CME Bitcoin [BTC] Futures Gap and Monthly Closing Points at a Bounce to $7330

By Nivesh Rustgi
Published November 25, 2019 Updated November 25, 2019
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CME Bitcoin [BTC] Futures Gap and Monthly Closing Points at a Bounce to $7330

By Nivesh Rustgi
Published November 25, 2019 Updated November 25, 2019

The Bitcoin market sentiments are usually bullish with an uncertain timeline. The price volatility often favors the ‘hodlers’ in the long run. However, the past two years are starting to see the increasing role of derivatives traders benefitting from the price drops in Bitcoin [BTC].


Current invalidation of the bull market has the traders start looking for a bottom in Bitcoin’s price. However, as Bitcoin [BTC] continues the slump downwards, the bottom has been hard to find.

According to Datamish, About $87.3 million in longs were liquidated on BitMEX in the past 24 hours. This is following the $400 million in liquidations on Friday. The short orders in the market are beginning to increase as well.

Apart from Bitfinex, almost all derivatives market projects a short interest. Moreover, traders at Binance are unusually short, with over 86% in short interest.

bitmex long short
Bitcoin Long/Short Percentages (Source)

The long/short ratio on Okex is also starting to indicate a shift towards the bears as it reaches a critical ratio of 1. The BTC basis on Okex is negative as well, with magnitudes above $15. The rising open interest with an increase in short interest indicates a shift altogether towards the bears.

CME Bitcoin Closing this Week

The monthly contracts one of the largest regulated futures exchange, CME is about to close this Friday.

cme bitcoin futures closing and gaps
CME Bitcoin [BTC] Daily Chart (Market with Closing Day) (TradingView)
The vertical lines mark the closing days of the monthly futures contracts on Bitcoin. However, the closing days have seen considerable fluctuation in the past.

Past performances are no guarantee of future results. Nevertheless, the past three months on bears have seen a slight bounce after the closing.

Moreover, the gap recorded this week is towards the downside. The closing before the gap is at $7330. In the past, Bitcoin has had a strong tendency to fill these gaps.

Furthermore, after continued selling, the traders will also be looking for a relief bounce. The closing of one of the largest futures market could bring relief this week.

Do you think that Bitcoin will be able to hold above $6600 by week’s end? Please share your views with us. 

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)

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