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Bitcoin to Hit Critical Support Level as Analysts Eye Drop to CME Gap

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
0
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  • Bitcoin’s price is currently plunging, with the growing sell-side pressure coming from a combination of technical uncertainty, weakness in the stock market, and strength in the US Dollar
  • BTC’s recent inability to break above $11,000 may also be one factor behind this recent turbulence, as it elucidated underlying weakness amongst bulls
  • One trader, in particular, is now noting that he is expecting the crypto to see some serious near-term downside
  • He is setting his sights on a move to the crypto’s CME gap in the mid-$9,000 region
  • These is significant liquidity at this price region, so a decline to here may be just what Bitcoin needs to see a strong rebound

Bitcoin and the entire crypto market are currently facing one of the worst selloffs seen in a while.

While BTC is only trading down 5% from its recent highs, Ethereum and most other altcoins have incurred massive selling pressure that has erased the vast majority of the gains they have seen in recent weeks.

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This current market-wide weakness may only grow worse in the near-term. One trader is now setting his sights on a further decline for Bitcoin, targeting the CME gap that sits in the mid-$9,000 region.

Bitcoin Losses Its Stability Following Rejection at $11,000

At the time of writing, Bitcoin is trading down over 3% at its current price of $10,600.

This marks a notable decline from its recent highs of $11,200 that were set earlier this week. The visit to these highs was fleeting, as BTC tapped them for a mere moment before facing a rejection that sparked a consolidation phase.

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Bears have since prevailed over bulls, and the crypto is now poised to see further downside in the near-term.

One trader noted that the benchmark cryptocurrency’s delta is beginning to expand to the downside, signaling that a move to $10,100 could happen in the near-term.

“Delta expanding to the downside, looking at high 10100s,” he explained.

Bitcoin

Image Courtesy of Red.

Analyst: BTC May Have to Decline to CME Gap Before Rebounding

While speaking about its near-term outlook, one trader stated that Bitcoin may need to fill its CME gap within the mid-$9,000 region before seeing further upside.

“BTC: Looks ready to finally go fill that CME gap. Didn’t quite tap the $11,200, 0.65 region I talked about.”

Image Courtesy of Mac. Chart via TradingView.

If this decline does occur, it will likely create a serious tailwind for the rest of the crypto market, adding fuel to the selloffs that altcoins are currently seeing.

Featured image from Unsplash.
Charts and pricing data via TradingView.
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Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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