This week, Bitcoin’s price drop has made the asset slip below its previous $90,000–$109,000 trading range. It is currently trading at $80,406 at press time after seeing a decline of 18.7% over the past seven days.
Today, as per data reported by market analyst Rekt Capital, BTC’s price movement is currently filling the CME Gap between $78,000 and $80,700.
BTC filled the CME Gap
Over the past 24 hours, BTC’s price witnessed a fall to a low of $78,000, after experiencing a drop by 8%. Its price is currently standing at around $80,000.
Today, data shared by Rekt Capital highlighted essential revelations. Bitcoin’s current price drop has filled the gap in CME Bitcoin futures around $80,700 and $78,000, which formed in November 2024 after Trump’s election victory.
On Friday, November 15, the Bitcoin CME futures closed with a gap of $77,360 to $81,210 during the weekend. Currently, Bitcoin spot price movement is gradually filling this gap after three and a half months.
Historically, Bitcoin has been filling CME gaps as it retraces its price range before restarting an upward momentum. Rekt Capital said, “In doing so, the asset has filled every CME Gap that has formed since mid-March 2024.”
Such gaps happen when CME futures trading is closed during weekends while Bitcoin’s spot prices move notably, establishing an unfilled active trading range.
Bitcoin price updates
Panic is amounting among BTC investors after the token’s price dropped below the $80,000 mark today, Friday, Feb.27. The slump saw the asset drop by 25% from its highest price of $109,000, causing fear among BTC traders.
This has been a bad week for the cryptocurrency industry, which has experienced a whopping $1 trillion erased from the wider market through selloffs.
The current formation of an ascending wedge pattern suggests that Bitcoin is still set to experience a further price fall. The market projection shows that the asset’s price would soon drop to a low of $70,000. However, the asset is likely to create a strong support zone around this region.
The token dropped below $80,000 after President Trump’s renewed tariff plans caused fresh panic in the broader investment market. Rising negative sentiment followed as traders are concerned about the global economic effect of Trump’s plans to introduce heavy taxes on goods imported from Mexico and Canada from next week.
