Bitcoin fell to $9,850 on Tuesday before buyers stepped in to defend the $10,000 level. The dip sent prices below $9,000, pushing some investors to prepare for a drop toward $9,700. The pullback from
Bitcoin fell to $9,850 on Tuesday before buyers stepped in to defend the $10,000 level. The dip sent prices below $9,000, pushing some investors to prepare for a drop toward $9,700.
The pullback from $12,400 highs down to $10,000 matches Bitcoin's historical trading patterns. The move coincides with broader weakness across stocks and technology shares over the past week.
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A CME gap is worth watching. The gap forms when the CME Futures exchange closes on Friday at a price that differs from where markets reopen on Monday. Since Bitcoin trades around the clock, its price can move over the weekend, creating a gap in the futures market. These gaps get filled 95 percent of the time in the days or weeks that follow.
The most recent gap appeared on the July 25-26 weekend. Bitcoin climbed to $10,000 after the CME had closed on July 24 with trades around $9,665. That gap remains unfilled.
Buyers moved in during the Asian session Tuesday, pushing BTC/USD back above $10,000 after a failed bear attempt at $9,900. Bitcoin is now printing higher lows and lower highs on 4-hour charts, trading near $10,100.
If bulls maintain the support level and avoid dropping to 24-hour lows, another upside move could follow. Traders see $10,500 as the next major resistance, with the 50-day moving average around $11,199 presenting further headwinds.
A retreat during European and US trading hours could force bulls to defend $9,800. Below that, an oversold RSI might accelerate selling toward $9,800 to $9,700. The 200-day moving average sits at $9,092 as deeper support.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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