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The Bitcoin price surpassed the $44,000 level due to significant purchases from retail and institutional investors, and open positions (OI) continue to show an increase.
Popular analyst Willy Woo, in a post on December 7, revealed that there is a Bitcoin CME gap at the $39,700 level that needs to be filled.
Despite the recent rally and positive sentiment, the community rejects the CME Bitcoin story, and the Fear and Greed Index is currently at an overly greedy level.
Bitcoin price manages to stay above $40K, but the price level in the CME gap may pose a risk for BTC!
Bitcoin Price and the CME Gap
The Bitcoin price has surpassed the $44,000 level due to significant purchases from retail and institutional investors, and open positions (OI) continue to show an increase. Currently, traders and analysts are expecting a move above $45,000 and a rally toward $50,000.
However, a popular analyst pointed out a Chicago Mercantile Exchange (CME) Bitcoin gap at $39,700. CME’s position as the largest Bitcoin futures exchange, surpassing Binance, gives it significant importance in determining BTC price movements based on CME open positions and other data.
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Popular analyst Willy Woo, in a post on December 7, revealed that there is a Bitcoin CME gap at the $39,700 level that needs to be filled. This means that the BTC price should drop to $39,700 before starting another rally. Woo stated, ‘By my count, 28 out of 30 gaps on CME daily candles have been filled (93%). The other unfilled gap can be seen in the bottom left corner of this chart.’
Bitcoin CME Futures Daily Chart
On the daily timeframe, Bitcoin appears to be pulling back from the local peak of $44,408. While the community rejects the CME Bitcoin story due to the recent rally and positive sentiment, the Fear and Greed Index is currently at an overly greedy level.
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Moreover, CME Bitcoin futures open positions (OI) have decreased by nearly 2% in the last 24 hours, with a total open position of $5 billion. OI for BTC futures on Binance has also experienced a slight decrease but has still increased by 1% in the last 24 hours.
Is BTC Price at Risk?
According to the Bitcoin CME gap, the BTC price could drop by up to 10%. This provides investors with another opportunity for bottom buying before Bitcoin sees another rally, driven by the hype around a spot Bitcoin ETF and the soft stance of the U.S. Federal Reserve. According to COINOTAG, Bitcoin option traders have turned bullish, expecting the BTC price to reach $50,000 by the end of January 2024.
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The BTC price is currently trading at $43,254, erasing gains from a few hours ago. The low and high values in the last 24 hours are $43,478 and $44,265, respectively. Additionally, the trading volume has decreased by 32% in the last 24 hours, indicating a decline in interest among traders.
