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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

With CME Futures Gap Filled at $7,200, What’s Next For Bitcoin?

Nick Chong
Nick Chong
1 year ago
3 mins read

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This Monday, a Bitcoin price gap opened in the CME futures between $7,200 and $7,450 due to weekend volatility in the cryptocurrency market. The thing is, on Monday, the leading cryptocurrency was trading at $7,600, even as high as $7,700, leading some to suggest that the asset was going to leave the CME futures gap behind, maybe forever.

Though on Christmas Eve, the gap was filled as BTC tanked, returning to levels it was trading at prior to the weekend jump.

$BTC

CME gap filled. pic.twitter.com/y9pzWjgi2b

— Hsaka (@HsakaTrades) December 24, 2019

With the gap now filled, some are wondering what comes next for Bitcoin and its ilk?

Related Reading: Should History Repeat, Bitcoin Price Will Drop 40% to Bottom at $4,300

Bitcoin Analysts Bullish

While some say the return to the low-$7,000s is a bearish retracement implying an impending return under $7,000, there is a confluence of factors suggesting that the ball remains in the court of the Bitcoin bulls.

Related Reading: What’s Next for the Bitcoin Blockchain? Top Developer Weighs In

“Dave the Wave,” a prominent chartist that called the recent drop to the $6,000s when Bitcoin was trading above $10,000, recently noted that he believes the one-week Moving Average Convergence Divergence (MACD) — an indicator tracking trends of assets — is likely going to see a bullish crossover early next year.  The popular trader wrote:

“Weekly MACD shaping up to re-cross bullishly soon to confirm the continuation of the next cycle.”

Bullish MACD readings on Bitcoin’s one-week chart marked the start of previous bull runs, including the miniaturized one seen from March of this year to July.

That’s not to mention that as reported by NewsBTC previously, Scott “The Wolf of All Streets” Melker recently observed that the weekly Bitcoin chart printed an extremely bullish signal:  a “massive bullish divergence in oversold territory on Stochastic Relative Strength Index.”

Per the trader, this is the fourth time this signal has been seen since the $20,000 top seen in late-2017. The first preceded a bear market rally from $6,400 to $9,900 in mid-2018, the second preceded the 330% jump in the Bitcoin price seen from December 2018 to June 2019, and the third predicted the move from $7,400 and $10,400 that took place just weeks ago.

$XBT Weekly

(1) The weekly XBT chart confirmed the massive bullish divergence in oversold territory on Stochastic RSI. This is the fourth time that this has happened since the Bitcoin top. The first moved price from $6,400 to $9,900… pic.twitter.com/VpHArXdGzr

— The Wolf Of All Streets (@scottmelker) December 23, 2019

Fundamental developments seemingly favor bulls as well. As put best by Andy Bromberg of Coinlist in a recent Bloomberg interview:

“We are seeing a level of building that has happened in 2019 [which makes it feel like] we’re in the moment of everyone is putting on their jumpsuits, ready to take off.”

This has been echoed by Changpeng “CZ” Zhao of Binance, who recently remarked in an interview that he expects for Bitcoin and crypto’s next five to ten years to be extremely positive, marked by higher prices and, as such, more adoption.

Related Reading: Research Group: Bitcoin’s Halving Unlikely to Catalyze Bull Run, But Here’s What Might
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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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.

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