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Bitcoin Price Drops Below $60,000: Key Reason Explained
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Bitcoin Price Drops Below $60,000: Key Reason Explained

Jake Simmons
Jake Simmons
11 months ago
3 mins read
Why is Bitcoin down today

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The Bitcoin price has fallen to a low of $59,604 today, marking a 4% decrease. According to several renowned crypto analysts, this movement was largely driven by the phenomenon known as the CME gap, a concept critical in Bitcoin futures trading at the Chicago Mercantile Exchange (CME).

Why Is Bitcoin Down Today?

A “CME gap” is a term used to describe the price gap that emerges on the Bitcoin CME futures chart. Unlike Bitcoin’s spot markets that operate 24/7, the CME Bitcoin futures market only trades five days a week, closing over the weekend and on holidays. This difference in trading hours can result in a price discrepancy between the last traded price on Friday and the market’s opening on Monday.

Today’s Bitcoin price action can probably be directly linked to the closure of such a gap. Over the weekend, a noticeable gap formed. Daan Crypto Trades (@DaanCrypto), a prominent trader and analyst, confirmed this via X, explaining, “Bitcoin closed most of the gap that was created during this weekend. On Monday it also closed the gap that was created a week ago and topped out right at that point. [..] The gap has now been fully closed. No major gaps in nearby proximity as we speak.”

Bitcoin CME gap
Bitcoin CME gap | Source: X @DaanCrypto

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Other market participants echoed this sentiment. Titan of Crypto (@Washigorira) indicated the bullish potential post-gap closure, stating on X, “Bitcoin CME Futures GAP got filled! As expected. Nothing holds BTC back now. Time to send.” This view suggests that filling the gap could remove resistance for Bitcoin’s price, potentially leading to an uptick.

Crypto analyst Ninja (@Ninjascalp) confirmed, “this was just a CME gap fill guys […] it’s bullish selling. It’s all going to be okey. Don’t panic.” Another analyst commented “For anyone questioning who’s running the BTC market in the short term, it’s market makers! There was no way they were going to leave a $1,650 CME gap from the weekend.”

What To Expect Now?

Marco Johanning offered a more nuanced take, emphasizing the precarious nature of the current price level. His commentary via X highlighted both potential and risk.

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“Main scenario: Bitcoin has lost the trendline and closed the CME gap. The price is sitting on a local support, from which it can now pump. That would be a typical mid-week reversal with the liquidity behind the equal highs at 63.8k as the main target. However, the current level is also fragile. If the support is lost, we could see another 1k-2k drop. I can hardly wait for Bitcoin to finally leave this exhausting time capitulation range,” Johanning stated.

The analysts from Alpha dōjō (@alphadojo_net) provided an in-depth analysis, dissecting the day’s price movement and potential future trends. Their report highlighted the critical levels that traders are watching: “The analysis is quite simple: BTC needs to bounce here, or if it loses the $60k level, much lower prices are likely. As long as we don’t break below $60k or above $63.5k, it’s best to take it slow and wait for a clearer direction.”

They also noted a significant liquidity pool around the $60,000 mark which might act as a support, while pointing out that a strong selling presence above this level at $64,000 could cap upward movements. “In the order books, the sell side remains very strong, while the bid side fails to show any increase.”

At press time, BTC traded at $60,388.

Bitcoin price
BTC bounces off $60,000, 1-day chart | Source: BTCUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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