Bitcoin Price Rebounds
Bitcoin experienced a major setback in the past weekend, where the weekly gains were just shed off in a single day. The price dipped as low as $57K, yet managed to bounce back and gained another $1000. These gains were also drained and the BTC price again visited the previous day’s lows forming a double bottom pattern.
Fortunately, the BTC price rebounded, without dipping below the lower levels of the pattern and now trading close to $58k. The price rejecting the lower support levels for a consecutive second time in a small time frame indicates a major breakout is approaching very soon.
Moreover, the other altcoins paired with BTC are also expected to experience a big breakout in coming weeks as predicted by analyst Micheal van de Poppe. And hence, the analysts have also advised his 192.7K followers to hold their positions smartly.
CME Gap Haunts The Price Rally
The CME gaps are the most debatable topic within the crypto space. Some believe the gaps have nothing to do with the btc price rally, yet some predict a plunge to the CME gap levels in order to fill them. However, the price reportedly filled the recent CME gap around $57k, when it had formed an ATH above $61K.
However, the price has opened up gaps around $55K and $58,500 according to market analytic platform Galaxy Trading. However, it is not mandatory that each CME gap is filled as a gap is still open around $9000 too.
Yet, recently, BTC price plunged hard to fill the CME gap around $57k and hence keeping the speculation on filling the recent gap, alive. At the time of writing, the bitcoin price rally recorded $58,415 with a slight jump of 0.25%.