Bitcoin price is very volatile in the past few weeks. Yesterday Bitcoin see a $500 pump in 2 minutes and stable around $9150 for next few hours. The dust is now settled and the price dumped to the daily lows. Bitcoin is now trading at $8800. Meanwhile, major cryptocurrencies show mixed signals.
Bitcoin CME Gap
Every trader in the crypto community is talking about the Bitcoin CME gaps. A recent gap is formed on the CME charts when Bitcoin pumped more than 40% in a single day. Bitcoin price has seen a heavy pump of more than $3000 on 25 October.
On 5 November Bitcoin price is manipulated on CME BTC futures charts. Bitcoin price is dropped to $8360 and bounced back in a few minutes leaving a big spike on the charts. Some traders said that the spike filled the CME gap and Bitcoin is ready to move up and Bitcoin pumped $500 in 5 minutes.
Today Bitcoin is dumped again and the daily candle on CME futures chart closed at $8750. The CME Bitcoin futures gap is now officially filled and traders are expecting for a big wave in the upcoming weeks.
The daily trading volume of Bitcoin on major cryptocurrency exchanges is decreasing in the past week excluding Friday.
The next week is very crucial for Bitcoin. Next week will decide in which direction the price will move. The trading volume always drops on weekends because of holidays.
Bitcoin needs to close above $9000 for positive sentiments in the market. The next major resistance is $10,000 and all traders take a close look at this point. Bitcoin will see a heavy sell-off around $10,000 resistance as traders will take profit on resistance zones. To break the $10,000 Bitcoin needs a lot of buying volume. Halving is coming in May 2020 this is the most bullish event in Bitcoin history.
Bitcoin is now trading below the support zone of $8800-$8900. If Bitcoin is unable to break and trade above the support zone then this will open gates for $7800-$8000 support zone. Bitcoin is now trading below the daily 50,100 and 200 MA (Moving Averages). The death cross already happens on the daily chart that is known as a bearish sign.
Let’s See how Bitcoin market will react in the upcoming weeks.