{"id":410480,"date":"2020-01-10T21:00:11","date_gmt":"2020-01-10T21:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=410480"},"modified":"2024-06-11T13:36:27","modified_gmt":"2024-06-11T13:36:27","slug":"theres-a-cme-gap-at-11855-for-bitcoin-and-it-could-trigger-a-47-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/theres-a-cme-gap-at-11855-for-bitcoin-and-it-could-trigger-a-47-rally\/","title":{"rendered":"There’s a CME Gap at $11,855 For Bitcoin, And It Could Trigger a 47% Rally"},"content":{"rendered":"
Bitcoin\u2019s bulls have fought back against intense selling pressure that the cryptocurrency has faced over the past 12 hours, which previously led some analysts to believe that BTC was poised for a major drop back into the lower-$7,000 region.<\/p>\n
If BTC had broken below its key support around $7,700, it is probable that it would have continued dropping until it reached around $7,200, as this is where it established strong support throughout late-2019.<\/p>\n
Analysts are now noting that there is one factor that could mean Bitcoin is in for some massive gains in the near-term, with an open CME gap potentially being a catalyst for the next 50% rally.<\/p>\n
Currently, Bitcoin<\/a> is trading up just over 2% at its current price<\/a> of $8,050, which marks a notable climb from its daily lows of $7,700 that were set yesterday when bears attempted to generate enough selling pressure to force BTC to erase all of its recent gains.<\/p>\n Many analysts have speculated that this recent rally was being driven by BTC being treated as a safe haven investment by investors concerned about the tensions in the Middle East, although these tensions have shown signs of dissolving and the cryptocurrency\u2019s bullishness momentum appears to remain strong.<\/p>\n UB, a popular crypto analyst and trader, explained in a recent tweet that in the near-term, he believes BTC could retest its recent highs around $8,300, with a break above this potentially marking the start of the next major uptrend.<\/p>\n \u201c$BTC – Closed my short from $8,313 at $7,950s and flipped long. I don’t believe a retest of ~$8300s is out of the question. A weekend scamp pump to the Daily Pivot at $8550s isn’t out of the question either,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> – Closed my short from $8,313 at $7,950s and flipped long. <\/p>\n I don't believe a retest of ~$8300s is out of the question. <\/p>\n A weekend scamp pump to the Daily Pivot at $8550s isn't out of the question either. #Bitcoin<\/a> pic.twitter.com\/6AQsa4ov8B<\/a><\/p>\n — UB (@CryptoUB) January 10, 2020<\/a><\/p><\/blockquote>\n\n