The crypto market is experiencing a rise in speculation as Bitcoin Shows increased indications of volatility. As per crypto analysts, massive financial repercussions if Bitcoin hits back to the price level of $91,500 as this may lead to $74.11M in liquidations, coinciding with the exclusive CME gap.
$74.11 million will be liquidated if #Bitcoin $BTC jumps back to $91,500! pic.twitter.com/s3VdHeWkGz
— Ali (@ali_charts) November 17, 2024
Expected $BTC Liquidations at a Likely Price Rise to $91,500 May Coincide CME Gap
A prominent crypto analyst Ali mentioned that the leveraged Bitcoin positions could get a significant impact from a potential price rise back to the $91,500 mark. As per the analyst, Bitcoin’s return to this spot could result in an enormous liquidation of up to $74 million. In addition to this, another crypto analyst going by “Crypto Rover” has highlighted a CME gap at nearly $91,042.
#BITCOIN CME GAP: $91,042 pic.twitter.com/sNIHINDOLh
— Crypto Rover (@rovercrc) November 17, 2024
The CME gap serves as a technical phenomenon often influencing the overall crypto market movement. Based on the statistics, the CME gap takes place when a halt occurs in the trading of $BTC futures on the Chicago Mercantile Exchange during holidays or weekends. This gap leaves a price disparity at the reopening of the market.
The Indicators May Further Drive Volatility, Pushing $BTC Price to New Highs
The respective gaps frequently serve as lodestones for a huge price action. Historically, Bitcoin has been seeing movements to fill these gaps over time. The latest gap at the price level of $91,042 has gained significant attention as it parallels the above-mentioned liquidation level. Hence, the combination of these two factors mirrors the crypto market’s volatile nature. Moreover, it further drives volatility and likely pushes the $BTC price higher.