Bitcoin (BTC) dipped below $90,000 Thursday as market participants see a classic short-term target coming next.
Key points:
Bitcoin dices with the 21-day moving average trendline as it fills open gaps in CME futures markets.
One gap remaining could see the price return to $88,000 next.
Some analysts argue that if the market reverses higher without filling it, the $88,000 gap could later be interpreted as a cycle low — a view based on technical patterns rather than macro fundamentals.
Bitcoin price gives up $90,000
Data from TradingView showed new local lows of $89,530 on Bitstamp during the Asia trading session.
Bitcoin stayed in step with gold as both assets cooled their new-year rebound, which received a push courtesy of geopolitical tensions around Venezuela.
“Important day on $BTC,” crypto trader, analyst and entrepreneur Michaël van de Poppe wrote in his latest analysis on X.
Van de Poppe reported a retest of the 21-day moving average (MA) at $88,900.
“It's hit the 21-Day MA and briefly dipped beneath this level,” he continued.
“That's not bad, it can take liquidity, although I'd favor Bitcoin to hold this level.”
Exchange order-book liquidity led trader Daan Crypto Trades to flag $89,000 and $92,000 as lines in the sand.
“As price is back in the middle of its larger range I wouldn't be surprised to see it chop around this region until the end of the week,” he said.
Bitcoin futures gaps: One down, one to go
An important focus on low timeframes was the fate of the open “gap” on CME Group’s Bitcoin futures market.
Related: Bitcoin ‘not likely’ to make new all-time high in 2026, new research says
Formed over the new year period, the gaps often dictate short-term BTC price targets, with BTC/USD “filling” one of them with the latest move lower.
“Are we heading for a deeper move to fill the next CME gap around $88K?” crypto education resource Coin Bureau queried in an X reaction.
Filling the second gap would take the price back near $88,200.
Commenting, pseudonymous analyst CW, a contributor to onchain analytics platform CryptoQuant, called the outstanding gap a "potential risk.”
“For a stable upward trend, it's best to eliminate this risk and then start the rally,” he told X followers Wednesday.
“However, if this gap isn't filled, it means the bottom of the next cycle will likely be near this point.”
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