As tempting as a Bitcoin sandwich may sound, its a stressful moment for investors who find the cryptocurrency at a pivotal level.
The asset is currently holding at $10,000, but two targets Bitcoin is sandwiched between mean this level won’t last long – one way or the other. But which way will it be?
CME Bitcoin Futures Gap Could Act As Reversal Target
Bitcoin price fell last week by over $2,000 in 48 hours – wiping out billions from the crypto market cap.
A market filled with extreme greed quickly turned to fear, as the crypto asset suddenly traded back at under $10,000.
Thus far, several trips below $10,000 have been bought up fast, but according to remaining CME gaps left unfilled, a deeper drop isn’t out of the question.
Related Reading | Bitcoin Collapse Retests Key Weekly Level Never Lost During Last Bull Run
The Chicago Merchantile Exchange offers Bitcoin futures trading desk Monday through Friday. As soon as the weekend hits, trading stops. But as we all know too well, crypto never sleeps, and despite the weekday trading desk hours the market keeps on moving.
During especially volatile weekend price action, “gaps” are left behind on price charts. These gaps often act as targets that get “filled” eventually.
Speculative assets that move at extreme speeds and velocity are most apt to leave gaps behind.
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