Bitcoin’s drop to just above $91,000 may be encountering technical gravity as an unfilled CME gap remains just below current prices.The gap was created over the weekend after CME bitcoin futures closed on Friday near $90,600 and reopened on Sunday evening around $91,600.
CME Bitcoin futures do not trade 24/7. They close for one hour each day and stay closed on weekends. Because of this, price gaps can appear when Bitcoin moves while the market is closed.
Traders watch these gaps closely because Bitcoin often moves back to those levels later. This is called “filling the gap.” It does not happen every time, but it happens often enough that many traders expect it.
Usually, the price returns to the gap within a few days or a week, though some gaps can stay open longer. Since many traders believe in this behavior, their trades can actually help push the price toward the gap.
A similar pattern is now appearing in BlackRock’s Bitcoin ETF (IBIT). IBIT has price gaps near $48 and $50. As ETFs become more important in the Bitcoin market, these gaps may start influencing price just like CME futures gaps.
Right now, CME Bitcoin futures are around $91,900. A drop of about 1.6% would fill the gap near $90,600. A bigger drop of about 4% would fill the gap near $88,000.
