Bull trap fears engulf Bitcoin market as BTC paints CME gap below $40K
Cointelegraph
Published Jun 14, 2021 07:26AM ET
Updated Jun 14, 2021 09:00AM ET
A run-up toward $40,000 in the Bitcoin (BTC) market risked exhaustion as Chicago Mercantile Exchange’s futures opened on Monday with a gap of $1,575, the first since May 17.
In retrospect, the downside risks heightened due to Bitcoin’s recent bearish pullbacks near the $40,000 level. Atop that, the said CME gap formed between Friday’s close of $37,325 and Monday’s open of $38,900, raising possibilities that the next correction would prompt Bitcoin bids to fall to at least $37,325.
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Written By: Cointelegraph
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