Bitcoin (BTC) Price Drops Below $60,000 as CME Gap Closes, But Analysts Hint at Relief Bounce

Bitcoin has dropped to as low as $58,000 in the last 24 hours, having failed to once again hold above the crucial support at $60,000.

Bitcoin’s price failed once again to hold above the crucial support at $60,000, dropping to lows of $58,000 in the last 24 hours. Several analysts have hinted that this price decline is being caused by the CME gap, which could set BTC up for a relief bounce going forward.

Bitcoin Price Drops Below $60,000 To Close CME Gap

Crypto analyst Daan Crypto hinted at this recent Bitcoin price decline to close the CME gap around the $60,000 region in an X (formerly Twitter) post. The CME gap refers to the difference between BTC’s price on the Chicago Mercantile Exchange (CME) futures market between when the market closed on Friday and reopened on Monday.

Highlighting a chart of Bitcoin CME futures, crypto analyst Speed Racer also alluded to the CME gap as being responsible for Bitcoin’s recent decline. According to him, the market makers are running the BTC market in the short term, as there was no way they would leave a “$1650 CME gap from the weekend.”

Crypto analyst Ninja also explained that the recent price drop is due to the CME gap and even went on to tag it as “bullish selling.” According to him, everything will be alright with a market bounce coming, and he also urged market Bitcoin bulls not to panic, even though he subtly admitted that the current market conditions are enough to make anyone panic.

Luckily, the worst seems to be over, as Daan Crypto revealed that the CME gap has been fully closed. This suggests that Bitcoin should enjoy a relief bounce from its current price level. Crypto expert Michael van de Poppe also confirmed that the CME gap has closed and predicted that it’s time for BTC to bounce up.

Highlighting a similar sentiment while revealing that the CME gap has been filled, crypto analyst Titan of Crypto stated that nothing is holding Bitcoin back now and it’s time for the flagship crypto to send. Judging from the chart shared by the analyst, BTC could be heading up to $72,000 on its next leg.

Other Problems Piling Up On Bitcoin

Another issue that seems to be contributing to the selling pressure on Bitcoin is evidenced by data from Farside Investors, which shows that the Spot Bitcoin ETFs are still experiencing massive net outflows, forcing fund issuers to sell their BTC holdings to cover redemptions.

There is also a lot of selling pressure coming from the German government, which still seems to be selling its Bitcoin holdings based on data from Arkham Intelligence. This is in addition to concerns about the selling pressure that BTC could witness once the defunct crypto exchange Mt. Gox begins to repay its creditors about $9 billion in crypto.

At the time of writing, Bitcoin’s price is trading around $58,600, down over 3% in the last 24 hours, according to data from CoinMarketCap.

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