The Bitcoin CME's $39,700 gap is a risk and a great opportunity for investors to hunt the dips before BTC** hits $50,000**.
Due to the large number of **and institutional investors**, Bitcoin broke through the $44,000 mark and open interest (OI) continued to rise. Traders and analysts are currently expecting gold to break above $45,000 and further ** to $50,000. However, a popular analyst noted that the Chicago Mercantile Exchange (CME) Bitcoin gap is $39,700.
The Bitcoin CME gap is $39,700.
With CME taking tokens to become the largest Bitcoin** exchange, CME's open interest and other data will be key in determining the further movement of BTC**.
Popular analyst Willy Woo revealed in an article published on X on December 7 that there is a $39,700 gap in the Bitcoin CME that needs to be filled. This means that BTC **needs to correct to $39,700 before it can start another **.
"According to my count, 28 out of 30 gaps in the CME daily candlestick chart have been filled (93%)," he said. Another unfilled gap is also shown in the bottom left corner of the chart. ”
On the daily time frame, Bitcoin appears to be moving from a local high of $44,408**. Although the community has rejected CME Group's Bitcoin narrative due to recent ** and positive sentiment, the Fear and Greed Index is now in a state of extreme greed.
In addition, CME Bitcoin** open interest (OI) was $5 billion, down nearly 2% over the past 24 hours. BTC **OI on Binance has also dropped slightly, but is still **1% in the last 24 hours.
BTC is at risk
According to the Bitcoin CME gap, BTC is **possible** up to 10%. This will provide investors with another opportunity to hunt the dip before Bitcoin becomes again due to spot Bitcoin ETF hype and the Federal Reserve.
Coingape reports that Bitcoin options traders have turned bullish, expecting Bitcoin** to hit $50,000 by the end of January 2024.
BTC is currently trading at $43,506, giving back gains made earlier in the past few hours. The 24-hour low and high** are $43,478 and $44,265, respectively. In addition, the trading volume has dropped by 32% in the last 24 hours, indicating a decline in traders' interest.