Bitcoin is trading just above $91,000 as traders focus on a technical gap in CME bitcoin futures. The gap, formed when futures closed at $90,600 on Friday and reopened at $91,600 on Sunday, is drawing attention due to Bitcoin's historical tendency to retrace and fill such gaps. This behavior, akin to the max pain theory in options markets, suggests potential price movement back to the gap level. Additionally, similar gap dynamics are observed in BlackRock's iShares Bitcoin Trust ETF, which closed at $52.45, with gaps around $48 and $50. As the ETF gains influence, these gaps may become significant technical reference points. Currently, CME bitcoin futures are trading at $91,900, with a 1.6% drop needed to fill the weekend gap and a 4% decline required to address the New Year’s Day gap.
Bitcoin Hovers Near $91,000 Amid CME Futures Gap Concerns
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