Bitcoin’s price is currently falling, with mounting pressure on the sell side coming from a combination of technical uncertainty, weakness in the stock market and the strength of the US dollar.
BTC’s recent inability to break the $ 11,000 mark could also be a factor in this recent turmoil, as it has exposed the underlying weakness of the bulls
A trader now realizes: He expects the cryptocurrency to suffer serious losses in the near future.
He aims to get closer to the CME gap in the middle of the $ 9,000 region.
There is considerable liquidity in this price region, so a decline so far could be exactly what Crypto Genius needs to experience a strong rebound.
Bitcoin and the entire crypto market are currently facing one of the worst sell-offs in a long time.
While BTC is trading just 5% below its recent highs, Ethereum and most other altcoins are facing massive selling pressures that have wiped out most of the gains of the past few weeks.
This current market-wide weakness could intensify in the near future. A trader now has his sights set on another decline for Bitcoin, targeting the CME gap, which is in the mid-$ 9,000 region.
Bitcoin loses its stability after being rejected at $ 11,000
At the time of writing, Bitcoin is trading at $ 10,400. This represents a remarkable drop from the recent highs of $ 11,200 set earlier this week.
Visiting these highs was short-lived as BTC only tapped them for a moment before facing a denial that initiated a period of consolidation.
Since then, the bears have prevailed over the bulls, and the cryptocurrency is now poised to see further losses in the near future.
One trader comments that the benchmark cryptocurrency delta is starting to expand downwards. That suggests a move to $ 10,100 could occur in the near future:
“The delta is expanding downwards, with a view of high 10100s”
Analyst: BTC may have to drop to CME void before recovering
Regarding Bitcoin’s near-term outlook , one trader estimates that the coin may need to close its CME gap in the mid-$ 9,000 region before seeing any further upside potential.
“BTC: Looks ready to finally close this CME gap. Didn’t quite get to the $ 11,200 and $ 0.65 region I was talking about. ”
Should this decline actually materialize, it will likely create a serious tailwind for the rest of the crypto market, adding to the sell-off that altcoins are currently experiencing.