A return to five figures seemed inevitable on May 14. But, after Bitcoin filled the most significant CME futures gap ever, it fell back towards $9,700. The flagship token is almost done with erasing the 15% crash that happened last week.
Data obtained from CoinMarketCap tracked BTC/USD as it surged to retake the $10K level, gaining about 13% in the past 24 hours. Resistance throughout the $9,000 took a bow as momentum built, taking BTC back to its high levels recorded last week. After flirting with $10,000, a retracement developed, taking the markets to the $9,700 levels within minutes.
Based on previous reports, the moves are independent of other macro assets. That means Bitcoin is increasingly “decoupling” from most of the external market influences.
No Post-Halving Dump
Some analysts believe that May 14’s upshoot resulted from Bitcoin filling a record “gap” in CME Group’s Bitcoin futures markets.
A typical event for BTC/USD, the price rises and falls to cover different gaps between weekly trading sessions. That might have been the reason behind today’s volatility. One analyst tweeted:
“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.”
Therefore, there seems to be no post-halving dump on the horizon. That dump happened before the halving. Bitcoin could now be in a bull market.
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