Bitcoin (BTC) starts a new week in fighting form as $80,000 support survives a volatile weekly close.
Key points:
- Bitcoin preserves the potential for upside continuation as one trader pencils in $85,000 for the coming days.
- Consolidation is also a popular prediction as BTC/USD surfs CME futures gaps and grabs liquidity.
- The US-Iran war continues to provide snap market turbulence across crypto and risk assets.
- Buyer commitment to BTC leads analysis to forecast a longer-term uptrend.
- Two Bitcoin price metrics are about to deliver their first “golden cross” in nearly three years.
Latest BTC price targets include $85,000
Bitcoin saw classic end-of-week volatility thanks to geopolitical developments as price briefly passed $82,000.
Data from TradingView showed that the move was short lived, however, with BTC/USD quickly dropping back toward the $80,000 mark.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
The result was liquidity grabs that neutralized both long and short BTC positions on exchange order books. Data from CoinGlass puts the 24-hour crypto liquidation total at more than $400 million.
Crypto liquidation history (screenshot). Source: CoinGlass
“The Liquidation Heatmap on $BTC is currently looking STACKED with liquidity,” X trading account Cryptic Trades commented in a post just before the volatility hit.
“Both sides are filled with liquidity on both sides, which is why I believe that market makers are going to flush out both sides before there’s a bigger directional move out of this range.”
Binance BTC/USDT liquidation heatmap. Source: CoinGlass
Bitcoin is not without its bullish targets, however, as the mid-$80,000 range comes into view.
In an X thread mapping out the week’s potential price moves, trader CrypNuevo argued that BTC/USD holding $80,000 as support was the ideal foundation for continuation higher.
“Price has found acceptance above $81k and the EMAs have caught up,” he wrote, referring to moving averages (MAs) on daily time frames.
“Therefore, we’re expecting price to potentially push higher to $84k-$85k next week.”
BTC/USDT four-hour chart. Source: CrypNuevo/X
Crypto trader and analyst Michaël van de Poppe continued the bullish sentiment, saying that the “trend remains upward.”
“The 21-MA is below the current price; there’s still a lot of momentum, and there’s no breakdown of the higher-high, higher-low structure at all,” he told X followers on Monday.
“There’s no reason to believe that we’re stalling soon.”
BTC/USDT one-day chart. Source: Michaël van de Poppe/X
Bitcoin lacks futures “trigger” to break consolidation
Some market participants believe that conditions are not yet right for a decisive BTC price breakout.
Trader and analyst Rekt Capital is one of them, pointing to nearby “gaps” in CME Group’s Bitcoin futures.
These gaps, which are created when BTC/USD sees weekend volatility, often act as short-term BTC price magnets.
“Bitcoin has reached its CME Gap (red). BTC is holding the bottom of it as support but rejecting from the top of it,” Rekt Capital told X followers while analyzing the weekly futures chart.
“Price will need to Weekly Close above the top of this area if it wants to rally higher. Until that trigger is in -> consolidation.”
CME Bitcoin futures one-week chart. Source: Rekt Capital/X
Trader Daan Crypto Trades revealed other gaps around the spot price.
“We now have a few gaps left in close proximity: $78K, $80.3K & $84K,” he confirmed, with the highest gap capping recent local highs.
CME Bitcoin futures one-hour chart. Source: Daan Crypto Trades/X
Elsewhere, Cryptic Trades argued that the combination of declining open interest and rising price should deliver similar range-bound trading conditions for now.
“Because of this, I believe the most likely short-term outcome remains further consolidation, with both longs and shorts getting flushed before the market makes a larger directional move out of this range,” it concluded.
CPI leads key inflation week for Fed
The US-Iran war continues to be the main source of flash volatility for crypto and risk assets this week.
Bitcoin’s weekly close was marked by reactionary behavior as markets digested the latest developments in peace negotiations.
After trading terms back and forth — which had given markets reason for optimism last week — US President Donald Trump said that he did not “like” Iran’s latest proposals.
In a post on Truth Social, Trump called the terms “totally unacceptable.”
Source: Truth Social
The result was WTI crude oil quickly heading back above $100, while BTC/USD spiked to near $82,500 before giving back all its gains.
CFDs on WTI crude oil one-hour chart. Source: Cointelegraph/TradingView
“US-Iran peace talks are being priced-out again,” trading resource The Kobeissi Letter wrote in a response on X.
Oil prices will remain in the spotlight as new US Consumer Price Index (CPI) data is released. As Cointelegraph reported, this inflation gauge is particularly…
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