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Bitcoin (BTC) has lost over 6.8% of its value within the last 24 hours, dropping below the $80,000 mark. The latest price drop allowed BTC to close the gap on the CME exchange, as crypto analyst Rekt Capital posted in a chart on X.
Bitcoin closes historical CME gap
In the X post, Rekt Capital highlighted that BTC finally filled its CME gap, which formed in November 2024. The analyst’s chart revealed the gap between $78,000 and approximately $80,700.
Alex DovbnyaOn the crypto market, price gaps are formed when an asset opens much higher or lower than its previous closing price. This creates a gap in the chart, which often acts as a magnet for future price movements. This trend holds as traders anticipate the asset will eventually return to the gap level to "close" it.
The implications of CME gaps for Bitcoin lie in their predictive power. Market participants closely monitor these gaps for potential trading opportunities.
What's next for BTC price?
Historically, closing a downward gap for BTC indicates a bullish signal. It suggests the market has addressed an imbalance, potentially paving the way for a price rebound. Hence, closing the CME gap between $78,000 and approximately $80,700 could result in Bitcoin regaining its lost momentum.
Yuri MolchanIndustry experts and analysts have expressed an optimistic outlook for Bitcoin amid the ongoing market volatility. The $1 million Bitcoin advocate Samson Mow stated earlier today that he is still bullish on the leading coin. He sees the price of Bitcoin moving higher as institutional adoption increases.
Meanwhile, Strategy’s CEO Michael Saylor urged investors to continue buying BTC despite the recent dip. On the weekly chart, BTC has decreased by over 19% to trade at $79,850 at press time. This decline has reverberated within the crypto market, with major cryptocurrencies paring their recent gains.
Dan Burgin
Vladislav Sopov