Bitcoin's $ 5,800 Crash: Unfilled CME Gap Tej zaum yuav muaj lub luag haujlwm

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Bitcoin (BTC) traded haphazardly earlier today, after sharply dropping by $5,800 in just a few hours, after which it recovered modestly. The decline caused the cryptocurrency to fill the recent CME gap at $29,000.

The Chicago Mercantile Exchange (CME) allows institutional investors to trade BTC on a more regulated platform. However, this platform is open for specific hours during the workweek and remains closed on weekends and official holidays.

That said, the free market is open 24/7 (even on official holidays), which gives rise to what is popularly known as CME gaps. These gaps get formed when the free market rallied significantly—in either direction—over the weekend or on holidays, causing a gap on the CME chart. The New Years’ weekend saw a massive gap between $29k (where it closed on Thursday) and $33.5k when it opened today.

Historically, Bitcoin tends to close such gaps with highly volatile moves, like the one seen today, which caused the benchmark cryptocurrency to fall as far as $27,630.

Worth mentioning is that the cryptocurrency bounced from this decline equally dramatically to the $32,000 area. However, speculators are starting to wonder if this CME-induced correction is over, considering there’s another open gap at the $23,750 area.

BTCUSD - Ib Daim Ntawv Teev Sijhawm

Cov Ntsiab Tseem Ceeb BTC rau Saib - Lub Ib Hlis 4

Bitcoin appears to have fully recovered from its recent crash and is back above our ascending trendline. We can observe that the cryptocurrency has been recording higher lows over the past few hours, indicating that bulls are getting back in control. Also, our MACD indicator shows that it has wandered into oversold territories, making additional gains very likely in the near term.

Lub caij no, peb cov qib tiv thaiv tseem ceeb ntawm $ 32,000, $ 32,500, thiab $ 33,000. Thaum peb qhov kev txhawb zog tseem ceeb yog $ 31,000, $ 30,000 thiab $ 29,000.

Tag Nrho Kev Lag Luam Kev Lag Luam: $ 855 billion

Kev Lag Luam Kev Lag Luam Bitcoin: $ 586 billion

Tus Tswv Bitcoin: 68.5%

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Azeez Mus

Azeez Mustapha yog tus kws tshaj lij kev lag luam, tus kws tshuaj xyuas nyiaj txiag, teeb tsa tus tswv yim lag luam, thiab tus tswj nyiaj txiag nrog ntau dua kaum xyoo ntawm kev paub dhau los hauv kev lag luam nyiaj txiag. Raws li blogger thiab tus sau nyiaj txiag, nws pab cov tswv lag luam nkag siab cov ntsiab lus nyiaj txiag nyuaj, txhim kho lawv cov peev txheej peev txheej, thiab kawm paub tswj hwm lawv cov nyiaj li cas.

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