Bitcoin Price Faces Bearish Deviation After Filling CME Gap
The Bitcoin price struggles to recover, staying below $100,000 amid a market downtrend. A bearish deviation is currently filling a new Chicago Mercantile (CME) Gap, leading analysts to predict potential higher highs for the cryptocurrency.
Market Analysis
- Bitcoin fills a significant gap on the CME futures chart.
- CME gaps occur between closing and opening prices when exchanges transition from weekends to weekdays.
- The current downtrend was anticipated as Bitcoin often moves towards unfilled CME gaps before stabilizing.
- Analyst Rekt Capital indicates that this downtrend could create opportunities for new higher lows.
- Charts show strong support zones and past resistance areas, indicating potential price movements.
- If Bitcoin maintains levels above last week’s low, an uptrend might continue; failing to do so could lead to further declines.
Future Predictions
- Analyst Jelle notes a recent 9% surge in Bitcoin, suggesting it might establish a solid base for growth towards $95,000.
- Currently priced at $87,596, Bitcoin faces bearish conditions but shows signs of recovery.
- Recent data indicates a 5.3% increase in both Bitcoin's price and market capitalization, despite decreased trading volume.
