Bitcoin Drops to $76,700, Closing Key CME Futures Gap
Bitcoin (BTC) has once again filled a crucial CME futures gap, with prices dipping to a low of $76,700 on Monday. This drop fully closes the gap that was created on Nov. 5, the day President Trump secured victory in the U.S. election.
In late February, BTC briefly fell to around $78,500, partially closing the gap as the lowest point of the range was $77,400. However, since CME futures only dropped to $78,500 at the time, a portion of the gap remained open. Monday’s decline to $76,700 has now completely filled the gap, which spanned from $77,930 to $80,600.
CME bitcoin futures operate 23 hours a day from Sunday through Friday, unlike spot bitcoin markets, which trade around the clock. This discrepancy leads to gaps in CME’s price chart whenever the market reopens at a significantly different level than where it previously closed.
According to CoinDesk research, out of the last 80 CME futures gaps, all but one have eventually been filled. One remaining unfilled gap persists between $84,200 and $85,900, leaving traders speculating on whether BTC could revisit those levels in the near future.
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