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
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