Bitcoin Dived To $46K As The Market Is Focused On CME Futures Gaps

Bitcoin dived to $46K suddenly with the market being focused on CME futures gaps and there are many forces that will take the coin’s price action back to $44,500 in the short-term as the analyst revealed so let’s read more in today’s latest Bitcoin news.

Bitcoin dived again and started showing fresh signs of an impending correction as the BTC price action started to eat away at the last weekend’s CME futures gap. The data from TradingView shows that the BTC/USD pair spiked down by $1000 in a few minutes on Bitstamp after the latest WAll Street Opening. The pair ranged after failing to cement $48,000 as support in the week amid the calls for a retest of the low levels as a needed step against the considerable gains.

At the time of writing, BTC circled around $46,700 after it had its lowest levels since March 27. looking at the CME futures charts we can see short-term price performances that can have a downside target in a form of a gap that Is left the last weekend. The CME futures ended tradign at $44,650 but then opened at $46,725 a few days ago. The gap could get filled based on the historical data which means that Bitcoin can be in for another $2000 drop. The Twitter account @CivEkonom noted that a stealthy previous gap from the past year between $52,000 and $54,000 remained open as he said:

“Gaps always get filled on The CME Bitcoin futures.”

The retest fell into the short-term game plan for some traders. Anbessa for example said that he favors the return to the mid $44,000 range while only a deeper move can challenge his bullish perspective. The cheaper coins will favor the main buyer like Terra while the cross-crypto sentiment continued to adjust down and the Fear and green index hit the “greed” territory for the first time this year.

As recently reported, Luna soared by another 9% and broke above $100 so the asset made new gains and hit $105 earlier today. Waves surged the most from the top 100 after a 60% increase in one day and as a result, Waves hit $50 with more gains coming from Loopring by 16%, ThorChain by 13%, and Compound by 14%. the crypto marekt cap increased slightly and now stands at $2,150 trillion.