RATE Group | Sorry — But Bitcoin Can Still Drop to $2.7K While Everyone’s Bullish
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Sorry — But Bitcoin Can Still Drop to $2.7K While Everyone’s Bullish

08 Dec Sorry — But Bitcoin Can Still Drop to $2.7K While Everyone’s Bullish

Posted at 21:48h in Bitcoin News by

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As the Bitcoin price (BTC) begins to slowly ascend, the question on everyone’s minds is whether the latest bottom is in, or whether there is more pain ahead.  

In this article, I will aim to provide some insight as to what one can expect based on the information from the charts. 

Daily crypto market performance

Daily crypto market performance. Source: Coin360.com

Lower CME gap to be filled

BITCOIN CME futures daily chart

BITCOIN CME futures daily chart. Source: TradingView

In last week’s analysis, I pointed out that the CME gap was higher than the weekend price, 7% higher in fact, and as expected this gap was filled on Dec. 4 as a $560 candle appeared out of nowhere taking the price from around $7,240 to $7,800 in a matter of minutes.

One thing that is worth noting here is that although the Bitcoin price experienced this explosive move, the price was only maintained for a few hours, before returning to its previous level. With this in mind, let’s consider the gap that needs to be filled this forthcoming week.  

The Bitcoin price closed on…

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