News
Bitcoin's $10k Value Pushed Down By CME Futures Price Gap
Summary: On Sunday Bitcoin (BTC) surpassed the $10,000 zone and held above that region for about 24 hours, before dropping back down to as low as $9,790 on Monday. Traders, analysts, and speculators believe this could be part of a greater trend that’s been going on since early last year. The Drop from the $10k range ...
On Sunday Bitcoin (BTC) surpassed the $10,000 zone and held above that region for about 24 hours, before dropping back down to as low as $9,790 on Monday. Traders, analysts, and speculators believe this could be part of a greater trend that’s been going on since early last year.
The Drop from the $10k range to the $9,800 range follows the unfilled price gap that took place on the Chicago Mercantile Exchange (CME) Bitcoin Futures chart. The gap first appeared on Friday when CME’s bitcoin futures closed at $9,850 on Friday and when CME’s global markets opened again at $10,000 the gap filled and quickly dropped by $300.
These gaps form when an assets price urges faster than usual and it leaves a gap on derivatives market charts while trading hours are closed. Because of this cryptocurrency markets can see a scenario where the gap gets closed because of the underlying cash markets that are running 24/7.
This isn’t the first “close the gap scenario with BTC as back in the June 2019 rally, a few gaps were left behind but there were many gaps filled with price corrections following.
By Ramsey Baker
Tags: Bitcoin,CMe futures,Cryptocurrency,gap
Link: Bitcoin's $10k Value Pushed Down By CME Futures Price Gap [Copy]
