Analysts Confirm Bitcoin Gap on CME Has Been Filled, Project Bullish Momentum Towards $72,000

Analysts confirm that Bitcoin’s CME gap has been filled, projecting a potential surge that could propel BTC above the $72,000 mark.

Bitcoin (BTC) price action has recently attracted significant attention following its attempt to close the CME (Chicago Mercantile Exchange) futures gap.

The Bitcoin CME gap is caused by the CME’s trading hours, which are closed for the weekend from Friday evening to Sunday evening. During this time, Bitcoin continues to trade on other exchanges, potentially leading to price changes.

Bitcoin CME Gap Filled

When the CME reopens, the Bitcoin futures price often “gaps” up or down to align with the spot price of Bitcoin traded over the weekend. This difference between Friday’s closing price and Sunday’s opening price triggers the CME Bitcoin gap.

Over the weekend, this gap occurred again. However, analysts now agree that the gap has been filled, leading to divergent projections for BTC’s price trajectory.

For example, Titan of Crypto confirmed the gap closure in a post X. The view is supported by a chart showing a gap between $61,155, the peak on Friday, June 18, and $62,085, the opening price on Monday, July 1. After initially moving lower after the gap, the price is expected to reverse and start moving higher, potentially towards $72,000.

Optimistic feelings and future projections

Adding to the bullish sentiment, Woo Minkyu, an author at CryptoQuant, awake that BTC’s gap was filled perfectly and predicted a return to $63K+ soon. This aligns with Ali Martinez’s analysis recently highlighted by The Crypto Basic, suggesting Bitcoin is approaching a key resistance level at $65,795.

If breached, the forecast indicates a rise to $78,700, supported by Glassnode’s Market Value to Realized Value (MVRV) Extreme Deviation Pricing Bands. Martinez also highlighted that whales are accumulating while long-term holders are selling, indicating strong buying interest and a bullish outlook.

Bitcoin Support and Resistance Levels

Meanwhile, Michaël van de Poppe, CIO and founder of MN Trading Consultancy, highlighted the critical support level around $60,565, marked as a significant buy zone. This area, shaded in green, is anticipated as where the price will stabilize before potentially recovering.

Volume analysis reveals increased activity during bearish moves, indicating selling pressure, while high volume during bullish moves suggests buying interest. The RSI (Relative Strength Index) appears neutral to slightly oversold, suggesting a potential bounce if the price hits the support level.

However, amid the optimistic indications, the current Bitcoin Price is at US$ 60,136.68, down 4.01% in the last 24 hours.

Disclaimer: This content is informative and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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