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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

There’s a 77% Chance Bitcoin Trades Above $9,200 This Week: Market Study

Nick Chong
Nick Chong
1 year ago
2 mins read
Bitcoin price featured image

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Bitcoin may still be up 135% from March’s lows, but the cryptocurrency’s technical outlook is far from bearish.

After peaking at $10,000 multiple times over the past month, showing BTC does not yet have the momentum to clear resistances, the cryptocurrency slid as low as $8,625 on Sunday evening in a move that liquidated approximately $20 million worth of BitMEX longs. 

There are many analysts saying that this is a precursor to further losses.

One trader, for instance, explained that Bitcoin’s weekly chart has just printed a textbook “tweezers top,” marked by two candles with the same-sized body in succession. It’s a sign that is indicative of impending downside.

Chart from trader “Chonis” (@BigChonis on Twitter).

Adding to this, five out of seven of IntoTheBlock’s foremost market signals  — Smart Price, Net Network Growth, In The Money, Bid-Ask Volume Imbalance, and Large Transactions — are currently in a “bearish” zone for Bitcoin.

Though, a market study has shown there is a relatively high likelihood that Bitcoin trades above $9,000 in the coming week.

Bitcoin Could Trade Back At $9,200 Again

Due to the fact that the CME doesn’t open its Bitcoin market on the futures, there are so-called “gaps” formed on the charts every Monday morning when there is a discrepancy between Bitcoin’s price on Friday evening and on Monday morning.

This much was made clear just hours ago, when the CME’s BTC market opened up in the high-$8,000s, hundreds of dollars shy of the Friday close at $9,200.

Chart from trader “Crypto Hamster” of Bitcoin futures gaps.

It’s a potentially bullish sign for the Bitcoin market, a market study has suggested.

Published on December 30th of 2019, a crypto data firm known as Market Science found that 77% of CME gaps fill — which means the price touches each side of the gap — “in the subsequent week” after the gap forms.

That’s to say, should historical data hold up, there is a 77% chance that BTC trades upwards of $9,200 this week.

Bitcoin Formed a Massive $1,200 Gap Two Weeks Ago, And It Still Filled

A perfect example of a CME gap rapidly being filed was two weeks ago.

Over the course of the weekend before last, BTC dumped from around $10,000 to $8,800 due to an influx of selling pressure prior to the block reward halving. A record $1,000+ gap appeared on the CME on Monday morning.

Chart from @HsakaTrades (Twitter handle) of all Bitcoin CME futures gaps of $500 over the past year.
Chart from @HsakaTrades (Twitter handle) of all Bitcoin CME futures gaps of $500 over the past year.

Many thought that the drop to $8,000s was the end of BTC’s bull trend, but, just days later, the cryptocurrency tapped $10,000 on the CME, thus filling the gap just days after it formed.

While this by no means can be repeated to a T, it shows that there is some validity to the Bitcoin futures gap theories.

Related Reading: Crypto Tidbits: Satoshi Isn’t Dumping His Bitcoin, China ‘Bans’ Cryptocurrency Mining
Featured Image from Shutterstock
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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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