Bitcoin is expected to decline towards the range of 84,000–85,000 dollars, which is the gap formed in the CME ( Chicago Mercantile Exchange futures contracts, based on historical data that suggests a retest.
Bitcoin )BTC(, with the rise it experienced over the weekend, reached as high as 87,800 dollars, causing a new CME gap. CME futures started trading at 85,160 dollars, above the closing price of 84,190 dollars on Friday, highlighting Bitcoin's historical tendency to fill price gaps.
The price difference between the weekend closing of CME futures and the opening of the new week creates a situation that increases the likelihood of a decline in Bitcoin. Bitcoin creates gaps due to price movements in the spot market, which operates 24 hours a day, because CME futures are only open for 23 hours during the weekdays. These gaps signal that Bitcoin may experience a pullback to the $84,000–$85,000 level in line with past movements where it has historically filled these gaps significantly.
Bitcoin has previously filled similar gaps and retraced to important price levels. In particular, last year, the gap that formed after Donald Trump's presidential election victory was completely closed with a drop to $76,700. This constitutes another example supporting Bitcoin's gap filling habit.
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Bitcoin Historically Always Does: The Price Could Drop to These Levels! - Coin Bulletin
Bitcoin is expected to decline towards the range of 84,000–85,000 dollars, which is the gap formed in the CME ( Chicago Mercantile Exchange futures contracts, based on historical data that suggests a retest.
Bitcoin )BTC(, with the rise it experienced over the weekend, reached as high as 87,800 dollars, causing a new CME gap. CME futures started trading at 85,160 dollars, above the closing price of 84,190 dollars on Friday, highlighting Bitcoin's historical tendency to fill price gaps.
The price difference between the weekend closing of CME futures and the opening of the new week creates a situation that increases the likelihood of a decline in Bitcoin. Bitcoin creates gaps due to price movements in the spot market, which operates 24 hours a day, because CME futures are only open for 23 hours during the weekdays. These gaps signal that Bitcoin may experience a pullback to the $84,000–$85,000 level in line with past movements where it has historically filled these gaps significantly.
Bitcoin has previously filled similar gaps and retraced to important price levels. In particular, last year, the gap that formed after Donald Trump's presidential election victory was completely closed with a drop to $76,700. This constitutes another example supporting Bitcoin's gap filling habit.