RATE Group | Bitcoin’s Latest Dip Below $8K Forms Big CME Gap; Could Price Bounce Back?
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Bitcoin’s Latest Dip Below $8K Forms Big CME Gap; Could Price Bounce Back?

09 Mar Bitcoin’s Latest Dip Below $8K Forms Big CME Gap; Could Price Bounce Back?

Posted at 18:19h in Bitcoin News by

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Bitcoin’s big dip to below $8,000 has accelerated speculation of an extended move to the downside. But the cryptocurrency is hiding a bullish catalyst under its sleeves.

So it appears, CME futures linked to the bitcoin price have formed a big gap on its daily chart. The missing candle between Friday’s close and Monday’s open has a height of about $875, with its head pointing towards near $9,060. In traditional terms, the gap could prompt Bitcoin to bounce back in the coming session, keeping traders’ bullish bias intact.

bitcoin, cryptocurrency, crypto, cme

BTC/USD Futures gap spotted following the nine-percent price drop | Source: TradingView.com, CME

Analyst perceives trading gaps in the Bitcoin futures market as a leading indicator to predict the next trend. 95 out of 100 times, the bitcoin spot price intends to move in the direction of the gaps of the futures to fill them. That makes them a pretty accurate signal to spot near-term trading opportunities in the bitcoin market.

Troubles for Bitcoin Remain

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