Bitcoin 
BTCUSD may finally reach a key downside target from last year as BTCUSD edges ever closer to old all-time highs.
In fresh X analysis on Feb. 27, popular trader and analyst Rekt Capital flagged an incoming “gap” in CME Group’s Bitcoin futures markets.
Battle of the Bitcoin futures gaps begins
Bitcoin hit new multi-month lows of $82,160 into the Feb. 26 daily close, data from Cointelegraph Markets Pro and TradingView confirms, subsequently rebounding by around 5%.
Despite this, fears remain over where the market may put in its next local bottom thanks to a broad liquidity wipeout and lack of buyer conviction.
The latest data from monitoring resource CoinGlass shows dispersed bid liquidity around $80,000, this paling in comparison to the wall of asks up to $90,000.
For Rekt Capital, however, there are two easy targets on the horizon.
Bitcoin has created a sizeable CME gap both to the upside and downside and if history is a guide, price should eventually “fill” both levels.
“Bitcoin is getting closer to filling the CME Gap that created between $78000 and ~$80700 in November 2024,” the analysis reported.
“On this retrace however, Bitcoin has developed a brand new CME Gap between ~$92700 and ~$94000.”
Rekt Capital noted that the upside gap matches the lows of what was until this week a three-month-long trading range.
“This offers some confluence to the idea of price revisiting $93500 at some point in the future as part of a post-breakdown relief rally,” he concluded, referencing another target from the day prior.
“Especially since Bitcoin has filled almost every CME Gap that formed since mid-March 2024 thus far.”
Bitcoin reaches multiple “potential reversal points”
Some markers are already calling for an enduring reversal to take place.
The Crypto Fear & Greed Index hit multi-year lows of just 10/100 this week, surpassing the level of “extreme fear” that accompanied the collapse of crypto exchange FTX.
Analyzing short-term holder (STH) behavior, Axel Adler Jr., a contributor to onchain analytics platform CryptoQuant, revealed the aftermath of panic selling.
Adler used the STH market value to realized value (MVRV) metric, which divides the BTC price by the cost basis of the STH investor cohort.
“The STH MVRV (155-day) metric has periodically dropped below one, indicating periods of short-term undervaluation and potential reversal points,” he told X followers.
“The current values have once again approached the lower levels.”
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.
