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
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