Bitcoin (BTC) has dropped 10% to $86,300 this week, diving out of a prolonged period of trading between $90,000 and $110,000.
The so-called bearish range breakdown has traders closely examining charts for clues about where the sell-off may drive prices next. One of the key levels under scrutiny is the “runaway gap” in CME bitcoin futures below $80,000, which formed three months ago.
A gap is a blank space on a price chart between the closing or high price on a specific day and the next opening price, signifying that there was no trading activity at prices in between. When the gap appears in an established trend, it’s called a runaway or continuation gap.
Unlike bitcoin’s spot market, which is open 24/7, CME bitcoin futures trade 23 hours a day Sunday through Friday. The market opens at 5 p.m. CT (23:00 UTC) and closes for an hour’s maintenance the next day at 4 p.m.
As the bitcoin rally picked up steam following President Donald…
