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Bitcoin dropped to fill its latest futures gap at the Wall Street open, but whale selling pressure kept a BTC price rebound off the menu.
Key points:
Bitcoin fills its weekend CME futures gap, but bulls struggle to produce a BTC price turnaround.
Analysis shows Bitcoin whales selling into price at local highs.
Derivatives traders continue to avoid risk with $100,000 still hanging in the balance.
Bitcoin (BTC) delivered a classic futures “gap fill” after Tuesday’s Wall Street open as traders demanded a rebound.
BTC/USD four-hour chart. Source: Cointelegraph/TradingViewBTC price suffers from new exchange sell-off
Data from Cointelegraph Markets Pro and TradingView showed that the BTC price action dipped further after hitting new November highs near $107,500.
That formed a key resistance zone that bulls were unable to overcome, with BTC/USD then reversing downward.
In doing so, the pair filled its latest weekend “gap” in the CME Group’s Bitcoin futures market, located at $104,000. As Cointelegraph reported, such gaps often form short-term targets for the BTC price.
“Another gap closed within the first few trading days of the week. This has become an incredibly reliable and predictable pattern by now,” trader Daan Crypto Trades wrote in a response on X.
“Most people are aware of this, so you'd assume at some point it would stop happening. Usually I'd agree, but this has been a high probability event for the past 4-5 years by now.”
CME Bitcoin futures one-hour chart. Source: Daan Crypto Trades/X
With a rebound yet to occur, however, trading resource Material Indicators warned that a snap sell-off by Bitcoin whales worth $240 million had contributed to the comedown.
FireCharts shows a massive $240M market dump in the $BTC order book.
Interestingly, Brown Mega Whales only account for about $3M of that. pic.twitter.com/Bm2TqrMldx
“Some size sold into $104K price area & renewed short interest,” trader Skew added on the topic.
“Pivotal price point here.”
BTC/USDT order-book data. Source: Skew/X
Earlier, market participants outlined the BTC price support targets now relevant, including sub-$100,000 levels.
Bitcoin derivatives eye ”strong buying opportunity”
While the price fluctuated around the $100,000 mark, analysis revealed a major risk-off shift among derivatives traders.
Related: ‘Most hated bull run ever?’ 5 things to know in Bitcoin this week
Open interest (OI) decreased by over 11% in just a week, onchain analytics platform CryptoQuant revealed in one of its “Quicktake” blog posts.
“The 11.32% drop in OI over 7 days is a sign that the market is eliminating speculative risk, which has historically been a precursor to recovery,” contributor GugaOnChain wrote.
“While volatility may persist in the short term, the metric suggests that the market is consolidating on a more stable base, setting the stage for a subsequent rally and confirming the thesis that the current region represents a buying opportunity for long-term investor.”
BTC/USD with OI change (screenshot). Source: CryptoQuant
The post added that the current deleveraging event “signals a strong buying opportunity.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
