Bitcoin Reaches $87,800 Amid CME Futures Gap Formation
Spot Bitcoin reached a high of $87,800 on Monday. This follows a gap between the CME futures' closing price of $84,190 on Friday and an opening at $85,160.
Key points:
- The gap suggests a potential drop since Bitcoin tends to fill CME futures gaps.
- Bitcoin previously filled a gap from November when it dropped to $76,700 in mid-March.
- Gaps arise because spot Bitcoin trades 24/7 while CME futures operate for 23 hours a day.
- Historically, Bitcoin often retraces to fill these gaps, indicating a potential revisit to the $84,000–$85,000 range.