Bitcoin Price Update

This week, Bitcoin’s price drop has made the asset slip below its previous $90,000–$109,000 trading range. It is currently trading at $80,406 at press time after seeing a decline of 18.7% over the past seven days.

CME Gap Filling

Today, as per data reported by market analyst Rekt Capital, BTC’s price movement is currently filling the CME Gap between $78,000 and $80,700.

> #BTC
> Bitcoin is currently filling the CME Gap between $78,000 and ~$80,700
> In doing so, Bitcoin has filled every CME Gap that has formed since mid-March 2024
> Apart from the CME Gap between $92,800 and $94,000 that newly formed on this retrace
> $BTC #Crypto #Bitcoin
>
> — Rekt Capital (@rektcapital) February 28, 2025

BTC Filled the CME Gap

Over the past 24 hours, BTC’s price witnessed a fall to a low of $78,000, after experiencing a drop by 8%. Its price is currently standing at around $80,000.
Data shared by Rekt Capital highlighted essential revelations. Bitcoin’s current price drop has filled the gap in CME Bitcoin futures around $80,700 and $78,000, which formed in November 2024 after Trump’s election victory.

On Friday, November 15, the Bitcoin CME futures closed with a gap of $77,360 to $81,210 during the weekend. Currently, Bitcoin spot price movement is gradually filling this gap after three and a half months. Historically, Bitcoin has been filling CME gaps as it retraces its price range before restarting upward momentum. Rekt Capital said, “In doing so, the asset has filled every CME Gap that has formed since mid-March 2024.”

Such gaps happen when CME futures trading is closed during weekends while Bitcoin’s spot prices move notably, establishing an unfilled active trading range.

Bitcoin Price Updates

Panic is amounting among BTC investors after the token’s price dropped below the $80,000 mark on Friday, Feb. 27. The slump saw the asset drop by 25% from its highest price of $109,000, causing fear among BTC traders.

This has been a bad week for the cryptocurrency industry, which has experienced a whopping $1 trillion erased from the wider market through selloffs.

The current formation of an ascending wedge pattern suggests that Bitcoin is still set to experience a further price fall. Market projections indicate that the asset’s price may soon drop to a low of $70,000. However, the asset is likely to create a strong support zone around this region.

The token dropped below $80,000 after President Trump’s renewed tariff plans caused fresh panic in the broader investment market, leading to rising negative sentiment as traders are concerned about the global economic effects of Trump’s plans to introduce heavy taxes on goods imported from Mexico and Canada from next week.