RATE Group | There’s a CME Gap at $11,855 For Bitcoin, And It Could Trigger a 47% Rally
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There’s a CME Gap at $11,855 For Bitcoin, And It Could Trigger a 47% Rally

11 Jan There’s a CME Gap at $11,855 For Bitcoin, And It Could Trigger a 47% Rally

Posted at 04:28h in Bitcoin News by

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Bitcoin’s bulls have fought back against intense selling pressure that the cryptocurrency has faced over the past 12 hours, which previously led some analysts to believe that BTC was poised for a major drop back into the lower-$7,000 region.

If BTC had broken below its key support around $7,700, it is probable that it would have continued dropping until it reached around $7,200, as this is where it established strong support throughout late-2019.

Analysts are now noting that there is one factor that could mean Bitcoin is in for some massive gains in the near-term, with an open CME gap potentially being a catalyst for the next 50% rally.

Bitcoin Bounces From $7,700 as Bulls Shows Vitality 

Currently, Bitcoin is trading up just over 2% at its current price of $8,050, which marks a notable climb from its daily lows of $7,700 that were set yesterday when bears attempted to generate enough selling pressure to force BTC to erase all of its recent gains.

Many analysts have speculated that…

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