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CME futures gap yet another bullish signal for BTC ahead of halving

Bitcoin crashed over the weekend, falling from around $9,800 to $8,100. The 15% decline wiped out $1,700 in value and triggered $260 million in liquidations on BitMEX. Analysts expect the cryptocurren

By Ray Crawford··1 min read
CME futures gap yet another bullish signal for BTC ahead of halving

Key Points

  • Bitcoin crashed over the weekend, falling from around $9,800 to $8,100.
  • The 15% decline wiped out $1,700 in value and triggered $260 million in liquidations on BitMEX.
  • Analysts expect the cryptocurren

Bitcoin crashed over the weekend, falling from around $9,800 to $8,100. The 15% decline wiped out $1,700 in value and triggered $260 million in liquidations on BitMEX. Analysts expect the cryptocurrency to rebound to $10,000 this week as the halving nears.

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Monday's CME open revealed a gap. Futures had closed Friday at $9,800 but opened Monday near $8,600, a spread of over $1,200. Traders watch these gaps. Bitcoin prices have moved to fill them. A 2019 Market Science study found that Bitcoin fills such gaps 77% of the time within a week of formation.

Bitcoin has bounced from its $8,300 low and is trading near $9,000. Breaking past that level could push Bitcoin toward $10,000 in the days ahead.

Bitcoin's network hash rate climbed despite the crash. Blockchain data puts the hash rate at 136 TH/s on May 11, up from 109 TH/s on May 9 and near all-time highs from the week before. Bulls interpret strong hash rate activity as a sign miners remain confident ahead of the halving.

MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.

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