However, Bitcoin is a free market asset that trades 24/7 and is operational even on public holidays. That said, this differing time constraint between BTC and CME BTC futures causes something known as ‘CME gaps.’ These gaps appear—usually over the weekend—when the CME market is closed and Bitcoin rallies causing a difference (gap) in prices.
A CME gap is exactly what we are seeing now following the closure of the CME market by Thursday through Sunday last week, while Bitcoin rallied from about $23,600 to a new all-time high. The primary cryptocurrency broke the $26,000, $27,000, and $28,000 barriers during the past weekend alone. At press time, the ATH stands at the $28.395 price point.
That said, when the CME market opened today, there was a significant gap in the prices. From its Thursday market close to today’s open, there’s a fresh CME gap of about $3000—the largest gap in history.
Key BTC Levels to Watch — December 28
Following its incredibly impressive weekend bull run, Bitcoin bulls are now taking a breather as the cryptocurrency falls into consolidation. At press time, BTC is “pass-and-play” mode between $27,500 and $26,500. If this consolidation persists for the coming 24 hours and the price hits our hourly ascending trendline, we could see a bounce higher.
On the flip side, the current open CME gap could drag the cryptocurrency lower overnight. Nonetheless, we still have expectations of a $30k BTC price tag before 2020 finally runs out.
Meanwhile, our key resistance levels are at $27,500, $28,000, and $28,395. While our key support levels are at $26,500, $26,000 and $25,500.
Total Market Capitalization: $724 billion
Bitcoin Market Capitalization: $499 billion
Bitcoin Dominance: 68.9%
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