This week\u2019s market correction has seen Bitcoin (BTC), the largest cryptocurrency by market capitalization, retest some of its key support levels. As the price starts to recover from the recent lows, some analysts consider the weekend might bring some bullish relief for investors.<\/p>\n
Bitcoin has experienced significant<\/a> selling pressure over the last week, fueling doubts about a potential market top. The flagship crypto has dropped 21% from last week\u2019s high of $99,000, dipping below the $80,000 level for the first time since November.<\/p>\n The correction also saw BTC drop nearly 30% from its January all-time high (ATH) and trade below its post-US election price range. A week after the market bleeding started, Bitcoin hit a new three-month low, retesting the $78,000 support on Friday morning.<\/p>\n Various market watchers noted that BTC\u2019s most recent decline reached and partially filled its November 2024 CME Gap between $78,000 and $80,700. Rekt Capital pointed out that Bitcoin is experiencing<\/a> a \u201cstrong rebound against the partially filled CME Gap and is doing so on above-average seller volume.\u201d<\/p>\n The flagship crypto has surged around 7% from today\u2019s lows, hovering between the $83,000 and $84,000 support zone for the past few hours.<\/p>\n To the analyst, the CME Gap support and sell-side volume will be two key indicators to pay attention to over the weekend as constant, uninterrupted BTC sell-side pressure is unsustainable<\/a>, and seller exhaustion potentially accelerates in the next few days.<\/p>\n Bitcoin is finally starting to experience above-average seller volume. There\u2019s still scope for more seller volume to come in, but the chances of Seller Exhaustion occurring are increasing. And Seller Exhaustion tends to precede price reversals.<\/p>\n Crypto analyst Jelle highlighted<\/a> that Bitcoin has done \u201cthree drives in deeply oversold territory\u201d this week and is retesting the local lows before today\u2019s drop, which suggests that a \u201cweekend relief seems likely.\u201d<\/p>\n The analyst stated that reclaiming<\/a> the $84,500 support is key for BTC\u2019s recovery as \u201cthe past two retests ended up resulting in new lows.\u201d<\/p>\n Nonetheless, he noted that today\u2019s rebound seems different due to BTC \u201ctouching the 200-ema cluster\u201d for the first time this week and breaking above it. To Jelle, this could signal an \u201cinteresting weekend,\u201d with the new CME Gap at $93,000 open.<\/p>\n Rekt Capital pointed out<\/a> that Bitcoin \u201chas filled every CME Gap that has formed since mid-March 2024\u201d and that only the newly formed CME Gap between $92,800 and $94,000 remains open after this retrace. If BTC continues this pattern, the price could see a rebound to fill the new gap soon.<\/p>\nIs A Weekend Rebound Coming?<\/h2>\n