Impending CME gap close could propel Bitcoin price to $18,000

Impending CME gap close could propel Bitcoin price to $18,000


Bitcoin bulls are aiming to close the overhead CME gap in order to create a path to $18,000.

Within the last hour Bitcoin (BTC) price surged through the $16,200 level to secure a new 2020 high at $16,473. 

BTC/USDT daily chart. Source: TradingView

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The 6.62% move brings the top-ranked digital asset closer to closing a CME gap in the $16,465 to $16,570 zone and a growing number of analysts expect the price to break above the $17,200 level if the CME gap is closed.

Despite the excitement surrounding Bitcoin’s surge to a new multi-year high, Cointelegraph contributor Micheal van de Poppe pointed out that Bitcoin has rapidly ascended to new highs without establishing strong supports.

Van de Poppe said:

“Many levels beneath the current price are untested on the weekly timeframe. A healthy way to build up a new cycle is the backtesting of previous resistance levels as new areas of support.”

The analyst also said that the Crypto Fear and Greed

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