Bitcoin (BTC) CME Gap At $39,700, Is A Market Correction Looming This Week?
Bitcoin CME Gap: Bitcoin price surpassed $44,000 mark amid massive buying from retail and institutional investors, with open interests (OI) continuing to rise. Traders and analysts now expect a move above $45,000 and a further rally towards $50,000. However, a popular analyst pointed out that the Chicago Mercantile Exchange (CME) Bitcoin gap at $39,700.
Bitcoin CME Gap At $39,700
As CME flipped Binance to become the largest Bitcoin futures exchange, the CME open interest and other data hold key significance for deciding further BTC price moves.
Popular analyst Willy Woo in a post on X revealed that there’s a Bitcoin CME gap at $39,700 that needs to be filled. It means BTC price needs to correct to $39,700 before embarking on another rally.
He said “By my count 28 out of 30 gaps have been filled on CME daily candles (93%). The other unfilled gap is pictured in the lower left of this chart also.”
In the daily timeframe, Bitcoin seems to pullback from the local high of $44,408. While the community turns down CME Bitcoin narrative due to recent rally and positive sentiment, the Fear and Greed Index is at extreme greed now.
In addition, CME Bitcoin futures open interest (OI) has an open interest of more than $5 billion, decreased by nearly 1% in the last 24 hours. BTC futures OI on Binance has also declined slightly, but still up 1% in the last 24 hours.
Also Read: Cathie Wood’s Ark Invest Offloads $25M Of Coinbase & $3.5M Of GBTC Shares
BTC Price Risk Falling?
As per Bitcoin CME gap, BTC price can fall up to 10%. It will give another opportunity for investors to buy the dip before Bitcoin sees another rally due to spot Bitcoin ETF hype and dovish the U.S. Federal Reserve.
CoinGape reported that Bitcoin option traders have turned bullish expecting the Bitcoin price to touch $50,000 by the end of January 2024.
BTC price currently trading at $43,943, paring earlier gains in the last few hours. The 24-hour low and high are $43,627 and $44,361, respectively. Furthermore, the trading volume fell 32% in the last 24 hours, indicating a decline in interest among traders.
Also Read: Popular Analyst Predicts 20% Further Rally In ADA, DOGE And DOT Prices
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