Bitcoin price has surpassed $44,000 after purchases made by individual and institutional investors, and open interest (OI) continues to rise. Traders and analysts are expecting a price movement towards $45,000 and then rapidly to $50,000. However, popular crypto analyst Willy Woo pointed out that the Bitcoin gap on the Chicago Mercantile Exchange (CME) is at the $39,700 level.
Bitcoin and the CME Gap
CME recently became the largest Bitcoin futures exchange, surpassing Binance in importance. Following this, CME’s open interest and other data could be crucial in predicting BTC price movements.
Renowned crypto analyst Willy Woo published a post on X on December 7th. According to the post, there is a Bitcoin CME gap that needs to be filled at the $39,700 level. This means that BTC price needs to correct to $39,700 before starting another rally.
As far as I can count, 28 out of 30 gaps in CME daily candles have been filled (93%). The remaining unfilled gap is shown in the bottom left of this chart.
In the daily price analysis, Bitcoin seems to be experiencing a pullback from its periodical high of $44,408. Despite the community’s disbelief in Bitcoin expectations regarding CME due to the recent rally and positive sentiment, the Fear and Greed Index is currently at an extreme greed level.
Furthermore, there has been a change in the CME Bitcoin futures open interest (OI). Open positions decreased by 2% in the last 24 hours, dropping to $5 billion. There was also a slight drop in the BTC futures OI on Binance, although it increased by 1% in the last 24 hours.
The Future of BTC Price
Considering the Bitcoin CME gap, the BTC price could experience a 10% decline. In such a scenario, it could provide investors with a final buying opportunity before another rally due to the expectation of a Spot BitcoinETF and the dovish stance of the US Federal Reserve.
The BTC price is currently finding buyers at the $43,500 level, and there has been a negative 0.58% change in price in the last 24 hours. The lowest and highest price levels in the last 24 hours were seen at $43,478 and $44,265, respectively. There has also been a noticeable decrease in trading volume, with a 32% decrease in the last 24 hours, reflecting a diminished interest among traders.
