Crypto Market Plunges, Bitcoin Wipes Out Weekly Gains: Is BTC Pullback Caused by CME Gap Fill?

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Cryptocurrency Market Weekend Trends
Bitcoin Loses Previous Week’s Gains
Is the Drop Caused by the Chicago Mercantile Exchange (CME)?
Cryptocurrency Market Weekend Trends
BTC and ETH briefly reached $44,000 and $2,400 respectively over the weekend, while competing coins like OKT Chain (OKT), Synthetix (SNX), OKB, and Cardano (ADA) also performed well since Friday.
SOL and AVAX prices even briefly returned to May 2022 levels.
However, the cryptocurrency market started to decline around 8 a.m. Taiwan time on December 11th.
Source: CMC
Bitcoin Loses Previous Week’s Gains
According to Coinbase data, BTC dropped to $40,300 and ETH to a low of $2,127.
Bitcoin’s drop reached nearly -8%, and despite a slight rebound, it fell back to levels seen on December 4th, erasing the gains of the past week.
BTC 1H
Is the Drop Caused by the Chicago Mercantile Exchange (CME)?
Bitcoin analyst Willy Woo, who has 100 followers on Twitter, recently pointed out that there was a gap in the Bitcoin futures contract price on the Chicago Mercantile Exchange (CME) around $39,700 on December 3rd, suggesting that BTC may retrace and fill the gap.
According to his statistics, out of the 30 gaps on the CME Bitcoin daily chart, 28 have already been filled, with a probability of 93%. There is another unfilled gap on January 14th, 15th, and 16th, with the price falling around $20,000.
Unlike exchanges like Binance and Coinbase, the CME does not operate 24/7, and there may be differences between the closing and opening prices, depending on the price trend at market close.
Some analysts believe that prices often return to these levels during consolidation periods to fill the gaps.
BTC
CME
ETH
Willy Woo

Further Reading
“BitMEX Returns to Taipei” Successfully Concludes, Arthur Hayes and Taiwanese KOL Discuss Market Trends
JPMorgan: Bitcoin Halving and Spot ETF Already Price-in, ETH to Outperform BTC Next Year