Forex and Crypto News

Bitcoin is ready for growth after filling the gap

11:13 05 November /2019

We already wrote that as a result of fluctuations in the price of Bitcoin on October 25-26, when the price of Bictoin reached $10,600, a gap formed on the Chicago Mercantile Exchange. This happened because Friday's closing price was $8,705 and Monday's opening price was $9,700. As a result, CME recorded a gap of $1,000. In this situation, traders had to lower the price of Bitcoin in order to work out their losses. And today they managed to lower the price to the $8,300 area.

As the chart shows, the price of Bitcoin futures unexpectedly descended on Tuesday morning (EST), dropping from $9,400 to $8,300 in just a few minutes, filling in the gap.

btcusd-cme.jpg

Some analysts see this as a failure in the CME system. However, a NewsBTC analysis showed that while the price declined on CME, the price of Bitcoin also decreased on the spot market. But this decrease was only $100 versus $1,000 on CME.

The analyst believes that such a decline suggests that Bitcoin has filled the gap and is now ready for new growth. We already wrote that some analysts predicted that Bitcoin would be able to resume growth if it filled the gap on CME.

Therefore, investors expect a rise in the price of Bitcoin in the near future.

The post Bitcoin Future Flash Crashes by $1,000 to Fill CME Gap: Cleared for Takeoff appeared first on NewsBTC

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