Bitcoin CME Gap at $28,000 Filled, But Correction Risk Looms
20 Março 2023 - 6:00PM
NEWSBTC
Bitcoin’s (BTC) upward trend has persisted, reaching its highest
level since June 2022 before the FTX collapse. BTC has breached the
nearest resistances, successfully filling the Chicago Mercantile
Exchange (CME) gap and breaking above $28,400. However, the
possibility of a short-term correction remains a concern, with
bears trying to delay the confirmation of a sustained bull market.
CME gaps are often known in the market as discrepancies that occur
when the price of Bitcoin moves sharply outside of regular trading
hours on the Chicago Mercantile Exchange. As the CME is closed on
weekends, the price of BTC during these periods can differ from the
closing price on the previous trading days. This all leads to a gap
between the closing and opening prices when trading resumes.
Despite Bitcoin’s recent gains, it’s worth noting that its price
remains highly volatile and subject to significant fluctuations.
So, what are the remaining gaps for the flag cryptocurrency in the
market yet to be filled? Related Reading: Hot Wallets Exploits Push
This Crypto ATM Maker To End Cloud Service One CME GAP Filled, Two
More To Go For Bitcoin According to the crypto analyst who
goes by the pseudonym MikyBull, “Although Bitcoin has managed to
fill the $28,000 gap, after a weekly close above $27,500, a new
huge gap is being created at $27,000, which may delay the
continuation of the uptrend if confirmation of a move to the
downside to filling the gap is in place.” Looking at the chart, a
significant gap at $20,300 remains to be filled for Bitcoin. While
there is no guarantee that this gap will be filled, it is possible
that price action could move back toward the opening price and
jeopardize the current uptrend for the market’s largest
cryptocurrency. Key Support And Resistance For BTC Bitcoin is
inching closer to confirming the end of the bear market and setting
its sights on the $30,000 zone. However, with a current trading
price of $27,500, BTC is approaching a strong resistance zone at
$28,600 as it enters a new, fully-formed bull trend. If Bitcoin
cannot surpass the next resistance, the previous obstacle at
$25,200 could be a crucial support level to prevent the
cryptocurrency from falling below this mark. This aligns with the
200-day moving average (MA), a key floor for Bitcoin to maintain
its current uptrend. Banking instability has made Bitcoin an
attractive, safe haven for investors, but due to its inherent
volatility, sharp fluctuations in both directions are likely to be
a common occurrence. As a result, corrections and retests of new
resistance levels will likely emerge as Bitcoin continues to
experience ups and downs in the market. BTC has reported
significant gains in wider time frames, with a 26% increase over
the last seven days and a 24% increase over the last fourteen days.
However, over the past 24 hours, the market’s largest
cryptocurrency has seen a 1% decrease following an unsuccessful
attempt to break through the $28,600 resistance level. Related
Reading: Bullish Signal: XRP Whales Go On $155 Million Buying Spree
Featured Image from Unsplash, chart from TradingView.com.
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