Bitcoin (BTC) recently experienced a significant drop, falling below $67,400 at the start of the Monday trading session after surpassing $70,000 over the weekend. This decline comes amid a backdrop of strong accumulation signals, with data showing that addresses classified as “accumulators” now hold over 372,000 BTC, a substantial increase from just 10,000 BTC in September 2024.
Analysts suggest that this downturn could be followed by a recovery, with forecasts indicating a potential rise towards the $80,000 to $84,000 range. The BTC order book reveals a significant bid skew, with approximately $596 million in bids compared to $297 million in asks, marking the largest bid skew in over two years. This imbalance points to stronger buying interest, which could drive a short-term upward trend if maintained.
Crypto analyst Mark Cullen noted that the recent price movement may align with the CME gap from early February, as Bitcoin has historically revisited these gaps. With the current gap positioned between $80,000 and $84,000, it stands as a critical technical level, especially given that 9 out of 10 CME gaps have been filled since August 2025. The ongoing demand from buyers suggests a potential shift in market dynamics, as traders look to accumulate at lower price points.