The recent pre-election rally in 2024 left Bitcoin's weekly chart looking pretty risky. You see, those huge impulse candles create this nasty gap without any support lines for traders to work with. When Bitcoin drops, there's no safety net. Traders usually set limit orders at key support or resistance levels but now the last stronghold was at 80K. Bulls are trying hard to keep it above that, but if it keeps falling, the next support is around 70K.
And then there’s this GAP effect stuff. It messes things up even more. It basically means that when there's a gap in trading, prices can slide fast without any stopping power. So, if we go below that support level, we might see a pretty wild ride down.
Anyone else concerned about this? What do you think is gonna happen next?
Bitcoin's Recent Price Moves and Their Implications
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