Bitcoin (BTC) Price Fills CME Gap, Traders Bullish on $8,500 Target

News
Tue, 03/10/2020 - 10:25
Yuri Molchan

Despite markets suffering from the coronavirus, Bitcoin has filled the CME gap, making crypto traders bullish on BTC as they call $8,500 the first target

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Contents

Bitcoin remains under the $8,000 level and both crypto markets and traditional markets are suffering from a black swan (as per trader Willy Woo) caused by the coronavirus spreading around the globe.

Still, the fact that Bitcoin has filled in the CME gap seems to have given traders hope that, in the short term, (with two months before the halving) the Bitcoin price will resume its bullish trend.

‘No more gaps below BTC now’

Trader Carl Eric Martin (aka The Moon Carl) has written on Twitter that Bitcoin has already filled the CME gap at the $7,685 level. Now, the trader says, the market can get on with the Bitcoin bull run, showing BTC as a true safe-haven asset.

$8,200-$8,500 on the table

Michael van de Poppe (aka ‘Crypto Michael’) believes that Bitcoin may bounce in the direction of $8,200 or even $8,500 as a relief. However, the analyst tweets that the major support levels of $7,300-$7,600 need to be tested.

Trader ‘George’ agrees, saying that so far Bitcoin could be heading into the $8,000 area.

Related
Bitcoin (BTC) Price Had to Drop 41 Percent to Remain Correlated, Says Bitwise CEO

Bearish take

@SinkTrader has reminded the community of the current global market recession with the coronavirus narrative as a major trigger. He believes crypto whales are pushing the Bitcoin price down to $6,000 in order to buy the dip before the next bull market breaks out.

Trader @FeraSY1, however, believes these narratives to be merely popular opinions on crypto Twitter. In reality, he reckons, this is the first time the global market has faced a major sell-off, so no-one can predict what will happen to BTC next.

“CT opinions about #BTC dump:

Normal GAP filling/correction

#coronavirus related panic Sell off

Plus token

Whales manuplation before halving

Reality(imo):

This is the very first time for #Crypto markets to witness global markets sell-off, so NO ONE knows how #Bitcoin will react”

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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