Monday Blues Are Looking Green Today; Many Expected BTC to Drop with A 2.90% CME Gap

BTC is also moving back to exchanges.

After smashing through $10,000 over the weekend, Bitcoin powered all the way to $10,950.

The past week has turned out to be good for the world’s leading digital currency, recording 13% gains.

But over half of these gains were made over the weekend, and because unlike the bitcoin market the traditional stock market doesn’t operate 24/7, a gap has been formed on CME Group.

This time, a gap of 2.90% has registered on the positive move. The last time, a move of such a percentage was recorded was in May. Out of the several CME gaps in May, the biggest has been -12.54% and +5.38%.

While there is no guarantee that this gap will be filled, it is surely one of the most attractive BTC CME gaps we have had from a bullish retest standpoint, points out trader Cantering Clark.

“The question is to buyers step out of the way and let it reach, or do sellers put on the pressure hoping that it does. I hope the latter so it can leave quickly on a squeeze,” he said.

Trader Scott Melker is looking for a drop because the CME gap usually fills, and “weekend moves are always less convincing.”

But he is still “very bullish” on bitcoin and much like everyone expects BTC to go back to climbing higher.

Bitcoin or Altcoins

Bitcoin is not alone in this upwards journey; it's also taken Ethereum with it. The second-largest cryptocurrency jumped over 35% this past week to $327, last seen two years back in August 2018.

ETH is enjoying a tailwind of DeFi and stablecoins’ massive growth that has investors extremely bullish on the base layer. ETHUSD longs have hit yet another all-time high at $565 million, a spike of 83.4% since mid-May.

Interestingly, as bitcoin went up along with Ethereum, altcoins dove. Top cryptos were down 2% to 7% before they also started seeing greens again.

Ethereum Classic is up 9.50%, ZEC 8.88%, and a few of the small-cap coins that are recording greens are Elrond by 40%, Solana 27%, AVA 21%, YFI 20%, and Bancor 17%.

Even Litecoin managed to jump over the weekend, with the newest non-zero LTC wallet addresses added at 46,727 since March 8, 2020.

With bitcoin starting to move back into exchanges, as per Glassnode, it is possible people are looking to move into altcoins and take advantage of the DeFi craze.

Bitcoin (BTC) Live Price

1 BTC/USD =$11,222.0726 change ~ 0.82%

Coin Market Cap

$207.05 Billion

24 Hour Volume

$5.73 Billion

24 Hour VWAP

$11.26 K

24 Hour Change

$92.0426

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,470FansLike
2,795FollowersFollow
4,233FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Second Half of 3-Yr Bull Market: Ether’s Crazy Run has 90% of its Supply in Profit

This past weekend, the price of Ether went past $400 to as high as about $420, a level last seen in July 2018. This...

Teenage Mastermind Behind the Twitter Hack Owns $3.39 Million in Bitcoin (300 BTC); Bail Set At $725k

The 17-year old Twitter-hack mastermind holds over $3 million in BTC value with only $725,000 set for bail. In a bizarre moment last month, Twitter...

Bitcoin (BTC) Jumped to $100,000 on Binance Futures

There have been several predictions that see Bitcoin hitting a six-digit figure. On Sunday, this became a reality, very briefly, thanks to an algorithm. Bitcoin...

Flash Crash Caused Serious Network Congestion for ETH, ETC, And ERC 20 Tokens on Coinbase

On August 1, the Ethereum's blockchain faced a spike in network transaction fees, causing a backlog in transfers across several exchanges. Coinbase and Binance,...

Bitcoin’s Wild Weekend Reminiscent of 2017 Bull Rally, ‘Higher Highs Ahead in 2020'

This past weekend, bitcoin had a rough time as the largest cryptocurrency made its way past $12,000 to $12,112 in trading just after midnight...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today