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%.
— Hsaka (@HsakaTrades) July 26, 2020
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
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.