The Bitcoin price experienced a sluggish weekend, retracing toward the $95,000 mark as traders closed out positions and volume dried up. However, a crypto analyst is now eyeing a potential upside move as the Chicago Mercantile Exchange (CME) prepares to reopen, revealing a notable gap that could act as a short-term magnet for price action.
New CME Gap To Trigger Bitcoin Price Surge
As the CME Bitcoin Futures market shut its doors on Friday around the $97,022 level, Bitcoin continued trading on platforms like Binance, slowly breaking downward throughout the weekend. This discrepancy has now created what traders call a CME gap.
According to Daan Crypto Trades, an analyst on X (formerly Twitter), historically, these gaps have shown a tendency to get filled within 1-3 days of CME’s reopening, with prices often retracing back to the gap level. The current setup indicates that if Bitcoin continues to hover near $95,400 as CME reopens, the market could soon see an upward move to fill the $1,600 gap.
This pattern is backed by a descending trendline on the analyst’s shared chart, indicating sustained bearish momentum over the weekend. Nonetheless, the presence of a CME gap above the trendline and the magnetic nature of such levels could prompt bulls to step in.
Expanding on this analysis in a more recent X post, Daan Crypto Trades highlighted two major unfilled gaps on the Bitcoin CME Futures that could influence BTC’s short-term price direction. The first is the aforementioned new CME gap at $97,000 that emerged over the weekend. However, BTC’s price outlook is further complicated by an older, still unfilled CME gap between $91,000 and $92,000, which dates back nearly two weeks.
Since Bitcoin never revisited this older gap, the analyst suggests that it could still exert downward pressure on the price before any meaningful recovery toward filling the $97,000 CME gap. Currently hovering around $94,248, Bitcoin finds itself caught between these two unfilled gaps, creating a zone of uncertainty critical in defining its short-term trajectory.
Analyst Confirms CME Gap Close At $97,000
In another post, Daan Crypto Trades revealed that Bitcoin is currently navigating a tight consolidation zone as it finds itself wedged between significant price levels, including the Daily, Weekly, Monthly, and Yearly Opens. These levels, historically crucial for BTC’s price action, often act as natural support and resistance zones, making them critical areas for the next significant move.
Bitcoin’s next big move will likely begin once it breaks out of this tight range. If the cryptocurrency rises above the Daily Open and previous highs, it could push toward $97,000 and probably close the CME gap situated there. On the other hand, if the price falls below the Yearly Open, it would reflect bearish momentum, which could trigger a drop toward $91,000 – $90,000.
Featured image from iStock, chart from Tradingview.com
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