Bitcoin (BTC) recently experienced a dip to levels not seen in over three weeks, triggering a fill of a gap in the Chicago Mercantile Exchange (CME) Bitcoin futures market that dated back to July. This movement occurred on Friday as market sentiment turned negative, influenced by new trade tariffs imposed by the United States.
BTC Price Closes CME Gap Around $114,000
Information sourced from Cointelegraph Markets Pro and TradingView indicated that the BTC/USD pair briefly touched $114,322 on the Bitstamp exchange before recovering slightly. This drop completed the filling of a “gap” on the CME Group’s Bitcoin futures chart from July, a phenomenon regularly observed by market analysts. As Cointelegraph has previously reported, these CME gaps, which often surface over weekends, frequently close within a short timeframe after market resumption – sometimes in days, hours, or even moments.
“We should see a nice upwards movement now,” shared crypto investor and entrepreneur Ted Pillows on X, hinting at a potential bullish reversal following the gap fill. However, some experts are advising caution, stating Bitcoin needs to demonstrate greater strength to avert the possibility of further price declines.
“Now that the gap is tapped, we watch closely,” Cipher X, a well-known trader, posted on X. He identified $104,000 as a key support level to watch if Bitcoin fails to reclaim $116,000. Crypto Candy, another respected trader, emphasized the importance of Friday’s daily close, suggesting the price must remain above the $115,000-$116,700 range. “If it fails to sustain, then we may see it at the 111.8k area before the next leg up to ATH,” he cautioned.
Bitcoin Reacts More Severely to Tariffs Than US Stocks
Notably, Bitcoin experienced a steeper fall compared to traditional risk assets as the US administration implemented new trade tariffs. The S&P 500 futures, for instance, only saw a modest 0.4% decline before the Wall Street opening.
The Kobeissi Letter, a trading resource, observed that the market has largely become accustomed to trade war-related surprises since April. Their commentary suggested that the market has lost faith in the trade war’s impact, estimating that a similar tariff announcement four months ago would have triggered a much larger S&P decline closer to 3%.
Despite the relative stability of stock futures, the S&P 500 did experience some volatility, mirroring Bitcoin’s movements. Just the day before, the S&P reached all-time highs, boosted by strong tech earnings. This rally occurred despite the Personal Consumption Expenditures (PCE) index, the Federal Reserve’s preferred measure of inflation, exceeding expectations.
Earlier in the week, Federal Reserve Chair Jerome Powell adopted a hawkish stance while holding interest rates steady, which has led market participants to largely dismiss the prospect of interest rate cuts in 2025 – a factor that typically puts downward pressure on risk assets like Bitcoin.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. All investment and trading decisions involve risk, and it is crucial to conduct thorough research before making any decisions.
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