Cryptocurrency Market Plummets, Bitcoin Wipes Out Weekly Gains, Is BTC’s Pullback Due to CME Gap Fill?

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Cryptocurrency Market Weekend Situation
Bitcoin Loses One Week’s Gain
Is the Decline Due to the CME Gap Fill?
Cryptocurrency Market Weekend Situation
BTC and ETH reached $44,000 and $2,400 respectively over the weekend, and competitive coins such as OKT Chain (OKT), Synthetix (SNX), OKB, and Cardano (ADA) also performed well since Friday.
SOL and AVAX prices even rose to levels last seen in May 2022.
However, the cryptocurrency market started to decline on December 11 at around 8 am Taiwan time.
Source: CMC
Bitcoin Loses One Week’s Gain
According to Coinbase data, BTC dropped to $40,300 and ETH hit a low of $2,127.
Bitcoin’s decline reached nearly -8%, and despite a slight rebound, it fell back to levels seen on December 4, erasing the gains of the past week.
BTC 1H
Is the Decline Due to the CME Gap Fill?
Bitcoin analyst Willy Woo, who has 100 followers on Twitter, recently pointed out that there was a gap in the Bitcoin contract price on the CME at around $39,700 on December 3, suggesting that BTC would eventually retrace and fill the gap.
According to his statistics, out of all the 30 gaps on the CME Bitcoin daily chart, 28 have been filled, with a high probability of 93%. There is another unfilled gap on January 14, 15, and 16, with prices around $20,000.
Unlike exchanges like Binance and Coinbase, the CME does not operate 24/7 and there may be differences between the closing and opening prices, depending on the price movement of Bitcoin at market close.
Some analysts believe that prices tend to revisit these levels during consolidation periods to fill the gaps.
BTC
CME
ETH
Willy Woo
Bitcoin
CME
Further Reading
“BitMEX Returns to Taipei” Successfully Concluded, Arthur Hayes and Taiwanese KOL Discuss Market Trends
JPMorgan: Bitcoin Halving and Spot ETF Already Priced In, ETH to Outperform BTC Next Year