An important Chicago Mercantile Exchange (CME) Bitcoin (BTC) futures gap closed as BTC/USD suddenly dropped below $54,000 on Feb. 22.
A CME gap forms when the price of Bitcoin moves either up or down after the CME closes during the weekend or holidays in the U.S.
Unlike most cryptocurrency exchanges, since the CME Bitcoin futures exchange is not open at all times, a gap forms between CME and many Bitcoin trading platforms.
BTC/USDT 4-hour price chart (Binance). Source: TradingView.com Why is the CME Bitcoin gap significant?
The CME gap is sometimes considered an important gap to fill for the Bitcoin rally to continue in the near term.
For instance, the latest gap formed when the price of Bitcoin exceeded $58,000 across major cryptocurrency exchanges, while CME’s Bitcoin futures market closed for two days.
As such, a gap at $55,504 emerged, which closed as the price of Bitcoin fell steeply after the new weekly candle opened.
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