- Bitcoin hits $90K, fueled by bullish momentum, while traders debate the impact of a CME gap between $76K-$80K.
- CME gaps often spark speculation, but analysts urge caution, as gaps far from current prices may hold less relevance.
- Bitcoin’s rally breaks past $65K-$70K resistance, establishing strong support and signaling robust market sentiment.
Bitcoin continued its bullish surge this week, reaching $90,380, with traders closely eyeing a CME gap of around $76,000-$80,000. The 2.8% price increase from a daily low of $87,005 to a high of $91,100 signals strong market momentum.
Notably, the gap emerged during the weekend’s trading halt, sparking speculation on future price action. Analyst Daan Crypto suggest gaps like these can impact short-term trends but warns against overemphasis when prices are far above.
CME Gaps and Market Implications
CME gaps are areas where no trading occurs, typically during weekends or market closures. These gaps often fuel speculation about potential retracements. Historically, some gaps remain unfilled, defying expectations and misleading traders. The $76,000-$80,000 range gap has drawn attention, but the current 5%+ price distance reduces its immediate relevance.
Source: Daan Crypto
Significantly, Bitcoin has shown consistent growth since September, following months of market indecision. Earlier resistance levels between $65,000 and $70,000 were broken decisively, turning into key support zones. This structural change highlights strong bullish sentiment and suggests a solid foundation for the ongoing rally.
Key Levels to Watch
The rally’s momentum is supported by a surge in trading volume, reflecting heightened trader participation and market conviction. Besides the $76,000-$80,000 gap, traders are monitoring resistance near $92,000, which aligns with the current price range. A pullback to test the $65,000-$70,000 support zone remains possible, given Bitcoin’s historical price behavior.
Moreover, analysts recommend focusing on price trends rather than overvaluing gaps when Bitcoin trades higher. Daan Crypto notes that relying heavily on unfilled gaps can lead to missed opportunities during bull runs. Consequently, traders should prioritize the overall trend and volume signals for sustainable trading decisions.
The post Bullish Bitcoin Breaks $90K, Will the $76K CME Gap Lead to a Retracement? appeared first on Crypto News Land.
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