Bitcoin Bulls Are Back In Action And They’re Looking To Close This CME Gap

Bitcoin bulls mounted a new push over the weekend, clawing their way back to an important technical level around $77,400 that served as a ceiling two times during these rallies. That price level has now become the immediate line between a failed bounce and a stronger move into the upper CME gap.

Bulls Push Out Of The Descending Channel

Bitcoin’s 4-hour chart shows a cryptocurrency still struggling to break through a stubborn resistance area. On Saturday, a bullish surge carried BTC up to $77,439, only for sellers to step in immediately and push the price back down to $74,500. Buying pressure returned with enough force on Sunday again to push the Bitcoin price up to retest the same $77,400 to $77,430 zone. 

Notably, this back-and-forth movement is part of a descending channel pattern structure on the 4-hour timeframe. The Sunday bounce has now carried Bitcoin back above the upper area of the channel, and Bitcoin needs to break and hold.

At the time of writing, BTC is trading at $77,490, meaning bulls are currently holding above $77,400. That does not mean the bullish case is confirmed yet, as the earlier rejections showed that sellers are still defending this resistance. Therefore, a quick wick above the level would not be enough. Bulls need a convincing close above the zone, followed by enough support to keep the price from falling back inside the channel.

Next Target Is $79,450 CME Gap

According to a crypto analyst on the social media platform X, the next target for Bitcoin bulls is a CME gap around the $79,000 region, with an emphasis on $79,450 as the major level within this gap.

However, there’s a thick resistance band around $79,450. That means filling the gap may not automatically produce a clean continuation, and the Bitcoin price could still meet strong selling pressure there. The first bullish objective is the gap fill, but the larger test would be whether Bitcoin can stay above that region once it gets there.

There is also a clear bearish scenario based on another CME gap. Another rejection at the $77,400 level could push Bitcoin back inside the descending channel and return attention to the recent CME Friday close. According to data from CryptoRank, Bitcoin closed the most recent Friday at $75,535.

CME gaps have a history of being filled more than 90% of the time, and this places emphasis on the current gaps. Below $75,535, the next important price levels are $75,000 and $73,700. Losing $75,000 would diminish the recovery attempt further and could push the BTC price into lower support at $73,700.