• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Bitcoin BTC

Bitcoin May Drop Until It Fills CME BTC Futures Gap at $8,500

Cole Petersen by Cole Petersen
4 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Bitcoin and the aggregated crypto markets have been incurring increased volatility over the past several days, which first began when BTC sharply moved towards $11,000 before swiftly being rejected and plummeting lower.

Now, it appears that Bitcoin is likely to drop back towards the $9,000 region, and analysts are noting that the CME Futures gap that exists around $8,500 could be a logical level for the cryptocurrency to drop to before it finds any meaningful support.

Bitcoin Plummets Towards $10,200 as Selling Pressure Ramps Up

At the time of writing, Bitcoin is trading down nearly 2% at its current price of $10,280, which is down significantly from its daily highs of nearly $10,700 that were set yesterday.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Over a one-week period, it becomes abundantly clear as to just how volatile Bitcoin has been as of late, as it dropped to lows of $9,100 last week before surging past $11,000, which was subsequently followed by a sharp selloff that has led the crypto towards its current prices.

Importantly, the parabolic formation that BTC has formed ever since it began climbing from $3,200 appears to have been broken, which likely means that it will either face a bout of consolidation or move lower in the near future.

Jonny Moe, a popular cryptocurrency analyst on Twitter, elucidated that the parabola has been broken in a recent tweet, while referencing the below chart.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

$BTC pic.twitter.com/SezbB8ggK4

— Jonny Moe (@JonnyMoeTrades) July 22, 2019

Will BTC Drop Until it Fills CME Futures Gap?

One important price level that traders and analysts should closely watch is $8,515, as this is the price level at which Bitcoin formed a CME Futures gap, which are typically filled shortly after they are formed.

Chonis Trading, another popular cryptocurrency analyst, spoke about this level in a recent tweet, noting that BTC did not form any futures gaps this week, but still has the one at $8,515 to fill.

“$BTC – (cme futures) new weekly candle opens within the range of the previous weeks candle so NO new gap. Only open gap on the #bitcoin “weekly” chart is at $8500 area,” he explained in a recent tweet.

$BTC – (cme futures) new weekly candle opens within the range of the previous weeks candle so NO new gap. Only open gap on the #bitcoin “weekly” chart is at $8500 area… pic.twitter.com/2kxzT8tFFl

— Big Chonis Trading? (@BigChonis) July 21, 2019

Although it is unclear whether or not the key psychological price level of $10,000 will hold as a strong support region, any break below this level will likely open the gates for significantly further losses which may extend all the way down to the aforementioned CME Futures gap.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin

Bitcoin Liquidity Crisis Gets Worse, Here’s What It Means For Price

51 mins ago
Dogecoin

Dogecoin (DOGE) Makes Slight 6% Climb This Week – Here’s Why

2 hours ago
Bitcoin Nears $29,000 As Fed Rate Hike Brings Clarity To Market

Bitcoin Nears $29,000 As Fed Rate Hike Brings Clarity To Market

12 hours ago
Ethereum

Ethereum Bullish Signal: $560M In ETH Exits Exchanges

14 hours ago
Solana

Solana Price May Fall To $21 Before It Stages Another Recovery

15 hours ago
LUNC burn

New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price?

17 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

IBC Group Incubates Chirpley, Pioneering a New Era of Digital Marketing with Nano-Micro Influencer Marketplace

March 24, 2023

Litecoin (LTC) and Dogecoin (DOGE) Drowning in Controversy While TMS Network (TMSN) Steals the Show

March 24, 2023

The Best Altcoins To Get In Early 2023: TMS Network (TMSN), TRON (TRX) and Mask Network (MASK)

March 24, 2023

The Web3.Conference will gather Web3 builders & creators this May in Amsterdam

March 24, 2023

LFi Unveils LFi Smartphone, Providing Unprecedented Access to Decentralized Financial Opportunities

March 24, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.