Thursday, May 6, 2021
Home Bitcoin Bitcoin price dives to $27.7K to fill giant futures gap in biggest...

Bitcoin price dives to $27.7K to fill giant futures gap in biggest drop since $20K.

A dramatic reversal on Monday sees BTC/USD instantly fill the latest CME futures gap before bouncing off forecast levels below $28,000.

BTC price dips $4,000 in 60 minutes

Data from Cointelegraph MarketsCoin360 and TradingView showed BTC/USD shedding more than 12% in just one hour on Monday.
The pullback gathered pace after choppy trading behavior overnight on Sunday, with altcoins rising to take an ever larger slice of Bitcoin’s market cap dominance.
At press time, amid heavy volatility, lows focused on $27,700 amid a bounce to nearer $30,000.

BTC/USD 1-minute candle chart (Bitstamp). Source: TradingView

Exchange activity was picking up, data showed, with inflows rising dramatically on the day after traders removed funds last week.

Bitcoin exchange flows chart. Source: CryptoQuant

“Just woke up to the biggest $BTC dip we’ve had since breaking 20k,” Venture Coinist podcast host Luke Martin summarized. 

CME gap sees an unlikely instant fill

Those brought Bitcoin in line with short-term predictions from Cointelegraph Markets analyst Michaël van de Poppe, who identified the lower bound for Bitcoin in his latest YouTube video update.

“If we want to see some support zones on Bitcoin and expecting where we’re going to move from, the first area is around $29,600, second area is around $27,600,” he said just before the major losses told hold.


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Bitcoin Price Prediction: $200,000 By December 2021 Is A ‘Conservative’ Bet, Analyst Says

KEY POINTS Willy Woo points to decline in supply as a trigger for a 2021 bull runA similar scenario happened just before the bull run...

Bitcoin price bounces above $32K as MicroStrategy ‘buys the dip’ with $10M

A further commitment to its treasury sees MicroStrategy join Grayscale as this week's big buyer while others keep selling. Bitcoin (BTC) showed signs of a...

Guggenheim Partners CIO Says Bitcoin May Go To $400,000

Bitcoin's proponents are emerging with optimistic price predictions. One might be forgiven a case of déjà vu. Just as during Bitcoin's previous bull run, while the...

JPMorgan says bitcoin could rise to $146,000 long term as it competes with gold

PUBLISHED TUE, JAN 5 20217:06 AM EST/UPDATED TUE, JAN 5 20211:30 PM EST Bitcoin’s remarkable ascent past $30,000 has stunned Wall Street — and one of the...

Recent Comments