Bitcoin suddenly dives to $46K as attention focuses on large CME futures gaps

[ziyanmusk]

There are forces at work which could take BTC price action back to $44,500 in the short term, analysts reveal.

Bitcoin (BTC) began to show fresh signs of an impending correction on March 31 as BTC price action began to eat into last weekend's CME futures gap.


Up or down, CME futures gaps provide targets

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD abruptly spiking down by $1,000 in minutes on Bitstamp after Thursday's Wall Street open. 


The pair had ranged after failing to cement $48,000 as support earlier in the week, amid calls for a retest of lower levels as a necessary step after considerable gains.


At the time of writing, Bitcoin circled $46,700, having hit its lowest levels since the night of March 27.