Bitcoin It has fallen below a critical support zone again, raising questions about whether the market is preparing for a deeper sell-off. With selling pressure remaining intact, traders are now keeping a close eye on key levels to see if an eventual move towards lower support is imminent.

Cena receives another rejection

MakroVision research shared on X that Bitcoin once again faced mighty rejectionwhich led to a decisive break below several key support levels. The price has now returned to the range of the previous low and continues to hover below the critical green resistance zone between $85,200 and $86,200, highlighting that the bear pressure remains under control for now.

In the very low term, there are early signs of an attempted rebound, but without a timely and sustained recovery of the $85,200-$86,200 zone, this move is best viewed as a technical rebound rather than the beginning of a significant trend reversal. As long as the price remains capped below this area, the broader short-term downtrend remains intact.

From a tactical point of view, the $85,200-$86,200 region became the key battlefield. A clear bounce and hold above this zone would be the first clear sign that selling pressure is beginning to ease, potentially allowing prices to stabilize and ease. rally.

If the attempt to rebound fails, the risk of further acceleration of declines increases. In this case, attention would focus on the $72,300-$75,300 range, a technically significant support zone with historical significance. This zone may ultimately serve as potential support and reversal region if the market experiences another phase of capitulation.

CME gap opens: what to expect from Bitcoin this weekend

Crypto analyst MartyParty in the recent Bitcoin Wyckoff accumulation updateemphasized that a gap was opening for the CME, which was to be filled by Sunday evening. This sets the stage for potential short-term action variabilitywith investors keeping a close eye on key technical levels and liquidation activity.

Several scenarios are possible in the coming days. One option is to further liquidate the remaining leveraged long positions, at a low of 25x Binance liquidation currently around $79,350, potentially completing the classic Wyckoff Spring design. Another scenario is a retest of additional support at $81,800, which could act as a short-lived floor for Bitcoin’s price action.

If the support at $81,800 holds, Bitcoin could trade sideways or try to move towards the fundamental support level that has now turned into resistance at $84,800. The most likely scenario suggests an upward move from $84,500 to $86,463, followed by a retest at $84,500 on Sunday evening as the CME gap fills, ending the short-term Wyckoff accumulation setup.

Featured image from Pixabay, chart from Tradingview.com