Here’s Why Bitcoin Could Soon Move Back Towards $11,000


Bitcoin has pressed much higher over recent days. After trading as low as $10,400 last week, the coin has surged as high as $11,500 around 36 hours ago. As of this article’s writing, BTC trades for $11,350, far above the aforementioned lows. Analysts think that Bitcoin will slink lower in the coming days as it faces down a CME futures gap. Most CME Bitcoin futures gaps close within the week they open. Bitcoin Could Soon Move Lower Bitcoin has moved decisively higher over recent days, pushing from $10,400 to recent highs near $11,500. Not everyone is convinced that the cryptocurrency is poised to explode higher from here, though. The head of technical analysis at Blockfyre recently shared the chart seen below. Blockfyre is a notable crypto research firm. The chart indicates that Bitcoin may soon retrace towards the low-$11,000s because that’s where there is a CME futures gap. Because CME…

Read the original article here