On January 4, 2020, the price of Bitcoin fell from $ 33,800 per unit, the highest level in the market, to $ 27,734 a few minutes after 05:00 a.m. EST, to its lowest point of the year. In fact, the price drop filled the CME Group’s large futures gap after seeing six consecutive gaps in the regulated stock market since the rise. Meanwhile, some other cryptocurrencies have seen significant gains and haven’t dropped as much as the leading crypto asset.

 

 

Bitcoin (BTC) prices fell by -17.94% from 1:30 to 5:15 (EST) on Monday morning. On Sunday, BTC’s daily high was around $ 33,800 per unit, and the next day at 17.15 am, the price dropped from $ 27,734 per token to a 2021 low. Since then, the price has recovered (15.38%) and climbed above the $ 32,000 zone. Coincidentally, the drop also filled one of the CME Group’s major bitcoin futures gaps.

Bitcoin price drop finally filled the CME gap and bullish came

On Monday, January 4, 2020, bitcoin (BTC) dropped to $ 27,734 before recovering.
For example, the Bitcoin trader, nicknamed “Lowstrife” since 2013, told 21,000 Twitter followers yesterday that the 6th consecutive gap of CME was formed. “This CME is the 6th gap in a row for bitcoin futures,” Lowstrife tweeted. “Of these, 4 were specified as large (> 6%) gaps and 2 as small spaces.

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Trading gaps are forming because the CME Group is a regulated market that only operates from Monday to Friday, and if the bitcoin price rises or falls significantly during the weekend after the last price negotiation on Friday, traders will see a gap where the futures market stands. ) can see. There was an enormous CME bitcoin futures gap between $ 23,790 and $ 26,525. It was one of the largest CME bitcoin futures gaps ever recorded. Misaligned trade discrepancies between spot prices and futures market prices caused CME to temporarily halt trading.

Futures gaps occur frequently, and there are quite a few between spot prices and futures market prices on the BTC / USD chart. Gaps can stay for a long time and never fill. However, traders think the gaps are significant as they see some bottom indicators before the actual spot market price hits bottom.

Moreover, while BTC dropped some dollars in early morning trades, a number of other cryptocurrencies also saw losses, but not nearly as deep as BTC. Ethereum (ETH) has risen above 14%, traded today at $ 1,044 per unit. Bitcoin cash (BCH) has climbed over 5% and is currently ticking over the $ 410 price. Cardano (ADA) increased over 9% as it traded at $ 0.21 per unit. The entire market value of over 7,500 crypto assets in existence is still hovering around $ 841 billion on Monday.

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