One of the features of the cryptocurrency market is that it can be traded 24/7. Most traditional exchanges are subject to a specific opening and closing time. The price difference that occurs during this holiday is called the “Gap”. This event, which we call a gap in Turkish and which traders can use as an indicator, may cause a jump in Bitcoin price, according to legendary analyst Michaël van de Poppe.
Bitcoin is having a cautious weekend
When a Bitcoin futures contract closes on Friday and opens on Sunday, there is always a price gap. The price difference is the CME Bitcoin gap. Such movements can be considered as an indicator, besides, when positive or negative news comes, price movements are not recorded, so it requires strict monitoring on the side of fundamental analysis. On Poppe, Bitcoin price was 55,705 on Friday. He interprets his reaction from the $18 bottom level as “cautious”. Cryptocoin. com
Michaël van de Poppe, whose analysis we share as , made a series of tweets about the CME Gap difference.
As for the Bitcoin CME gap, Poppe says the price could return to the CME gap over the weekend or the following days. In a tweet on Thursday, the analyst said that we could wake up to Friday with a Bitcoin price of $ 50,000 or $ 62,000. Also the price is 48-50. He thinks that we are still in the bulls even though it falls to the $ 000 range. Poppe’s analysis on November 21 also suggests that a pullback to the critical support level and then a big bounce can be expected for Bitcoin. The analyst says:
As I said before, Bitcoin’s good move. Remember, but usually the price returns to the CME gap over the weekend or the following days. At least; a big jump from support, but another test wouldn’t surprise me.