Bitcoin price suddenly drops after the futures gap is filled with $ 10,000
The price of Bitcoin (BTC) rose rapidly to $ 10,000 on May 14, a new and spectacular bullish wave that completely eliminated the losses for the weekend.
Daily summary of the cryptocurrency market. Source: Coin360
Another BTC price drop disappears
Cointelegraph Markets and CoinMarketCap data observed that BTC / USD rose to five numbers this Thursdayup 13% in the last 24 hours.
The resistance level on the way to $ 9,000 fell rapidly BTC picked up speed to return to its position from last week.
After just under $ 10,000 A retreat led the markets to a level of $ 9,700 a matter of minutes.
Bitcoin price chart in one day. Source: CoinMarketCap
As reported by Cointelegraphthe movements are independent of other macro cryptocurrencies, which indicates that Bitcoin is increasingly “decoupling” from external market influences.
Analyst: “No decline expected after halving” in the market
For Cointelegraph Markets analyst Michaël van de Poppe, the number for this Thursday was the result of Bitcoin filling a record gap in the CME Bitcoin futures markets.
Weekly chart of CME BTC futures showing the gap. Source: TradingView
A common event for BTC / USD: The price maneuver to close the gaps between weekly trading sessions is likely to be responsible for volatility today.
“Based on the CME chart, the gap was closed in 4 hours. This led to a significant decrease of USD 400, but also a good trading range. Lows; USD 8,250-8,400 / USD 8,600 highs; USD 9,800-10,100;” summarized in Twitter.
There won’t be a drop after halving. The fall occurred before the event. Bitcoin could be in a bull market.
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