bitcoin has fallen bitcoin-price-fell-below-58000/” rel=”nofollow noopener” target=”_blank”>as low as $58,000 over the past 24 hours, having failed once again to hold above the crucial support of $60,000. Different analysts have suggested that the CME gap caused this price drop and that btc could enjoy a relief bounce in the future.
CME breach caused bitcoin to fall below $60,000
Cryptocurrency Analyst Daan crypto hinted at in an x (formerly twitter) x.com/DaanCrypto/status/1808428439889682688″ rel=”nofollow” target=”_blank”>mail that bitcoin experienced this recent price drop to close the CME gap around the $60,000 range. The CME gap is the difference between the price of btc at the Chicago Mercantile Exchange (CME) futures market between the market closing on Friday and its reopening on Monday.
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Sharing a CME bitcoin futures chart, cryptocurrency analyst Speed Racer also alluded to the CME gap as being responsible for bitcoin’s recent drop. x.com/SpeedRacer689/status/1808447187644244220″ rel=”nofollow” target=”_blank”>fixed that market makers were driving the btc market in the short term as there was no way they would leave a “CME gap of $1650 from the weekend.”
Cryptocurrency analyst Ninja also x.com/Ninjascalp/status/1808429099787882711″ rel=”nofollow” target=”_blank”>explained that the recent price drop was caused by the CME gap and even labeled it a “bull sell.” He assured that everything would be fine, with a market rally likely on the cards. Ninja also urged bitcoin market bulls not to panic, though he subtly admitted that the current market conditions are enough to make anyone panic.
Fortunately, the worst seems to be over, as Daan crypto revealed that the CME gap has now completely closed. This suggests that bitcoin should enjoy a relief rally from its current price level. Cryptography expert Michael van de Poppe also x.com/CryptoMichNL/status/1808525726947147990″ rel=”nofollow” target=”_blank”>confirmed that the CME gap has closed and predicted that it is time for btc to bounce.
Cryptocurrency analyst Titan of crypto shared a similar sentiment, revealing that the CME gap has been filled. x.com/Washigorira/status/1808366145025569160″ rel=”nofollow” target=”_blank”>reclaimed that nothing was holding bitcoin back now and that it was time for the flagship cryptocurrency to soar. According to the chart the analyst shared, btc could rise to $72,000 in its next bullish leg.
The CME gap may not be the only problem
bitcoin/bitcoin-selloff-german-govt-another-67-million/” rel=”nofollow noopener” target=”_blank”>Selling pressure There is another problem with bitcoin that is responsible for its price decline. x.com/FarsideUK/status/1808708565286158837″ rel=”nofollow” target=”_blank”>Data A report from Farside Investors shows that bitcoin spot ETFs are still experiencing huge net outflows, with fund issuers having to dump their btc holdings to meet redemptions.
There is also significant selling pressure from German Governmentwho still appears to be selling his bitcoin holdings based on data from Arkham Intelligence. This adds to concerns about the selling pressure btc could experience once it bitcoin-news/mt-goxs-bitcoin-dump-how-will-the-9-billion-sell-off-affect-btcs-price/” rel=”nofollow noopener” target=”_blank”>Mt. Gox, the cryptocurrency exchange platform that no longer exists begins repaying its creditors around $9 billion in cryptocurrency.
At the time of writing, bitcoin is trading around $58,600, down more than 3% in the past 24 hours, according to bitcoin/” rel=”nofollow noopener” target=”_blank”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
