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Bitcoin

Bitcoin Price Retracement: Crypto Pundit Says Keep An Eye On This CME Gap

Scott Matherson
by Scott Matherson
4 months ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Bitcoin price experienced a sluggish weekend, retracing toward the $95,000 mark as traders closed out positions and volume dried up. However, a crypto analyst is now eyeing a potential upside move as the Chicago Mercantile Exchange (CME) prepares to reopen, revealing a notable gap that could act as a short-term magnet for price action.

New CME Gap To Trigger Bitcoin Price Surge

As the CME Bitcoin Futures market shut its doors on Friday around the $97,022 level, Bitcoin continued trading on platforms like Binance, slowly breaking downward throughout the weekend. This discrepancy has now created what traders call a CME gap.

Related Reading: Crypto Analyst Who Called The Bitcoin Bottom At $77,000 Reveals What’s Coming Next

According to Daan Crypto Trades, an analyst on X (formerly Twitter), historically, these gaps have shown a tendency to get filled within 1-3 days of CME’s reopening, with prices often retracing back to the gap level. The current setup indicates that if Bitcoin continues to hover near $95,400 as CME reopens, the market could soon see an upward move to fill the $1,600 gap.

This pattern is backed by a descending trendline on the analyst’s shared chart, indicating sustained bearish momentum over the weekend. Nonetheless, the presence of a CME gap above the trendline and the magnetic nature of such levels could prompt bulls to step in. 

Expanding on this analysis in a more recent X post, Daan Crypto Trades highlighted two major unfilled gaps on the Bitcoin CME Futures that could influence BTC’s short-term price direction. The first is the aforementioned new CME gap at $97,000 that emerged over the weekend. However, BTC’s price outlook is further complicated by an older, still unfilled CME gap between $91,000 and $92,000, which dates back nearly two weeks.

Bitcoin
Source: Daan Crypto Trades on X 

Since Bitcoin never revisited this older gap, the analyst suggests that it could still exert downward pressure on the price before any meaningful recovery toward filling the $97,000 CME gap. Currently hovering around $94,248, Bitcoin finds itself caught between these two unfilled gaps, creating a zone of uncertainty critical in defining its short-term trajectory. 

Analyst Confirms CME Gap Close At $97,000

In another post, Daan Crypto Trades revealed that Bitcoin is currently navigating a tight consolidation zone as it finds itself wedged between significant price levels, including the Daily, Weekly, Monthly, and Yearly Opens. These levels, historically crucial for BTC’s price action, often act as natural support and resistance zones, making them critical areas for the next significant move.

Related Reading: Peter Brandt Predicts When Bitcoin Price Might Reach $150,000, Technical Signals Show Where Market Is At

Bitcoin’s next big move will likely begin once it breaks out of this tight range. If the cryptocurrency rises above the Daily Open and previous highs, it could push toward $97,000 and probably close the CME gap situated there. On the other hand, if the price falls below the Yearly Open, it would reflect bearish momentum, which could trigger a drop toward $91,000 – $90,000.

Bitcoin
BTC trading at $94,191 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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