Bitcoin dips under $90,000 after filling one CME futures gap

Bitcoin (BTC) dipped below $90,000 Thursday as it filled one of two open gaps in CME Group’s Bitcoin futures market, with market participants noting a classic short-term target may be next.

Data from TradingView showed local lows of $89,530 on Bitstamp during the Asia trading session, and Bitcoin tracked a cooling in its new-year rebound alongside gold, which had been supported by geopolitical tensions around Venezuela. Crypto trader and analyst Michaël van de Poppe said the move retested the 21-day moving average at about $88,900, calling it an "important day on $BTC."

Exchange order-book liquidity led trader Daan Crypto Trades to flag $89,000 and $92,000 as lines in the sand, and he said he would not be surprised to see price chop around this region until the end of the week.

One CME gap remains, near $88,200, and crypto education resource Coin Bureau asked whether Bitcoin is headed to fill that gap around $88,000. Pseudonymous CryptoQuant contributor CW called the outstanding gap a "potential risk," saying it is best eliminated for a stable upward trend and that if it is not filled, the gap could mark the bottom of the next BTC price cycle.

Key Topics

Crypto, Bitcoin, Cme Group, Cme Gap, Bitstamp, Daan Crypto Trades