Bitcoin fell to just $58,000 in the last 24 hours, failing to sustain itself above the key support level of $60,000 again. Various analysts have suggested that CME gap caused this price decline and that BTC may enjoy some relief in the form of a rebound in the future.
CME Gap Pushes Bitcoin Below $60,000
Cryptocurrency Analyst Daan Crypto suggested in X (formerly Twitter) fasting that Bitcoin experienced a recent price decline to close the CME gap at around $60,000. The CME gap is the difference between the price of BTC at Chicago Mercantile Exchange (CME) futures market between market close on Friday and reopening on Monday.
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While sharing a chart of the CME Bitcoin futures, cryptocurrency analyst Speed Racer also mentioned the CME gap as a factor behind Bitcoin’s recent decline. he stated that market makers managed the BTC market in the low term because there was no chance they would leave a “$1650 CME gap after the weekend.”
Cryptocurrency analyst Ninja also explained that the recent price drop was due to the CME gap and even called it a “bullish sell.” He assured that everything would be fine and a market rebound was likely. Ninja also urged Bitcoin bulls not to panic, although he subtly admitted that current market conditions are enough to send anyone into a panic.
Fortunately, the worst seems to be behind us now, as Daan Crypto revealed that the CME gap has been fully closed. This suggests that Bitcoin should enjoy some relief from its current price levels. Cryptocurrency expert Michael van de Poppe Also confirmed that the CME gap has closed and this is a signal that it is time for BTC to rebound.
Cryptocurrency analyst Titan of Crypto shared a similar sentiment, revealing that the CME gap has been filled. taken over that there is nothing stopping Bitcoin now and that it is time for the flagship cryptocurrency to be sent out. The chart shared by the analyst shows that BTC could rise to $72,000 in the next stage of growth.
CME gap may not be the only problem
Sales pressure Another problem that is causing the price of Bitcoin to decline is its instability. Data Bitcoin ETFs continue to see massive net outflows, with fund issuers having to sell off their BTC holdings to meet redemption requests, according to data from Farside Investors.
There is also significant selling pressure from German governmentwho still appears to be selling his Bitcoin holdings based on data from Arkham Intelligence. This is in addition to concerns about the selling pressure that BTC may experience as defunct cryptocurrency exchange Mt. Gox begins repaying approximately $9 billion worth of cryptocurrencies to creditors.
At the time of writing, Bitcoin is trading at around $58,600, down more than 3% in the past 24 hours, according to data data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
