- Bitcoin dipped below $90,000 to about $89,500 on Bitstamp during the Asia session.
- The price retested the 21-day moving average near $88,900, according to analyst commentary.
- One of two open gaps on CME Group Bitcoin futures has been filled; one remains near $88,200.
- Traders flagged $89,000 and $92,000 as key short-term levels and expect sideways action into the week’s end.
- CW, a contributor linked to CryptoQuant, said the remaining gap is a “potential risk” and that if it is not filled it could mark the next cycle’s bottom.
Data from TradingView showed Bitcoin fall to a local low near $89,500 on Bitstamp on Thursday as traders focused on filling open gaps in futures markets and the 21-day moving average. The move occurred during the Asia trading session and followed broad risk-sensitive flows that also affected Gold.
Michaël van de Poppe noted a retest of the 21-day moving average around $88,900 in his latest analysis. “It’s hit the 21-Day MA and briefly dipped beneath this level,” he wrote, adding that the dip can take liquidity and that he would favor the level to hold. He also called the day important for price action.
Exchange order-book data prompted Daan Crypto Trades to identify $89,000 and $92,000 as short-term lines in the sand, and he said the market could chop in the region through the end of the week in a separate post. Traders have watched liquidation maps and range dynamics for clues on near-term direction.
Market participants also tracked gaps created on CME Group Bitcoin futures over the new year. One of those gaps was filled by the recent decline, while the remaining gap sits near $88,200, a level highlighted by Coin Bureau as a possible target if price moves lower.
Pseudonymous analyst CW, a contributor to onchain analytics platform CryptoQuant, called the outstanding gap a “potential risk.” In comments, he added that if the gap is not filled, “it means the bottom of the next cycle will likely be near this point.”
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