{"id":424995,"date":"2020-05-25T10:00:16","date_gmt":"2020-05-25T10:00:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=424995"},"modified":"2024-06-11T12:53:06","modified_gmt":"2024-06-11T12:53:06","slug":"there-77-chance-bitcoin-trades-9200-week-market-study","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/there-77-chance-bitcoin-trades-9200-week-market-study\/","title":{"rendered":"There&#8217;s a 77% Chance Bitcoin Trades Above $9,200 This Week: Market Study"},"content":{"rendered":"<p>Bitcoin may still be up 135% from March&#8217;s lows, but the cryptocurrency&#8217;s technical outlook is far from bearish.<\/p>\n<p>After peaking at $10,000 multiple times over the past month, showing BTC does not yet have the momentum to clear resistances, the cryptocurrency slid as low as $8,625 on Sunday evening in a move that liquidated <a href=\"https:\/\/uniquehot.com\/2020\/05\/24\/nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800\/\">approximately $20 million worth of BitMEX longs.\u00a0<\/a><\/p>\n<p>There are many analysts saying that this is a precursor to further losses.<\/p>\n<p>One trader, for instance, explained that Bitcoin&#8217;s weekly chart has just printed a textbook &#8220;tweezers top,&#8221; marked by two candles with the same-sized body in succession. It&#8217;s a sign that is indicative of impending downside.<\/p>\n<figure style=\"width: 801px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/EY0gcRrXYAYeGYQ.png:large\" alt=\"\" width=\"801\" height=\"375\"><figcaption class=\"wp-caption-text\">Chart from trader \u201cChonis\u201d (@BigChonis on Twitter).<\/figcaption><\/figure>\n<p>Adding to this, five out of seven of <a href=\"https:\/\/www.intotheblock.com\/\" rel=\"nofollow\">IntoTheBlock\u2019s<\/a> foremost market signals \u00a0\u2014 Smart Price, Net Network Growth, In The Money, Bid-Ask Volume Imbalance, and Large Transactions \u2014 are currently in a \u201cbearish\u201d zone for Bitcoin.<\/p>\n<p>Though, a market study has shown there is a relatively high likelihood that Bitcoin trades above $9,000 in the coming week.<\/p>\n<h2>Bitcoin Could Trade Back At $9,200 Again<\/h2>\n<p>Due to the fact that the CME doesn&#8217;t open its Bitcoin market on the futures, there are so-called &#8220;gaps&#8221; formed on the charts every Monday morning when there is a discrepancy between Bitcoin&#8217;s price on Friday evening and on Monday morning.<\/p>\n<p>This much was made clear just hours ago, when the CME&#8217;s BTC market opened up in the high-$8,000s, hundreds of dollars shy of the Friday close at $9,200.<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/pbs.twimg.com\/media\/EY11sHCUMAEajSu.jpg?resize=1200%2C616&#038;ssl=1\" alt=\"\" width=\"1200\" height=\"616\"><figcaption class=\"wp-caption-text\">Chart from trader &#8220;Crypto Hamster&#8221; of Bitcoin futures gaps.<\/figcaption><\/figure>\n<p>It\u2019s a potentially bullish sign for the Bitcoin market, a market study has suggested.<\/p>\n<p>Published on December 30th of 2019, a crypto data firm known as Market Science <a href=\"https:\/\/marketsscience.com\/gap_study.html\" target=\"_blank\" data-wpel-link=\"external\" rel=\"noopener nofollow noreferrer\">found<\/a> that 77% of CME gaps fill \u2014 which means the price touches each side of the gap \u2014 \u201cin the subsequent week\u201d after the gap forms.<\/p>\n<p>That&#8217;s to say, should historical data hold up, there is a 77% chance that BTC trades upwards of $9,200 this week.<\/p>\n<h2><strong>Bitcoin Formed a Massive $1,200 Gap Two Weeks Ago, And It Still Filled<\/strong><\/h2>\n<p>A perfect example of a CME gap rapidly being filed was two weeks ago.<\/p>\n<p>Over the course of the weekend before last, <a href=\"https:\/\/uniquehot.com\/2020\/05\/10\/275-million-bitcoin-traders-face-mass-liquidation-following-latest-selloff\/\">BTC dumped from around $10,000 to $8,800<\/a> due to an influx of selling pressure prior to the block reward halving. A <a href=\"https:\/\/uniquehot.com\/2020\/05\/11\/market-study-theres-a-77-chance-bitcoin-trades-at-10000-this-week\/\">record $1,000+ gap appeared on the CME on Monday morning.<\/a><\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/pbs.twimg.com\/media\/EXsGgj2U0AEj7ia.jpg?resize=1200%2C546&#038;ssl=1\" alt=\"Chart from @HsakaTrades (Twitter handle) of all Bitcoin CME futures gaps of $500 over the past year.\" width=\"1200\" height=\"546\"><figcaption class=\"wp-caption-text\">Chart from @HsakaTrades (Twitter handle) of all Bitcoin CME futures gaps of $500 over the past year.<\/figcaption><\/figure>\n<p>Many thought that the drop to $8,000s was the end of BTC&#8217;s bull trend, but, just days later, the cryptocurrency tapped $10,000 on the CME, thus filling the gap just days after it formed.<\/p>\n<p>While this by no means can be repeated to a T, it shows that there is some validity to the Bitcoin futures gap theories.<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/uniquehot.com\/2020\/05\/23\/crypto-tidbits-satoshi-isnt-dumping-his-bitcoin-china-bans-cryptocurrency-mining\/\" data-wpel-link=\"internal\">Crypto Tidbits: Satoshi Isn\u2019t Dumping His Bitcoin, China \u2018Bans\u2019 Cryptocurrency Mining<\/a><\/h6>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin may still be up 135% from March&#8217;s lows, but the cryptocurrency&#8217;s technical outlook is far from bearish. After peaking at $10,000 multiple times over the past month, showing BTC does not yet have the momentum to clear resistances, the cryptocurrency slid as low as $8,625 on Sunday evening in a move that liquidated approximately $20 million worth of BitMEX longs.\u00a0 There are many analysts saying that this is a precursor to further losses. One trader, for instance, explained that Bitcoin&#8217;s weekly chart has just printed a textbook &#8220;tweezers top,&#8221; marked by two candles with the same-sized body in succession. It&#8217;s a sign that is indicative of impending downside. Adding to this, five out of seven of IntoTheBlock\u2019s foremost market signals \u00a0\u2014 Smart Price, Net Network Growth, In The Money, Bid-Ask Volume Imbalance, and Large Transactions \u2014 are currently in a \u201cbearish\u201d zone for Bitcoin. Though, a market study has shown there is a relatively high likelihood that Bitcoin trades above $9,000 in the coming week. Bitcoin Could Trade Back At $9,200 Again Due to the fact that the CME doesn&#8217;t open its Bitcoin market on the futures, there are so-called &#8220;gaps&#8221; formed on the charts every Monday morning when there is a discrepancy between Bitcoin&#8217;s price on Friday evening and on Monday morning. This much was made clear just hours ago, when the CME&#8217;s BTC market opened up in the high-$8,000s, hundreds of dollars shy of the Friday close at $9,200. It\u2019s a potentially bullish sign for the Bitcoin market, a market study has suggested. Published on December 30th of 2019, a crypto data firm known as Market Science found that 77% of CME gaps fill \u2014 which means the price touches each side of the gap \u2014 \u201cin the subsequent week\u201d after the gap forms. That&#8217;s to say, should historical data hold up, there is a 77% chance that BTC trades upwards of $9,200 this week. Bitcoin Formed a Massive $1,200 Gap Two Weeks Ago, And It Still Filled A perfect example of a CME gap rapidly being filed was two weeks ago. Over the course of the weekend before last, BTC dumped from around $10,000 to $8,800 due to an influx of selling pressure prior to the block reward halving. A record $1,000+ gap appeared on the CME on Monday morning. Many thought that the drop to $8,000s was the end of BTC&#8217;s bull trend, but, just days later, the cryptocurrency tapped $10,000 on the CME, thus filling the gap just days after it formed. While this by no means can be repeated to a T, it shows that there is some validity to the Bitcoin futures gap theories. Related Reading:\u00a0Crypto Tidbits: Satoshi Isn\u2019t Dumping His Bitcoin, China \u2018Bans\u2019 Cryptocurrency Mining Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":424996,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[166,679,1144,78790,11641,76835],"class_list":["post-424995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analysis-2","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-cme-futures","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>There&#039;s a 77% Chance Bitcoin Trades Above $9,200 This Week: Market Study<\/title>\n<meta name=\"description\" content=\"Bitcoin may still be up 135% from March&#039;s lows, but the cryptocurrency&#039;s technical outlook is far from bearish. 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