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Bitcoin price regained the $ 8,000 mark after filling the lower CME futures gap eventually

Should have

Bitcoin (BTC) jumped above $ 8,000 on March 10 when markets around the world began a seemingly miraculous rally from the incident on Monday.

Overview of the daily cryptocurrency market. Source: Coin360
Overview of the daily cryptocurrency market. Source: Coin360

BTC price followed the revival of stocks

Data from Coin360 and Cointelegraph Markets shows that the BTC / USD pair regained the $ 8,000 mark on Tuesday after falling to a 2-month low of $ 7,625.

At the time of writing, BTC was trading at around $ 8,070 – up 3.5% on the day, but still down 9% from the same time a week ago.

1-day price chart of BTC / USD. Source. Coin360
1-day price chart of BTC / USD. Source. Coin360

Bitcoin's bull run comes just hours after the traditional markets wiped out panic after the first day of the week. For example, US stocks stopped the decline on Monday.

Analyst Mati Greenspan Cointelegraph Markets said:

“The US stock market has recovered almost all historical losses yesterday …”

CME gap: Next stop is $ 11,800?

Meanwhile, the trip to $ 7,600 has become important for another reason. As many traders insisted on Monday, $ 7,685 represents the last gap in the CME Group's Bitcoin futures market.

Gaps appear between the end of one futures session and the start of another, the gaps left behind tend to be “filled” by Bitcoin at a later date.

As a result, the BTC / USD pair filled the last remaining gap – lower than the previous spot price. Only another gaps remain much higher – $ 11,790.

“There are no gaps below $ BTC right now,” the famous Twitter account The Moon comment on the event.

“So we can finally start this price-increasing race as a safe haven asset!”

Others are more cautious. CoinTelegraph's filbfilb analyst said that although he added to his position, he plans to exit again at around $ 8,200.

“The position is obviously prudent, but I bought it this morning with about 30% capital,” he wrote on his Telegram trading channel on Tuesday.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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