A return to five figures was fleeting as Bitcoin filled the largest CME futures gap ever, erasing last weekend’s 15% crash.
Cryptocurrency market daily overview. Source: Coin360
Another BTC price crash disappears
Resistance levels in the $9,000 corridor quickly fell as momentum built to send Bitcoin back to its position from last week.
After reaching just below $10,000, a retracement took markets to press-time levels of $9,700 within minutes.
Bitcoin 1-day chart. Source: CoinMarketCap
As Cointelegraph reported earlier, the moves are independent of other macro assets, indicating that Bitcoin is increasingly “decoupling” from external market influences.
Analyst: ‘No post-halving dump’ on the horizon
For Cointelegraph Markets analyst Michaël van de Poppe, Thursday’s upshoot was the result of Bitcoin filling a record “gap” in CME Group’s Bitcoin futures markets.
CME Bitcoin futures 1-week chart showing gap. Source: TradingView
A regular event for BTC/USD, the price maneuvering to cover gaps between weekly trading sessions was the likely culprit for volatility on the day.
“Based on the 4h chart, the CME gap is filled. This caused a significant drop of $400, but also a nice trading range. Lows; $8,250-8,400 / $8,600 Highs; $9,800-10,100,” he summarized on Twitter.
No post-halving dump. The dump occurred before the halving. Bitcoin could be in a bull market.