Bitcoin (BTC) Price Gaps Are Making It Challenging for the Traders to Predict the (BTC)

Bitcoin (BTC) is characterized by high volatility, and large price gaps emerge on a weekly basis. Daan Crypto Trades pointed out that these are attributed to the volatility of the existing market. This persistent volatility is making it challenging for the traders to predict BTC in the short run

Bitcoin (BTC) has been known for its high volatility, and large price gaps are emerging on a weekly basis.

As reported by Daan Crypto Trades, this is due to the volatility of the existing market. The traders are having a hard time trying to predict BTC in the short term as it has become even more unpredictable.

Key Bitcoin Price Levels

This price level seems to be a critical level at around $86K, and there is now a gap forming around it. This level has been closely monitored by the traders in a bid to determine whether it will act as a resistance or a support level to the general trending.

Moreover, there is an unclosed gap still near the $77,000 that opened during previous price fluctuations. This gap is still missing, and a number of market players expect its activation in the future.

These gaps’ frequent formation suggest that this is a market that is not very close to settling down any time soon. The bigger the gap, the greater the chance of price correction or trend reversal, but choosing the direction of BTC is still a problem.

Michael van de Poppe stated that currently Bitcoin is bearish and has not made higher highs after testing the important resistance points. This makes it quite evident that the price of BTC can keep on declining in the future if it fails in breaking through certain thresholds. Van de Poppe said that he believes that the $86K level is crucial for BTC. Continuing the downward trend could be likely if it cannot go lower than this price.

Double-Bottom Scenario Possible

According to the analyst, Bitcoin needs to break at least $86,000 for the cryptocurrency to continue its uptrend. He has not entirely ruled out the possibility of a double-bottom formation and new lows for BTC. Such a move would probably make the market even more unstable and initiate liquidations to eliminate marginal contracts.

At the time of writing, BTC is trading at $81,872 after shedding 3.9% within the last 24 hours.