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Bitcoin Gap Battle Starts at $107 400 CME Gap and Bitcoin due $100,000 next

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Where Did Bitcoin’s Retail Go? Look Offchain
Where Did Bitcoin’s Retail Go? Look Offchain

Important points

  • Bitcoin attempts to close the gap left by its recent weekend Bitcoin futures after it has given up on its recovery.

  • Traders warn that the overall BTC price is weakening due to low volumes.

  • Forecasts for prices are increasingly expecting a test of $100,000 in the near future.

BitcoinBTCOn Tuesday, all eyes were on the Open “gap” Bitcoin Futures.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Bitcoin fights against its latest CME gap

Data. Cointelegraph Markets Pro You can also find out more about the following: TradingView Bitstamp reported a BTC/USD dip to $107460.

After a strong start to the week, the pair lost 2.5% but failed to reach its previous high. “filling” The latest Bitcoin futures gap on the CME Group.

CME Group Bitcoin Futures One-Hour Chart Source: Cointelegraph/TradingView

Due to the price volatility over the weekends, these gaps are created when futures close at a certain price and then open at a new price. 

Markets tend to then “fill” The gap can be filled by going back to the area between the levels that are open and closed. This happens often within hours or days.

“$BTC Opened with a small CME gap below this week. Price did come down to close some of it, but there’s still a bit left. So good to keep that in mind if price were to trade close to it,” Daan Crypto Trades, a trader from Daan Trading Company, wrote about the subject in an X post.

“Besides that, we did close the big gap at $110K last week. This was a gap that was left behind at the end of September before BTC rallied to new all time highs.”

CME Group Bitcoin one-hour chart. Source: Daan Crypto Trades/X

The return on the current occasion for filling in this gap would be around $107,390. When last week’s market routBitcoin futures reached a new low of about $103,750.

“The bulls would want to hold $107K going forward,” Daan Crypto Trades said Monday.

“If this were to start grinding back down, and get close to last Friday’s wick, then that’d just show a lot of weakness to me.”

The price of $100,000 BTC is no longer a support for traders

Traders continued to plan for new lows in the local market, such as a break of support at $100,000.

Related: Dead cat bounce to $118K? 5 things to know in Bitcoin this week

Roman, another trader, said that the Monday rebound was not enough to continue BTC’s price rise.

“Didn’t trust the low volume ‘breakout’ as volume never validated a true reclaim of support. 100-98k here we come!” He told X Followers

BTC/USDT four-hour chart. Source: Roman/X

Ted Pillows, a crypto investor and entrepreneur, also predicted that $100,000 would be at stake if BTC fails to reach a price floor.

“Overall i expect $100,000 to hit with a possible to smack lower to $95,000,” Crypto Tony added, reiterating his existing market expectations.

BTC/USDT per-day chart. Source: Crypto Tony/X

This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.