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Bitcoin slides toward $91,000 with two CME pricing gaps coming into focus
Source: CryptoNewsNet Original Title: Bitcoin slides toward $91,000 with two CME pricing gaps coming into focus Original Link: Bitcoin’s recent drop to just above $91,000 may be encountering technical gravity as an unfilled CME gap remains just below current prices.
The gap was created over the weekend after CME bitcoin futures closed on Friday near $90,600 and reopened on Sunday evening around $91,600.
CME bitcoin futures are cash-settled contracts designed to track the price of the largest cryptocurrency. Unlike spot markets, they do not trade 24/7. Instead, they close for an hour each day and over the weekend, meaning price gaps can form if bitcoin moves markedly at those times.
These gaps are closely watched by traders, because bitcoin has historically shown a tendency to retrace and trade back through them, a process commonly referred to as filling the gap.
While not a guaranteed behavior, gap fills have occurred frequently enough to become an established market narrative. In many cases, the retracement happens within days — often within the first week — after the gap forms, although some gaps can remain open for longer.