Bitcoin Eyes Rebound as Price Tests 69K CME Gap

  • Bitcoin trades near $69,000 CME gap during Sunday correction.
  • Analyst expects price to stay near $69K until Monday open.
  • Altcoins show relative strength during Bitcoin consolidation.

Bitcoin traded near the $69,000 level on Sunday as a familiar market pattern returned. Analysts linked the move to an open CME futures gap at that price. Market participants now watch Monday’s open for the next direction.

Michaël van de Poppe stated that Bitcoin often reacts to CME gaps during weekends. He said, “Bitcoin has a classic correction on Sunday.” He added, “Because the CME gap is at $69K.”

Bitcoin Trades Around CME Gap at $69K

Bitcoin hovered around $69,051 during the session, according to TradingView data. The chart showed a recent decline followed by short-term consolidation. A marked zone indicated a potential bounce area slightly below current levels.

image 34

Van de Poppe said the price may remain near this range until the futures market reopens. He noted, “Probably we’ll stay around this level until Monday open.” He also stated that price could then move back toward recent highs.

The chart displayed resistance levels near $74,500 and higher zones above $80,000. Volume bars showed increased activity during the recent drop. The blue moving average line tracked the short-term trend during the correction.

Altcoins Show Relative Strength During Bitcoin Pause

While Bitcoin consolidated, altcoins showed firmer price action. Van de Poppe stated, “Still, the Altcoins are acting stronger.” Several alternative cryptocurrencies held support levels despite Bitcoin’s pullback.

Market data indicated that some altcoins posted smaller losses compared to Bitcoin. Traders observed steady buying activity in selected tokens. This occurred even as Bitcoin tested the $69,000 area.

Bitcoin CME gaps have influenced weekend price action in past cycles. Traders often monitor these levels as reference points. The current setup places focus on the Monday market open and potential continuation toward prior highs.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.

Hot this week

XRP Tests $1.65 Resistance Before Possible Breakout Toward $2

XRP hits $1.65 resistance, showing multiple daily rejections on...

Dogecoin Rebounds Near 0.10 After RSI Oversold Signal

DOGE rebounds near $0.10 from marked weekly support zone. RSI...

XRP’s 5.75 Target: 1 Powerful Forecast for a 425% Surge

A weekly bull flag formation suggests XRP is nearing...

Altcoins’ 2022 Signal: 1 Bullish Rebound for a Massive Rally

The 3-day Relative Strength Index (RSI) for the altcoin...

ADA’s 2.67 Peak: 1 Bullish Signal for an Explosive Breakout

ADA has reached the apex of a multi-year descending...

Topics

XRP Tests $1.65 Resistance Before Possible Breakout Toward $2

XRP hits $1.65 resistance, showing multiple daily rejections on...

Dogecoin Rebounds Near 0.10 After RSI Oversold Signal

DOGE rebounds near $0.10 from marked weekly support zone. RSI...

XRP’s 5.75 Target: 1 Powerful Forecast for a 425% Surge

A weekly bull flag formation suggests XRP is nearing...

Altcoins’ 2022 Signal: 1 Bullish Rebound for a Massive Rally

The 3-day Relative Strength Index (RSI) for the altcoin...

ADA’s 2.67 Peak: 1 Bullish Signal for an Explosive Breakout

ADA has reached the apex of a multi-year descending...

MSTR’s 1,000 Target: 1 Bold Forecast for a Bitcoin Surge

Prominent analyst Kaleo identifies a technical "repeat" of the...

LTC’s 55.44 Rebound: 1 Strong Signal for a Bullish Reversal

Litecoin has successfully retested the 0.786 Fibonacci retracement level,...

COIN’s 165 Support: 1 Strategic Buy in a Volatile Market

Technical analysis identifies the $165 level as a high-conviction...
spot_img

Related Articles

Popular Categories

spot_imgspot_img