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 a Week’s Gain
Is the Drop Due to the Adjustment of the Chicago Mercantile Exchange (CME)?
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 not seen since May 2022.
However, the cryptocurrency market started to decline on December 11th at around 8 am Taiwan time.
Source: CMC
Bitcoin Loses a Week’s Gain
According to Coinbase data, BTC dropped to $40,300 and ETH dropped to $2,127.
Bitcoin’s decline reached nearly -8% at one point, and despite a slight rebound, it fell back to the level of December 4th, erasing the gains of the past week.
BTC 1H
Is the Drop Due to the Adjustment of the Chicago Mercantile Exchange (CME)?
Bitcoin analyst Willy Woo, who has 100 followers on Twitter, recently pointed out that there was a gap in the price of Bitcoin contracts on the Chicago Mercantile Exchange (CME) on December 3rd, at around $39,700, suggesting that BTC would retrace and fill the gap at some point.
According to his statistics, out of the 30 gaps on the daily Bitcoin chart of CME, 28 have already been filled, with a probability as high as 93%. There is another unfilled gap on January 14th, 15th, and 16th, with the price falling to around $20,000.
Unlike exchanges such as Binance and Coinbase, the Chicago Mercantile Exchange does not operate 24/7, and there may be differences between the closing and opening prices, depending on the price trend of Bitcoin at market close.
Some analysts believe that prices often revisit these levels during consolidation periods, thus filling the gaps.
BTC
CME
ETH
Willy Woo
Bitcoin
Chicago Mercantile Exchange
Further Reading
“BitMEX Returns to Taipei” Concludes Successfully, Arthur Hayes and Taiwanese KOL Discuss Market Trends
JPMorgan: Bitcoin Halving and Spot ETF Approval Already Priced in, ETH Will Outperform BTC Next Year