Analysts confirm the Bitcoin CME gap is filled, projecting a potential surge that could propel BTC above the $72,000 mark.
Bitcoin’s (BTC) price action has recently drawn significant attention following its attempt to close the CME (Chicago Mercantile Exchange) futures gap.
The Bitcoin CME gap is caused by the trading hours of the CME, which closes for the weekend from Friday evening to Sunday evening. During this period, Bitcoin continues to trade on other exchanges, potentially leading to price changes.
Bitcoin CME Gap Filled
When the CME reopens, the Bitcoin futures price often “gaps” up or down to align with the spot price of Bitcoin traded over the weekend. This difference between the Friday closing price and the Sunday opening price triggers the Bitcoin CME gap.
Over the weekend, this gap occurred again. However, analysts now agree that the gap has been filled, leading to divergent projections for BTC’s price trajectory.
For instance, Titan of Crypto, has confirmed the closure of the gap in an X post. The viewpoint is supported by a chart showing a gap between $61,155, the peak on Friday, June 18, and $62,085, the opening price on Monday, July 1. After initially moving down post-gap, the price is expected to reverse and start trending upwards, potentially toward $72,000.
#Bitcoin CME Futures GAP got filled! ✔️💥
As expected. 🤝
Nothing holds #BTC back now.
Time to send. 🚀 pic.twitter.com/fWyqzobo1E— Titan of Crypto (@Washigorira) July 3, 2024
Bullish Sentiments and Future Projections
Adding to the bullish sentiment, Woo Minkyu, a CryptoQuant author, agreed that the BTC gap was filled perfectly and predicted a return to $63K+ soon. This aligns with Ali Martinez’s analysis recently spotlighted by The Crypto Basic, suggesting Bitcoin is nearing a key resistance level at $65,795.
If breached, the forecast indicates a surge to $78,700, supported by the Market Value to Realized Value (MVRV) Extreme Deviation Pricing Bands from Glassnode. Martinez also highlighted that whales are accumulating while long-term holders are selling, indicating strong buying interest and a bullish outlook.
Bitcoin Support and Resistance Levels
Meanwhile, Michaël van de Poppe, the CIO & Founder of MN Trading Consultancy, highlighted the critical support level around $60,565, marked as a significant buying zone. This area, shaded in green, is anticipated to be where the price will stabilize before potentially bouncing back.
$BTC trying to close the CME gap, which isn’t entirely closed.
Expecting this to be closed in the next 1-2 days and bounce from there. pic.twitter.com/4X2CC9DHKV
— Michaël van de Poppe (@CryptoMichNL) July 3, 2024
Volume analysis reveals increased activity during down moves, indicating selling pressure, while high volume on up moves suggests buying interest. The RSI (Relative Strength Index) appears neutral to slightly oversold, suggesting a potential bounce if the price hits the support level.
However, amid the bullish indications, the current Bitcoin price stands at $60,136.68, experiencing a decline of 4.01% in the past 24 hours.
