Bitcoin fell below the critical $69,000 level over the weekend, with analysts warning the market bottom may not yet be in. Traders described the recent price rebound as a temporary relief rally within a broader corrective phase. Some market participants are now looking to gaps in the CME Bitcoin futures market, located near $84,000, as potential short-term price targets.
Bitcoin failed to maintain its position above $69,000 as trading began for the weekend. The drop represented a decline of over $4,000 from the daily open, according to data from TradingView.
Analysis suggests the cryptocurrency’s recent recovery was merely a relief rally. Keith Alan, co-founder of Material Indicators, stated there is no evidence a sustained bull market has returned.
Alan warned his followers that preserving capital was his current priority. “If you’re thinking, ‘We’re so back,’ we’re not. There is literally no evidence of that yet,” he wrote.
He described the 2021 peak of $69,000 as an important level within the ongoing relief move. The analyst added that while $60,000 was a gift, lower prices are probable before a bull market resumes.
Trader Rekt Capital compared current price action to the 2022 bear market. He noted a historical tendency for a multi-month relief rally before a breakdown into a bearish acceleration phase.
“This is the 4th consecutive cycle that this historical tendency has continued. And history suggests there’s more downside to come,” Rekt Capital concluded. The weekend’s price movement created a new gap in the CME Group’s Bitcoin futures market.
This gap joins another existing one higher, near $84,000. These gaps often act as short-term price magnets for traders.
Analyst Michaël van de Poppe forecast a correction followed by a move toward the CME gap. He predicted a continuation toward $75,000 and above in the following week.
Samson Mow, CEO of JAN3, highlighted the CME gap and corporate buying ability as key questions. “I believe the answers are not for long and very soon,” he stated regarding how long prices would stay at 15-month lows.
