Bitcoin Fills CME Gap as Market Sentiment Fractures
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CME exchange News - Bitcoin plunged to $87,800, filling a CME futures gap left open since early January. The MOVE erased $10,000 from recent gains, casting doubt on the sustainability of the rally. Traders are split: some anticipate a swift rebound, while others point to weakening technicals.
The gap closure triggered polarized reactions. CW, a pseudonymous trader, highlighted the remaining $93k gap as the next magnet, tweeting a chart anticipating upward momentum. Meanwhile, Jelle flagged the breakdown of a critical trendline, noting 'price is back to square one for the year.'
Macro headwinds persist. Rising rates and geopolitical tensions continue weighing on risk assets, with gold's outperformance underscoring the flight to safety. The crypto market's correlation with traditional markets remains elevated.
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