Bitcoin Price Approaches $120,000 Amid CME Gap Concerns
The Bitcoin price is approaching $120,000 after a brief pullback. However, a Chicago Mercantile Exchange (CME) gap near $116,500 poses a potential risk for a price correction as BTC seeks new highs.
Key Points on Bitcoin's Price Dynamics
- Bitcoin recently surpassed $118,000 following a volatile week.
- An unfilled CME gap at $116,500 could trigger a temporary price drop.
- Market analyst Ted Pillows suggests this gap will likely be revisited soon, indicating potential market fluctuation.
- Despite bearish signals, any correction is expected to be short-lived, paving the way for a possible upward trend toward new all-time highs.
- Daan Crypto Trades notes that the current CME gap is significant and may remain open longer than usual, linked to Bitcoin's previous ATH range.
- Currently, BTC is trading at approximately $121,313.
