key technical zone around $77,400. This price level has acted as a resistance line twice during the recent rebound, making this breakout attempt a turning point that separates a simple rebound from further upward movement.

Bitcoinist reported on May 25 (local time) that Bitcoin's 4-hour chart is still attempting to break through a strong resistance zone. Bitcoin rose to $77,439 during Saturday's bullish trend, but selling pressure immediately came in, pushing it down to $74,500. Subsequently, buying pressure resumed on Sunday, retesting the $77,400 to $77,430 range.

This fluctuation occurred within a descending channel structure based on the 4-hour chart. Bitcoin surpassed the upper part of the channel again with Sunday's rebound, but Bitcoinist pointed out that it is difficult to confirm a bullish trend yet. Since sellers have consistently defended this resistance line in previous rejections, a temporary breakout is not enough; convincing close above and confirmation of support are needed.

The next target for Bitcoin bulls is the CME gap formed around $79,000. Bitcoinist cited analysis from a cryptocurrency analyst on X (formerly Twitter) stating that $79,450 is a key price level within that gap. However, a thick resistance zone is located around $79,450, making it difficult to conclude that a clear upward trend will immediately follow even if the gap is filled.

Conversely, if Bitcoin is pushed down again from around $77,400, the possibility of re-entering the descending channel increases. In this case, market attention shifts to the recent CME Friday closing price. According to CryptoRank data, Bitcoin's recent Friday closing price was $75,535. The CME gap has a history of being filled more than 90% of the time, so investor interest is currently focused on the current gap zone.

On the downside, below $75,535, $75,000 and $73,700 were presented as key price levels. If $75,000 is lost, this recovery attempt will lose momentum, and Bitcoin could fall to the $73,700 support line. Bitcoin's short-term direction is expected to be determined by whether it settles above $77,400 and whether it breaks through the $79,450 CME gap resistance.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*