Bitcoin filled the CME gap! Popular Trader Announces New Route
Bitcoin (BTC) had a few surprises on April 1, as a third day steady trading conditions prevailed and volume remained low.
Bitcoin Fills CME Gap
Coin360 and Cointelegraph Markets data revealed that for Bitcoin, which has been trading in a narrower aisle between $ 6,100 and $ 6,600 since March 30, it was an unimportant image on the first day of April 2020.
Compared to the volatility in early March, conditions were a relief for traders, while the overall picture was less exhilarating compared to the same period last year.
On April 1, 2019, a three-month bull run for BTC / USD started and the parity exceeded $ 13,800 during this time.
Bitcoin, which experienced a 70% drop on March 12 this year, fell to $ 3,700 and could not exceed the $ 7,000 level since then.
Now, analysts are still avoiding risk, despite encouraging indicators that indicate long-term recovery continues.
Analyst Michael van de Poppe once again stated that Bitcoin closed a “gap” in the CME Group’s weekend futures and emphasized:
“… In the previous support, we have a $ 6,600 rejection and go down a bit. It’s still largely dependent on the range, so low volume levels in the markets are like this. I still look like a bear under $ 6,900. In the long term (in the next 4-6 years), I look like a bull in BTC. ”
Glassnode: Crash Generated “Slip in Sensitivity”
Previously, Tone Vays, which tended to bear, had changed his mind about the market situation. Considering that this level is the new bottom point for Bitcoin, which returns from $ 3,700, he said that it is not likely to fall below this level anymore.
Meanwhile, according to the data of Glassnode source, “a series of measurements” changed positively after the collapse.
Company chain metrics used to evaluate the Bitcoin market cycles, pointing to a potential change in sensitivity “is emphasized, adding:” BTC in the week after the price drop, most historically bottoms and bounced from regions showing the best entry point or settled in this region. “