Bitcoin Caught Between CME Gaps and New Macro Lows: Analysis

Bitcoin (BTC) failed to hold $69,000 as the weekend began amid predictions of fresh macro lows next.

Key points:

• Bitcoin faces a lack of acceptance above $69,000, while traders see new lows to come.

• Analysis says that the rebound into the weekend was nothing more than a “relief rally.”

• Two CME futures gaps provide potential targets for BTC price upside.

BTC price bottom “not in,” analysis warns

Data from TradingView showed BTC price action dropping more than $4,000 versus the daily open.

With the old 2021 all-time high increasingly turning to resistance, already wary traders were in no mood for relief.

“TLDR: The $BTC bottom, is not in. My priority right now is capital preservation,” Keith Alan, cofounder of trading resource Material Indicators, warned X followers the day prior. 

Alan described the 2021 $69,000 highs as “important” within what he called the ongoing “relief rally.”

“$60k was a gift yesterday, but there’s a high probability that lower is likely before the Bull Market returns,” he continued.

Zooming out, trader and analyst Rekt Capital also had reason to believe that the worst of the bearish BTC price move was not over.

“Whenever Bitcoin peaks in its Bull Market in Q4 of the Post-Halving year… It tends to produce a multi-month Relief Rally from the Macro Triangle Base before breaking down from the Triangle to transition into Bearish Acceleration,” he wrote on X, comparing BTC/USD with the 2022 bear market.

Bitcoin bulls bet on CME gap fills

Saturday’s retracement, meanwhile, left a new potential “gap” in CME Group’s Bitcoin futures market.

Related: Bitcoin beats FTX, COVID-19 crash with record dive below 200-day trend line

A classic short-term price magnet, the gap joined another left at $84,000, and both were now of interest to traders eyeing a broader market relief move.

“Today: correction day. Tomorrow: back up again towards the CME gap. Next week: continuation to $75k+,” crypto trader, analyst and entrepreneur Michaël van de Poppe forecast.

Samson Mow, CEO of Bitcoin adoption company JAN3, included the higher CME gap as one of two questions that “every financial analyst should be asking themselves.”

The other topic revolved around the ability of large-scale corporate buyers to add BTC to their treasuries at current 15-month lows.

“I believe the answers are not for long and very soon,” he concluded.