Bitcoin Price Analysis: Bitcoin investors wait for the $9,665 CME gap to be filled

  • Bitcoin formed a gap on July 24 that hasn’t closed yet.
  • Historically, CME gaps have always been good indicators of future price action.

The bitcoin market is open 24/7, which means it never closes and cannot form gaps, however, CME, a derivatives marketplace, does. CME Bitcoin futures created its most recent gap at $9,665 on July 24. This happens when the market closes and then opens at a different price, leaving a gap behind.

btc price

Looking at the CME Bitcoin chart, we can see that, historically, every single gap has actually closed. Some gaps only take a few days to fill, while others can take up to three months, like the one in June 2019. Bitcoin touched $9,890, which is still notably higher than $9,665, and the gap is currently not considered filled. 

BTC/USD daily chart

btc price

Bitcoin is exceptionally close to filling the gap, but it seems bulls are already buying the dip and not allowing the pioneer digital asset to fall below $10,000. On Binance, Bitcoin touched $9,825, again, reasonably close to the $9,665 gap. There are two main pathways that BTC could take.

BTC price

Bitcoin bulls could continue buying the dip and allow the gap to fill at the same time. A flash crash to $9,665 right into a bounce is a realistic scenario considering how healthy the $10,000 level is and that the RSI would be oversold if Bitcoin were to fall below $9,700. Additionally, this level coincides with the 200-MA as well. 

We could also see Bitcoin losing both levels, at $10,000 and $9,665 and form a new low as below this last support level, Bitcoin doesn’t have other support points until $9,047. 

BTC/USD 4-hour chart

btc price

BTC has established a slight uptrend on the 4-hour chart after holding the low of $9,825 and forming a higher low at $9,875 followed by a higher high at $10,438 compared to $10,347. Bulls have defended the $9,875 low establishing a new higher low at $9,920 and are now waiting for the leg up above $10,438 ideally. 

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