Bitcoin Hovers Between Two Big CME Gaps: Here’s What Next for BTC Price
The post Bitcoin Hovers Between Two Big CME Gaps: Here’s What Next for BTC Price appeared first on Coinpedia Fintech News
All of it started when the investors became extremely optimistic about Bitcoin with fake BlackRock Bitcoin spot ETF approval news. The BTC price has soared by over 50% since then, rising from the consolidation of around $28,000 to the current high of close to $45,000. Besides, the SEC faces a January 2024 deadline on multiple spot Bitcoin ETF applications, which is expected to be a potential game changer for Bitcoin and the entire crypto space.
Currently, the BTC price is expected to trade within a pre-bull phase and is approaching its climax, after which a massive bull run could begin. However, the markets may experience intensified volatility, which may create huge waves very soon. The Bitcoin price has created two CME gaps, which are quite huge and are expected to be filled soon.
The above chart displays two CME gaps between $39,400 & $40,200 and $44,200 & $45,200 in the short time frame. The price is trading around the average levels between the highs at $45,000 and the lows at $39,400. Hence, it displays both probabilities of rising or plunging to either of these levels to fill out the gaps.
Therefore, the Bitcoin price is expected to drop to the liquidity zone below $40,000, which may offer a fine push towards the next highs. The crypto markets are consolidating within a narrow range and following, more or less, a similar pattern that they followed previously. Therefore, a yearly close above $45,000 may validate a rise beyond the bearish claws; otherwise, the BTC price may continue to juggle within the levels for an extended period.
Filed under: Bitcoin - @ December 17, 2023 7:11 am