Some traders believe that the Bitcoin could fill two unfilled gaps on CME Group’s Bitcoin Futures chart with an upward trajectory toward $18,000.
During the last few days, bitcoin (BTC) spiked over the $16k handle, as numerous cryptocurrency markets have seen some significant gains this week. On Sunday morning, November 14, 2020, BTC’s price slid under the $16k zone to a low of $15,750 during the early morning trading sessions (EST).
The asset has regained some of the lost value and continues to fight the psychological $16k region at the time of publication.
Meanwhile, bitcoin derivatives markets have been seeing some intense action, as both futures and options markets show signs of things to come. On November 6, 2020, Skew.com tweeted about how bitcoin options open interest has been “breaking out big.”
Essentially, open interest is the measurement of contracts that have been initiated within futures markets held on exchanges like Deribit and CME Group.
In addition to the open interest and trade volumes across bitcoin futures and options markets, BTC traders are eying two specific price gaps from CME Group’s Bitcoin Futures chart. The price gaps which were left unfilled show targets at $17,700 and $18,500 and they stem from BTC’s parabolic rise three years ago.
Gaps can be left unfilled both ways and there are a few lower regions that have been left unfilled on CME Group’s Bitcoin Futures chart. For instance, on May 16, 2019, BTC prices slid to $6,600 in a matter of no time, thanks to an unfilled CME gap at the same level.