- Bitcoin rejected at $10,000 again
- There is an open CME futures gap between $9,300 and $9,660
- Analysts points to bullish factors that could spark another Bitcoin rally
Bitcoin News Today – Bitcoin (BTC) has been somewhat volatile in recent times. The digital currency is known to be a highly volatile asset, but that has not stopped investors and traders from seeing it as a safe-haven. Nevertheless, traders have reached a standoff as they find it difficult to provide Bitcoin with any decisive momentum in either direction.
Bitcoin Faces another Rejection at $10k
Bitcoin (BTC) encountered another rejection close to the $10k mark overnight. Nevertheless, the downtrend after the rejection has so far been tempered. Bitcoin found enough support to start another wave of upside rally within the mid-$9k level. However, there is still a chance that the digital currency will plunge lower in the short-term because of the existence of a CME futures gap in the lower-$9k zone.
The strength of BTC’s uptrend when it plunged to the lows of $3,800 has been quite intense. Nevertheless, Bitcoin has been showing signs of slowing down, as it has remained stuck under the $10k mark. The digital currency recently tried to break into the five-digit price range, but it was rejected again.
There Is an Open CME Futures Gap between $9,300 and $9,660
It is worth noting that there is presently an open CME futures gap between $9,300 and $9,660. The overnight dip filled the gap partially. However, for the gap to close fully, the price of the digital currency need to plunge to just beneath $9,300.
A popular digital currency analyst – Cantering Clark – recently shared his opinion regarding this, via a tweet. Clark said that Bitcoin (BTC) fits the perfect mold for an asset that will eventually fill all of its CME futures gaps. In a tweet, he said:
“A few things on CME gaps… Bitcoin actually fits the perfect mold for an asset that will eventually fill ALL gaps that occur. Very high dispersion & ATR. Long-term chart is in an uptrend – This part especially important for downside gap fills. Think ‘survivorship bias.’”
Bitcoin Might Surge Higher before Filling this Gap
The price of Bitcoin needs to plunge by about 5 percent in the short-term to fill this gap. Nevertheless, the recently confirmed close of Bitcoin over an almost year-long descending trend line could push the price of the digital currency higher in the coming days.
Some analysts are also pointed to other factors that could push the price of the digital currency higher in the near term. If BTC surges higher without closing the gap first, chances are the uptrend will prove to be somewhat fleeting.