bitcoin (BTC) began to show new signs of an impending correction on March 31 when BTC price action began to affect the CME futures gap from last weekend.
Up or Down, CME Futures Gaps Provide Targets
Data of Markets Cointelegraph Pro and TradingView showed BTC/USD sharply soaring by $1,000 within minutes on Bitstamp after the March 31 Wall Street open.
The pair had wavered after failing to consolidate $48,000 as support earlier in the week, amid calls for a retest of lower levels as a necessary step after sizeable gains.
At the time of writing, Bitcoin hovered around $46,700, having hit its lowest levels since the night of March 27.
A look at the CME futures chart showed that short-term price performance could have a downside target in the form of the "gap" left over from last weekend.
CME futures ended up trading around $44,650 on March 25, only to open on March 28 at $46,725.
The resulting โgapโ could very well be โfilledโ based on historical precedent, meaning that Bitcoin would be met with a further $2,000 drop.
However, the popular Twitter account @CivEkonom noted that an earlier "stealth" gap from last year between $52,000 and $54,000 also remained open.
โGaps are always filled in CME Bitcoin futures,โ he said. commented.
all according to plan
Meanwhile, the new test fell into the short-term game plan for some popular traders.
Related: Bitcoin Just Regained a Key Price Trendline After Its Longest Absence Since March 2020
In an update on the day, Anbessa said he was also in favor of a return to the mid-$44,000 range, while only a deeper move would challenge his bullish outlook thus far.
#bitcoin Game Plan Update โ๏ธ
Next green projection:
-Hit resistance after 27% bounce off channel support
- 360MA HTF target hit (slightly above)
- channel breakNow:
- green projection remains intact if S/R changes above $44,333
-I prefer to try again, patience here @ resist pic.twitter.com/sjzUdeduF9- ANโฟESSA (@Anbessa100) March 28, 2022
Cheaper currencies would further favor the main buyer from the end of March, the Terra Blockchain protocol, whose buy-ins reached 30,000 BTC on March 31.
Meanwhile, cross-crypto sentiment also continued to adjust lower, the Fear and Greed Crypto Index having reached the territory of "greed" for the first time in 2022.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
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