Bitcoin analysts have confirmed that the Bitcoin CME gap has been filled, hinting at a potential surge that could push BTC above the $72,000 mark.
The recent price action of Bitcoin (BTC) has garnered significant attention as it attempts to close the futures gap on the Chicago Mercantile Exchange (CME).
The Bitcoin CME gap is a result of the CME’s trading hours, which are closed for the weekend from Friday evening to Sunday evening. During this time, Bitcoin continues to trade on other exchanges, potentially leading to price discrepancies.
When the CME reopens, the price of Bitcoin futures often “gaps” up or down to align with the spot price of Bitcoin traded over the weekend, causing the Bitcoin CME gap.
Over the weekend, this gap occurred once again. However, analysts now concur that the gap has been filled, leading to differing projections for BTC’s price trajectory.
For example, Titan of Crypto confirmed the closure of the gap in a recent post, supported by a chart showing a gap between $61,155, the peak on Friday, June 18, and $62,085, the opening price on Monday, July 1. After initially moving down post-gap, the price is expected to reverse and begin trending upwards, potentially reaching $72,000.
In addition to the bullish sentiment, Woo Minkyu, a CryptoQuant author, agreed that the BTC gap was perfectly filled and predicted a return to $63K+ soon. This aligns with Ali Martinez’s analysis, suggesting Bitcoin is approaching a key resistance level at $65,795. If breached, the forecast indicates a surge to $78,700, supported by the Market Value to Realized Value (MVRV) Extreme Deviation Pricing Bands from Glassnode. Martinez also noted that whales are accumulating while long-term holders are selling, indicating strong buying interest and a bullish outlook.
Meanwhile, Michaël van de Poppe, the CIO & Founder of MN Trading Consultancy, highlighted the critical support level around $60,565 as a significant buying zone. This area is expected to be where the price will stabilize before potentially bouncing back. Volume analysis reveals increased activity during down moves, indicating selling pressure, while high volume on up moves suggests buying interest. The RSI (Relative Strength Index) appears neutral to slightly oversold, suggesting a potential bounce if the price hits the support level.
Despite the bullish indications, the current Bitcoin price stands at $60,136.68, experiencing a decline of 4.01% in the past 24 hours.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.