Analysts reveal that factors are at work that could push BTC price action back to $44,500 in the short term. Bitcoin (BTC) began showing new signs of an impending correction on March 31 as price action began closing the CME futures gap last weekend.
CME futures chart shows a deficit
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD suddenly crashing on Bitstamp within minutes of the March 31 Wall Street opening. $1,000 shows it’s down. The Bitcoin/USD pair shifted after failing to solidify $48,000 as support earlier in the week amid calls for a retest of lower levels following significant gains.
At the time of writing, Bitcoin is trading just below $46k, reaching its lowest levels since the night of March 27. Analyzing the CME futures chart, it shows that short-term price performance may have a bearish target in the form of a “deficit” from last weekend. Bitcoin’s CME futures were trading around $44,650 on March 25, but opened at $46,725 on March 28.
How do analysts predict the price of Bitcoin?
According to experts, this gap can very well be filled based on historical precedents. This means that Bitcoin will experience another $2,000 drop. However, popular Twitter user CivEkonom states that Bitcoin (BTC)’s previous deficit, hidden between $52,000 and $54,000 last year, still remains the same. Popular Twitter user states:
CME Bitcoin futures are always filled in the blanks.
Analyst Anbessa said in an update for Bitcoin (BTC) during the day that he also prefers a return to the $44,000 mid-range, but a deeper move would challenge the bullish perspective so far. . Meanwhile, cross crypto sentiment continues its correction in the Crypto Fear and Greed Index, which first reached “greed” territory in 2022, as we have previously reported as Cryptokoin.com.
https://twitter.com/Anbessa100/status/1508407333847805961
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