Bitcoin Drops Below $80,000 and Fills CME Gap
Bitcoin (BTC) fell below $80,000, reaching a low of $78,258, filling the CME gap between $78,000 and $80,000. Currently, BTC trades in the low $80,000 range.
Key Points
- CME gap filled: This marks the filling of all CME gaps since March 2024.
- New CME gap identified between $92,800 and $94,000 due to market sell-off influenced by trade tariffs announced by US President Trump.
- Macroeconomic factors are significant, with potential Fed interest rate cuts depending on inflation data.
- January’s PCE inflation was at 2.5%, aligning with Fed projections; core inflation matched expectations at 2.6%.
- Standard Chartered forecasts a potential further decline of 10% for BTC.
- Analyst Ali Martinez notes easing sell-side pressure could indicate a local bottom forming for BTC.
- The Cryptoasset Sentiment Index shows signs of a contrarian buy signal.
- Current BTC price is $83,508, down 2.5% in the last 24 hours.
