Bitcoin Near $89K as Wintermute Transfers, CME Gap, and Support Level Converge

Source: CryptoNewsNet Original Title: Bitcoin Near $89K as Wintermute, CME Gap, Support Clash Original Link:

Market Overview

Bitcoin traded around $88,600 to $89,800 on Dec. 15 as several market factors converged: linked transfers from a notable market maker, a mostly filled CME futures gap, and a critical daily uptrend support test that analysts said could determine the next directional move.

Price action showed BTC down about 1.68% near $88,629 on the BTC USDT pair, while CME futures traded near $89,780 after an early session gap narrowed. The daily chart held just above a rising support line that analysts warned could expose $80,000 if it breaks.

Market Maker Activity Draws Attention

Claims about a major market maker “dumping” Bitcoin spread on social media on Monday after an account claimed the entity had sold $1.5 billion in BTC and continued selling every few minutes. The post did not provide independently verifiable evidence for the dollar figure.

BTC USDT 1 hour price chart showed Bitcoin trading near $88,629, down about 1.68% at the time. The session range showed a 24 hour high near $90,472 and a 24 hour low near $88,497.

Onchain labeling data showed multiple BTC transfers associated with the market maker’s tagged wallets moving to exchange-linked destinations, including wallets labeled for several major platforms. However, those transfers alone do not confirm market sales, since market makers also move coins for inventory management, settlement, and liquidity operations.

CME Futures Gap Closes Quickly

Bitcoin’s CME futures opened with a fresh gap that “most has been closed straight away,” according to market observers on Dec. 15.

On the 15 minute CME futures chart, BTC traded near $89,780 after printing an open around $89,990, a high near $90,035, and a low near $89,775, with the session showing a $180 move lower, or about 0.20%.

The chart marked the remaining gap area as a narrow zone around $90,200 to $90,400, with analysts noting that what remained looked “pretty negligible,” suggesting the gap was not a major focus for the week.

Daily Support Level Becomes Critical

Meanwhile, Bitcoin traded near $88,935 on the daily BTC USDT chart as price pressed against a rising support line that has held since the late November rebound.

The chart shows BTC sliding from the $120,000 to $124,000 area in October into a broader downtrend, then shifting into a tighter range from late November. Price action formed higher lows along an upward sloping trendline, while repeated rallies stalled near a flat resistance band around $95,000, creating a wedge-like structure on the daily timeframe.

Analysts flagged the zone as “crucial” because a break below the rising trend support could open the door to another move toward $80,000. The chart’s prior swing low from late November also sits just above that area, which makes $80,000 to $84,000 the next visible demand zone if support gives way, while $92,000 and $95,000 remain the closer levels to reclaim on any rebound.