Bitcoin (CRYTO:BTC) hovered near $90,000 on Wednesday as price action completed a key technical move watched closely since the start of the year.
Market data showed BTC rising 1.1% on the day after briefly sliding to around $87,800, its lowest level since early January.
The dip erased more than $10,000 from January’s month-to-date highs, tempering bullish momentum across the market.
The move confirmed the fill of a long-standing price gap on CME Group’s Bitcoin futures chart from the annual open.
CME gaps are widely tracked by traders, as price often revisits these levels within short timeframes.
With remaining CME gaps now positioned above spot price, sentiment stayed divided on whether Bitcoin can resume a sustained rebound.
A rapid rise is expected.
CW said, adding that the gap-fill was necessary to support a more stable rally structure.
Another trader, Jelle, adopted a more cautious stance after recent price behaviour weakened technical signals.
Higher high immediately followed by a lower low.