Bitcoin eyes CME gap below as BTC price dips 2.5% to risk $100K collapse
Bitcoin dropped 2.5% to test a CME futures gap around $107,390, with traders warning of a potential breach of $100,000 support.Summary
Bitcoin (BTC) fell by 2.5% to weekly lows, focusing attention on an open gap in the CME Group's Bitcoin futures market. These gaps, formed over weekends due to price volatility, tend to be filled as the market returns to the price range left open. Filling the current gap would mean BTC returning to around $107,390. Traders noted that while a larger gap at $110,000 was closed last week, the current support at $107,000 is crucial.
Several analysts expressed concern over the price weakness, noting that the recent rebound lacked sufficient volume to sustain an upward move. Consequently, some traders are preparing for a breakdown of the key $100,000 support level, with expectations that BTC could drop towards $98,000 or even $95,000 if the current floor fails to hold.
(Source：Cointelegraph)