Can Bitcoin Move Above $10K? Analysts Warn A CME Gap-Fill May Hit Price

KEY POINTS

  • Bitcoin remains above $10,000, showing strong support in the area
  • There is an existing CME gap at $9,600 which Bitcoin might revisit
  • The gap is the unfilled space in the price chart that appears when Bitcoin moves aggressively outside the CME trading hours 

While analysts are confident of the $10,000 support level for Bitcoin, some worry that the CME gap around $9,600 may affect the current price stability, leading Bitcoin to a downward path of filling the gap and breaking the $10,000 level.

The CME gap is the unfilled space in the price chart of Bitcoin every time the benchmark cryptocurrency aggressively moves in either price direction outside the Chicago Mercantile Exchange’s trading hours. Being a traditional exchange, the CME has set trading hours and is closed during weekends. The cryptocurrency markets are open 24 hours a day, seven days a week. 

The most recent CME gap appeared

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