Bitcoin CME Hole Completed at $29,000…Is There a Rebound Coming?
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Answer Bitcoin CME Hole Completed at $29,000…Is There a Rebound Coming?
Bitcoin’s movement is still hesitant about whether it will continue its march and surpass the $32,000 level that it has been standing under for a long time, or whether it is too strong for the bears who are still in control of the price.
According to a tweet by “Michael van de Poppe”, one of the famous analysts in the crypto market, who stated:
The current market movements of Bitcoin reflect past records.
Especially with regard to CME price gaps.
Bitcoin’s CME gap seems to be closing every time, giving hints of a possible breakout to the upside.
Interestingly enough, the current market charts show that the price of Bitcoin is on the rise.
According to Analyst Michael, if Bitcoin manages to close the gap at $29.3K and then moves above $29.7K-$29.9K, it may gain better momentum to rise to a high of $32.8K and potentially reach $35,000 .
Either way, the outcome of the current market conditions will depend on how much momentum Bitcoin is gaining.
Bitcoin CME Gap:
The CME Gap is named after the CME Group, which oversees the Chicago Mercantile Exchange and which enables trading of contracts and Bitcoin derivatives.
Since the stock exchange has a rest period and a weekend, the gap is usually produced to represent the difference between the closing and opening numbers in the market.Read:Bitcoin dips below $21,000 as inflation continues to rise
A gap usually occurs when the opening price is higher or lower than the previous closing point.
In the case of Bitcoin, the price of the cryptocurrency is dropping, and it seems to be closing the CME gap because the last closing point was to the downside.
Currently it can be said that Bitcoin started the week in an upward trend.
A tweet from another market analyst named IncomeSharks shares data showing that Bitcoin is indeed closing the CME hole.
The same analyst sees the currency moving to reach the $34,000 target soon.
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