Bitcoin battles around $69,000… “Watch the $84,000 ‘CME gap’ zone”

As Bitcoin (BTC) searches for direction around $69,000, the market is simultaneously discussing the possibility of further near-term downside and, from a technical standpoint, room for a rebound toward $84,000.

According to Cointelegraph, a crypto-focused outlet, on the 7th Bitcoin has been repeatedly fluctuating around the $69,000 level. In the market, there is an assessment that the $69,000 zone—its 2021 peak—has once again acted as resistance, meaning the recent bounce is likely to remain a short-term “relief rally” rather than a trend reversal.

Keith Alan, co-founder of Material Indicators, said on X (formerly Twitter) that “the most important thing in the current phase is capital preservation,” adding that “there is still no clear signal that a Bitcoin bottom has formed.” He added, “Yesterday’s bounce off the $60,000 level was meaningful in the short term, but it’s not the stage to talk about a return to a bull market.”

Caution also persists regarding the medium-term trajectory. Rekt Capital, citing past cycles, said, “After the halving, the bull market forms a peak, followed by several months of technical rebounds, before transitioning back into an accelerated decline—this pattern has repeated,” adding, “This cycle, too, cannot rule out further downside.”

Still, the possibility of a short-term technical rebound is also being raised. During the recent pullback, a new unfilled gap formed in the CME Bitcoin futures market, and the existing gap near $84,000 is still being cited as a valid price target. Historically, CME gaps have often served as levels where price attempts a retracement during short-term rebounds.

Crypto strategist Michaël van de Poppe said, “After a short-term correction, we could see a rebound that fills the CME gap,” adding that “the possibility of a technical recovery into the area above $75,000 remains open.” He cautioned, however, that “this is separate from a structural shift to bullishness,” adding that “the volatile phase is likely to persist for the time being.”